NATIONAL SME DEVELOPMENT FUND

China set up a special fund of RMB60 billion (US$9.4 billion) to support small and medium-size enterprises (SMEs) in the country. This fund, under a public–private partnership structure, will focus on providing early-stage and growth capital to small and medium-size enterprise across China. Shenzhen Capital Group, which won the mandate to manage the vehicle after winning a public auction, has established a new team to manage the fund. The members of this team are not allowed to work for the company's other funds. The national small and medium-size enterprises development fund will operate independently, free from government influences, says the reports.