The China-Russia Investment Forum held a meeting on September 15. Wang Feng, chairman of the China-Russia Regional Cooperation and Development Investment Fund, said at the meeting that the Fund has the potential for 100 some major projects including infrastructure and nuclear technology.
The total scale of the Fund is expected to be 100 billion yuan (US$ 14.6 billion), with a first phase of 10 billion yuan (US$ 1.5 billion).
The focus of the investments will be infrastructure, nuclear technology, the modern service industry, natural resources, clean energy, and agriculture.
The fund set up a policy steering committee which is composed of representatives from the National Development and Reform Commission, the Ministry of Foreign Affairs, the Ministry of Commerce, and the Central Bank. It provides macro guidance on fund investment operations, makes recommendations on key areas of fund investment, and coordinates and resolves major issues.
The initiative to establish the fund was part of the proposals made in the July 2017 Joint Statement between China and Russia on Further Deepening the China-Russia Comprehensive Strategic Partnership of Coordination, as well as an explicit requirement of the joint communique of the 22nd China-Russia Prime Ministers’ Regular Meeting in November 2017. It is included in the list of results of the “Belt and Road” International Cooperation Summit Forum in May 2017.
In June 2018, the National Development and Reform Commission of China approved the establishment of the fund. Led by the China National Power Investment Group Co., the China National Nuclear Industry Group Co. and the China Overseas Development Association were among the founding sponsors. On August 21, 2018, the Fund’s General Partnership Company and the Fund Management Co., Ltd. were formally incorporated in Shenzhen. The investors in the fund in the first phase included more than 10 organizations, including state banks, state-owned enterprises, financial institutions, and local governments.
Source: Sputnik News, September 15, 2018