Wuxi government signed a cooperation agreement with China Reform Holdings Corporation Ltd on Nov 24, to set up an equity investment trust, aiming to promote industrial structure and optimize the layout of government capital.

China Reform was a pioneer enterprise engaging in the investment and operation of government capital. It has experiences in fund investment, financial service, assets management, equity operation and overseas investment. A China Reform fund family, valued at more than 500 billion yuan ($72 million), was also founded to help State-owned enterprises achieve going-out and reorganization.

According to the agreement, the total size of the installed trust would be five billion yuan for investing in the fields of high-end equipment manufacturing, artificial intelligence, medical treatment, and military and civilian integration, to boost the development of the real economy.

Huang Qin, acting mayor of Wuxi, expressed his hope to strengthen cooperation with China Reform in more fields during the signing meeting. Huang explained that the city has been striving to develop information technologies, intelligent manufacturing, and modern services industries, and has attracted a batch of major projects involving the fields of Internet of Things, cloud computing, big data, integrated circuit, biological medicine and new energies.