The Lishui Economic and Technological Development Zone has launched the Yangtze River Delta Investment Fund, making two billion yuan ($287.63 million) available to support businesses in pillar industries, including biomedicine, high-end equipment manufacturing, new materials and new energy.

"We are going to see many valuable projects around the world drawn to the zone, which will be essential to developing a proper startup ecosystem," said Liu Xiaolong, chairman of Jiuyou Fund, a co-founder of the fund.

The zone has drawn a slew of businesses engaged in high-growth industries to launch in the community since this year. The total investment of the first half of 2020 saw a year-on-year rise of 124 percent to 12.8 billion yuan, and 16 large projects had their start in the zone.

The guidance fund has attracted a considerable amount of venture capital to a total of 4.08 billion yuan, which has funded initiation of three new projects. The fund also aims to create more jobs and spur local economic development by backing local enterprises.

The Yangtze River Delta Investment Fund will also network with overseas high-growth projects to boost the business ecosystem of the zone.