Since its establishment a year ago, the Lishui Green Industry Development Fund has invested a total of about 1.42 billion yuan ($207.05 million), directly leveraging public financial capital of about 9.5 billion yuan, attracting 11 projects and supporting nine local enterprises, according to local officials.

Lishui Economic and Technological Development Zone in Lishui city, in East China's Zhejiang province – endorsed by the local government – set up the Lishui Green Industry Development Fund with the Shanghai Jiuyou Fund in 2019.

With its limited financial fund, the Lishui development zone plans to leverage public financial capital, including Shanghai capital, to open up a new channel for investment and business.

The fund has attracted a special chip wafers project, which will be the first lidar detector chip manufacturing production line in China, with the total initial investment of 255 million yuan.

At the same time, the development zone has initially formed a semiconductor industrial cluster by attracting such ventures as Genius Pros's smart sensor project and Vivotech's wafer project.

Officials said the development Zone has also created the model of "fund + bank + private capital". It has signed strategic agreements with eight banks and social institutions to set up a 1-billion-yuan merger and acquisition fund.