SHANGHAI, Oct. 30, 2017 /PRNewswire/ -- A network community and an investment fund for promoting scientific innovation was set up in Shanghai by several institutes from China and abroad on Thursday.

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The community, named Caohejing Global Innovation Network, was set up by 11 institutes, including Shanghai Caohejing Hi-Tech Park, Council for Promoting South-South Cooperation, Network Hesse-China from Germany, Technology Park Varazdin from Crotia, KPMG China, Shanghai Institute of Technology, Shanghai University and China Citic Bank.

These institutes from different areas and countries will cooperate respectively in the fields of Fin-tech, technology transfer, intellectual property protection and multi-national communication.

Also an investment fund for promoting scientific innovation was set up by 7 institutes including Caohejing Hi-Tech Park, Bocom International Trust, China Oriental International. It targets to manage 5 billion yuan (751.5 million U.S. dollars), with the initial round of fund-raising reaching 500 million yuan.

The fund will invest in tech firms in the startup and growing stages in the sectors such as information technology, bio-medicine, advanced manufacturing and new energy.

Shanghai Caohejing Hi-Tech Park is a national hi-tech industrial development zone in China, and an APEC international science and technology industrial park since 2000. Over 3,600 hi-tech companies from home and abroad are based in the park, among them over 800 are invested by foreign capital. 81 of the top 500 global companies set up 131 hi-tech companies in the park.

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SOURCE Shanghai Caohejing Hi-Tech Park