Beijing's Changping district has set up a fund cluster with a total value of 15 billion yuan (US$2.1 billion), aiming to support the transformation of scientific and technological achievements, mergers and acquisitions, and financial asset investments in the district.

The fund cluster was announced at a conference held on Saturday. The conference focused on sci-tech finance in the Future Science City, an innovation and entrepreneurship hub attractive to high-end talent in Beijing. 

At the conference, Changping district government announced its partnership with 30 high-quality venture capital institutions, aimed at establishing a venture capital alliance that gathers capital, technology, industry, and talent. The effort will accelerate the transformation of scientific and technological achievements and industrial upgrades.

Changping district also formulated Beijing's first special reward policy for cross-border RMB settlement in collaboration with the Beijing municipal branch of the People's Bank of China. This policy aims to reduce foreign exchange costs for enterprises, mitigate exchange rate risks, improve capital utilization efficiency, and further stimulate the vitality of market entities.

Beijing Duomeikang Pharmaceutical Technology Co. Ltd., a company focused on the research and development of recombinant human collagen, has just relocated to Changping district. By taking advantage of the favorable business environment and preferential policies in this district, the company will develop new types of biodegradable medical materials and innovative medical devices, and make breakthroughs in key technologies.

Beijing's Future Science City was ranked third on a list of China's top 100 science and technology cities last year. Currently, the scale of the government investment fund cluster in Changping district has exceeded 42 billion yuan. 

In the future, the district will leverage the guiding role of government-led funds, increase investment in startups and cutting-edge technologies, and empower enterprises to innovate.