50-bln-yuan fund established to upgrade coal-rich province's industries

North China's Shanxi Province has established a 50-billion-yuan (7.45 billion U.S. dollars) fund to boost the development of its industries, local have authorities said.
 
The fund, initiated by China United Industries Investment Co. Ltd. and Shanxi State-owned Capital Investment and Operation Co. Ltd., aims to create new growth and help upgrade old industries.
 
It will focus on a wide range of fields, including reform of state-owned enterprises, the development of listed companies, industrial mergers and acquisitions, strategic emerging industries, energy, environment and healthcare.
 
Wang Yixin, vice governor of Shanxi, said the fund would inject new vitality into the coal-rich province's industrial transformation and drive the improvement of industries.