Shanghai International Group (SIG), the investment fund run by the Shanghai Municipal Government, has raised RMB7bn ($1.1bn) for a new investment fund, according to Chinese finance newspaper Shanghai Securities News. 

Of the CNY7bn figure, CNY5bn has been raised from a combination of institutional investors, including backers from Europe and the US, and state-owned enterprises.

The capital will go toward a dual-currency fund that will invest in seven specified sectors: environmental protection, advanced machinery, biotechnology, new energy, new materials,…

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