China Economic Review is reporting that Shanghai's Pudong district is going to get its own venture capital firm.

A government sponsored investment fund worth almost $300 million is going to focus on Pudong, with an emphasis on "fast-growing areas such as IT, modernized manufacturing and new energy." The planned fund will be created by the Shanghai Pudong Science and Technology Investment Co (backed by the City of Shanghai) and will be managed by Softbank China Venture Capital (part of Japan's Softbank Corp).


Photo courtesy of iStockphoto, David Pedre