Qidong, a county-level city administered by Nantong in East China's Jiangsu province, recently teamed up with CICC Capital to found its first government-backed private equity investment fund of funds (FOF), the total value of which has now reached 2 billion yuan ($309 million). It's the first time the company has cooperated with a county-level city, according to Qidong's finance bureau.

CICC Capital is a wholly-owned subsidiary of China International Capital Corporation Limited (CICC).

The FOF is set to support innovation-based emerging industries with independent intellectual property rights that are active in new materials, new energy, health, biomedicine, semiconductors, and high-end equipment manufacturing.

It will give full play to CICC's various advantages to further strengthen the guiding and leveraging role of financial funding, continuously improve the city's investment and financing system, and optimize the investment environment.

More capital, technology, and intelligence are expected to come through the FOF investment and to be beneficial to the city's industrial development, transformation and upgrading.