China Minsheng Investment Group (CMIG) has launched a 10 billion yuan ($1.46 billion) fund, which will invest in manufacturing and food processing facilities, cold-chain logistics and e-commerce in remote rural areas, according to South China Morning Post.
The fund is co-established with Henan Agriculture Investment Group and Zhongyuan Bank.
“Development in the country’s rural areas will become a new driving force for China’s further economic growth,” Wang Tuanwei, a vice president of CMIG told the Post. “Presently, the gap between China’s urban and rural areas is creating golden investment opportunities.”
He said the group would embark on an online-to-offline strategy to help farmers in remote villages to efficiently distribute their agricultural products to urban communities.
The investment fund will target projects in provinces such as Henan, Shandong and Hebei.
