Beijing's Shunyi district launched a 10 billion yuan ($1.4 billion) investment fund Wednesday to accelerate the development of its high-tech industries.

The Beijing Shunyi Equity Investment Guidance Fund was unveiled at the second China International Supply Chain Expo (CISCE).

The fund aims to attract investment, create jobs and drive economic growth in Shunyi district by providing targeted financial support to strategic emerging industries. It will focus on the district's key industries, including new energy intelligent vehicles, third-generation semiconductors, aerospace, pharmaceutical health, smart equipment and new-generation information technology.

It will adopt a "3+N" investment model: The initial 1 billion yuan investment will be allocated to three sub-funds for strategic opportunities, advanced manufacturing and aerospace, along with direct investments in other promising areas.

Building on the success of its first government-backed investment fund established in 2017, Shunyi aims to strengthen its position as a leading technological and industrial hub. That fund has attracted investments of more than 350 billion yuan and has supported numerous high-tech companies.