China has set up its first equity investment fund focusing on the development of the aviation industry in Beijing. It's the first move to combine aviation and finance.

The fund is open to both public and financial capital. It aims to invest in areas related to China's aviation industry, including aerospace systems, satellites and new energy products. 3 billion yuan has been raised in the first phase. The final capital target is 20 billion. By drawing on the public sector, the fund will have more resources to promote the development of the aviation industry.

Wu Yanhua, chief accountant of China Aerospace Sci. & Tech. Corp,said, "It's an important move to develop aviation technology with society's resources. For this sector, we cannot rely only on government investment, but we must introduce a new investment platform and investment channels."