(Yicai Global) July 12 – The Chengdu city government plans to set up a CNY50 billion industry fund to up the total volume of the electronic and information industry to CNY700 billion by 2020, creating a 'specialty' industry base with global influence in West China's Sichuan province where Chengdu lies.

Chengdu High-Tech Industrial Development Zone authorities outed the plan in an industry policy document issued yesterday, state-run Xinhua news agency reported.

To this end, per the document, the local government will invest CNY5 billion to start a fund of funds (FoF), aiming to attract Chinese and foreign professional investment organizations to establish sub-funds specializing in key businesses. The total size of the industry fund will be at least CNY50 billion.

The fund will focus on four specialty industries -- integrated circuits, new displays, information terminals, software and information technology services -- and emerging businesses such as artificial intelligence.

The high-tech zone will prioritize 12+ inch IC chip production lines, advanced packaging test production lines, major IC equipment projects and emerging businesses such as high-resolution touch screens, smartphones, smart televisions, smart cars and smart wearable device manufacturing projects, the document said.

The total volume of the electronic and information industry in the high-tech zone will exceed CNY700 billion by 2022, it added.

Chengdu High-Tech Industrial Development Zone has now become one of the most important electronic information business clusters in China. The local information technology industry reached USD49 billion (CNY325.04 billion) in volume last year. The area is now home to many leading international corporates such as Intel Corp. NASDAQ:INTC], GlobalFoundries Inc., Dell Computer Corp. and Lenovo-brand computer maker Legend Holdings Corp. [HK:3396].