On Monday, Beijing's Zhongguancun Science City launched the second phase of its technological growth fund, totaling 5 billion yuan (US$700 million).

This equals the amount launched in the first phase, bringing the total fund to 10 billion yuan. 

Financed by the Haidian district government, the fund is designed to stimulate investment in key industries and projects in the district and improve the environment for innovation and entrepreneurship. The second phase includes a 4-billion-yuan parent fund and a 1-billion-yuan direct investment fund, managed by an investment company affiliated with Zhongguancun Science City.

The fund will focus on early-stage, small-scale, and long-term investments, guide venture capital and long-term capital to facilitate technological innovation and scientific advances commercialization, and foster projects with high-growth potential. 

In addition, a guideline was released to solicit cooperation projects. Eligible projects can apply online through a platform of Zhongguancun Science City. Applications will remain open year-round, with the first batch of cooperative sub-fund projects expected to be finalized by Sept. 30.