A 10-billion-yuan ($1.4 billion) industrial fund was launched on Sunday in Beijing to boost modern industries in Xinjiang's Tacheng prefecture, a centerpiece of the Conference on Financial Support for High-Quality Industrial Development in Xinjiang's Border Areas.

The Tacheng High-Quality Industrial Investment Fund starts with an initial one billion yuan, jointly committed by Beijing Hangke Junfu Private Fund Management Center (LLP) and New China Asset Management Co., Ltd. It will adopt a parent-subsidiary structure, with seven sub-funds supporting enterprises at different stages of growth.