China approves shipbuilding fund

China?s National Development and Reform Commission approved a 20 billion yuan ($2.9 billion) shipbuilding-industry investment fund. The fund will have a registered capital of 200 million yuan, of which 100 million yuan will be contributed by the Hongyao industrial fund and 100 million yuan by Centrans Ocean Shipping Logistics Corp. The fund will raise 8 billion yuan this year, the report said, without saying how much has been raised to date.