BEIJING, Oct. 29 (Xinhua) -- China on Wednesday established a fund for its centrally administered state-owned enterprises (SOEs) to develop strategic emerging industries, raising 51 billion yuan (about 7.2 billion U.S. dollars) in its first phase.

The fund was initiated by the State-owned Assets Supervision and Administration Commission (SASAC) of the State Council and is managed by China Reform Holdings Corporation Ltd.

Over 10 centrally administered SOEs have contributed to the fund, including China Mobile, Sinopec, and the China National Offshore Oil Corporation.

The fund will invest in fields such as new-generation information technology, artificial intelligence, new energy, new materials, high-end equipment, biomedicine, and quantum technology.

According to the SASAC, the fund aims to support centrally administered SOEs in shoring up industry weak links and investing in cutting-edge innovation.