Gov’t guidance fund to target diversification, local jobs

The new government guidance fund, approved by the Executive Council (ExCo), will seek to steer private investment into priority sectors and projects to diversify the economy, boost emerging industries and create higher-quality jobs for local residents. The ExCo has concluded its discussion of a draft administrative regulation on the management of the government guidance fund, which will take effect the day after it is published. A press conference was held yesterday morning to outline the framework, which is designed to establish a clearly defined and risk-controlled system, guided by the principle of “patient capital” to channel private inv…