BEIJING has set up a US$21 billion national investment fund to promote the transformation and upgrading of the country's manufacturing industry, reports Shanghai Securities News. The fund, with a registered capital of CNY147.2 billion (US$21 billion), will invest in both growth-stage and mature companies in areas such as new materials, next-generation IT and power equipment. The fund was set up by 20 stockholders, with the Ministry of Finance holding a 15.29 per cent as the biggest shareholder, according to Xinhua..