Dongying Industry Development Fund expected to support local tire industry
Dongying city of Shandong province has announced the plan of a 50-bilion-yuan Industry Development Fund.
The Fund, sponsored by the Dongying municipal government, includes 20 billion yuan for the oil and petrolium industry, 10 billion yuan for the oil field service industry, 10 billion yuan for corporate restructuring, and 10 billion yuan for corporate acquisitions and IPO.
According to the local government of Dongying city, the Fund pays attention to the shift in driving forces of the tire industry.
The tire industry belongs to the oil and petrolium industry and can be involved in the funds of corporate restructuring, acquisitions and IPO, experts said.
The ongoing tire industry consolidation in the Guangrao county of Dongying city is expected to get supports from the Fund.
The initial payment to the Fund will not be lower than 20 percent of its total planned scale, and it will take three years for the Fund to fill in all the 50 billion yuan.
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