Pingtan, a dynamic economic zone in Fujian province, and the Fujian branch of the Bank of China (BOC) will jointly set up a fund for infrastructure investment, according to ptnet.cn.

The two signed a partnership deal at a promotion in Pingtan on Aug 16, marking the first fund through government-bank cooperation in Pingtan.

The fund plans to raise 1.4 billion yuan ($220m) in the first stage to boost infrastructure and major industries.

Apart from BOC, co-founders also include the Pingtan State-asset Investment Group , the Pingtan Transportation Investment Group and the Pingtan Land Exploitation Group.

The fund will be managed by a professional agency and supervised by a custodian bank.