THE Shanghai government has doubled the size of its “angel” investment fund for new businesses to 1 billion yuan (US$161.4 million), the city’s top economic planning agency said yesterday.

“The government will push forward innovation in administration and provide more targeted funds for startup businesses and innovative companies,” Zhang Suxin, chairman of the Shanghai Development and Reform Commission, told a media briefing.

The move is part of a broader plan to develop Shanghai as a global center for science and innovation, he said.