An investment fund backed by China's National Social Security Fund was launched in Shanghai, with a size of 5.1 billion yuan ($707.24 million) for its first phase, the financial regulatory authority in Shanghai said on Thursday.

The fund, to be managed by investment firm IDG Capital, will focus on supporting innovation in the city of Shanghai alongside the Yangtze River Delta region, the Shanghai authority said.

The fund will invest in strategic areas such as integrated circuits, biopharma and life sciences, artificial intelligence, new energy vehicles, high-end equipment and advanced materials, the authority said. ($1 = 7.2111 Chinese yuan renminbi) (Reporting by Roxanne Liu and Kane Wu; Editing by Jamie Freed)