China Aims to Bolster High-tech Sector with VC funds
In an effort to support the country's growing high-tech sector, China's economic planning agency, the National Development and Reform Commission, announced the launch of venture capital funds totaling 9 billion yuan (equivalent to USD $1.32 billion). The funds are jointly backed by the state (1 billion yuan), seven provincial governments (1.2 billion yuan) and private investors (6.8 billion yuan).
The money will be spread among a total of 20 venture capital funds. The funds are expected to the benefit electronic and information industries, the biological and pharmaceutical sector and environmental and energy-related projects.
Read more about this announcement here.