The government in Beijing is entering China’s already crowded venture capital industry, saying it will establish a Rmb40bn ($6.5bn) fund to help seed companies in emerging industries.
The fund, announced by the State Council on Wednesday night, is part of a larger government effort to wean the economy off its dependence on fixed asset investment in infrastructure and property, and also to foster new opportunities for private sector companies.
In a statement, China’s cabinet hailed the fund as “a significant step” for technological innovation, adding that it would “help breed and foster sunrise industries for the future”.
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