The Chinese government has launched a $30bn venture capital fund aimed at upgrading technology in the country’s ailing industrial sector, a move reminiscent of Singapore’s state investment playbook.
Led by big banks and government holding companies, the fund will invest in the technology needed to boost efficiency at industrial groups in China, according to a statement from the regulator that oversees state-owned assets.
The model recalls the one deployed decades ago by Singapore’s Temasek, a state-backed investment company launched in the 1970s to promote reform of government-owned enterprise in the city state.
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