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China starts CNY 40 bln fund for tech startups

2015-01-16 09:14:00| Telecompaper Headlines

(Telecompaper) The government of China is launching a new CNY 40 billion (USD 6.5 billion) venture capital fund to invest in seed-stage tech startups, the Financial Times reported. The fund will include capital from the government as well as from private investors. It will support the development of emerging industries, which the government said it hopes will translate into greater economic growth. The fund, announced by the State Council on 14 January, 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.

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