BEIJING, March 6 (Reuters) – China will set up a government-backed fund in the near future that will mobilize 1 trillion yuan ($138.01 billion) from social capital to support technology startups, Zheng Shanjie, the head of China’s state planner, said on Thursday.
The “national venture capital guidance fund” – an investment vehicle set up as public-private partnership – would focus on “hard technology”, Zheng told a news conference, referring to areas such as semiconductors and renewable energy.
The fund, will maintain long-term investment cycles, increasing tolerance for risk, and invest in technology enterprises through market-based approaches, the director of the National Development and Reform Commission said.
The fund will focus on cutting-edge fields such as AI, quantum technology, and hydrogen energy storage and will invest in seed-stage and start-up companies through market-oriented methods, state media CCTV reported on Thursday.
($1 = 7.2437 Chinese yuan renminbi)
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Reporting by Ziyi Tang, Ryan Woo and Beijing Newsroom; Editing by Jan Harvey and Tomasz Janowski
Our Standards: The Thomson Reuters Trust Principles.
