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China to create $6.5 billion venture capital fund to support start-ups
China will set up a government venture capital fund worth 40 billion yuan ($6.5 billion) to support start-ups in emerging industries, in its latest move to support the private sector and foster innovation.
"The establishment of the state venture capital investment guidance fund, with the focus to support fledging start-ups in emerging industries, is a significant step for the combination of technology and the market, innovations and manufacturing," China’s State Council, the cabinet, said in a statement.
(Reporting by Lu Jianxin and Pete Sweeney; Editing by Kim Coghill)
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Thanks to Lance Trebesch of http://www.TicketPrinting.com for sharing this.
He added: "This is significant and will affect US competitiveness if we don’t do something similar. China wants to ‘own’ Tech, period."
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