Chinese government launches 20 provincial tech-focused venture funds

The NDRC did not specify the size of the funds, but stated that they would invest primarily in IT, biomedicine, new energy, energy efficiency and environmental protection. The Commission said that the funds support the growth of the industry at this early stage, and encourage the development of innovative and high-growth enterprises.

The provinces included in the venture capital scheme are Beijing, Jilin, Shanghai, Anhui, Hunan, Chongqing, and Shenzhen. The Commission hinted that other provinces may be included later, referring to the seven as “the first batch”.

The NDRC said, “The purpose of setting up the funds is to direct capital to invest in competitive high-tech enterprises and to improve their capacity for innovation.”

Earlier this week, the NDRC said that it would aim to encourage private investment with the next phase of its $585bn stimulus package. The package will be disbursed over this year and next, focused largely on government-backed infrastructure projects.

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