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China Aims to Bolster High-tech Sector with VC funds

Posted by: Mark Marich on November 03, 2009 Source: Policy Dialogue on Entrepreneurship

In an effort to support the country's growing high-tech sector, China's economic planning agency, the National Development and Reform Commission, announced the launch of venture capital funds totaling 9 billion yuan (equivalent to USD $1.32 billion). The funds are jointly backed by the state (1 billion yuan), seven provincial governments (1.2 billion yuan) and private investors (6.8 billion yuan).

The money will be spread among a total of 20 venture capital funds. The funds are expected to the benefit electronic and information industries, the biological and pharmaceutical sector and environmental and energy-related projects.

Read more about this announcement here.

 

Category:  General  Tags:  china

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