31 Oct '15, 11pm

China to create US$6.5b venture capital fund to support startups

[SHANGHAI] China will set up a government venture capital fund worth 40 billion yuan (S$8.7 billion) to support startups 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 startups 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. "It will also help breed and foster sunrise industries for the future and promote (China's) economy to evolve towards the medium and high ends," it said in the statement published in the government's website, www.gov.cn, referring to sectors which the government is promoting such as technology and green energy. The government issued the statement after a meeting ...

Full article: http://www.businesstimes.com.sg/government-economy/china-...

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