China, Government Launches 20 High Tech Venture Funds in 7 Provinces

China will launch 20 venture capital funds in seven local regions to invest in high-tech companies and to push forward self-innovation across the country.
According to the National Development and Reform Commission (NDRC), the interested sectors include electronics, IT, biological and pharmaceutical industry, and projects related to energy conservation and environmental protection.
The 20 funds would collect about RMB 9bn yuan (approximately $1.31bn), with central  government investing RMB 1bn yuan and local government (of Beijing, Jilin, Shanghai, Anhui, Hunan, Chongqing and Shenzhen) investing RMB 1.2bn yuan. The rest will be raised from the private sector.

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