Beijing creates capital fund to aid start-ups
Shanghai
CHINA will set up a government venture capital fund worth 40 billion yuan (S$8.6 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. "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.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Banking & Finance
Nomura, Mizuho face losses on All Blue fund’s failed trades
Stablecoin Tether steps up monitoring in bid to combat illicit finance
HSBC asked by US$890 billion investor group to set energy goal
Barclays is the latest firm to face anti-ESG wrath in Oklahoma
Barclays prices mortgage-backed notes in deal with GoldenTree
TD risks an earnings hit from US laundering probe, analysts say