BEIJING (Reuters) – Bank of China has set up a 50 billion yuan ($6.9 billion) fund to invest in technology startups, state media CCTV reported, as the nation’s big state lenders move to support the private economy. The technology and innovation fund, expanded from the 30 billion yuan announced last year, aims to support technology […]
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Bank of China sets up $7 billion fund to support technology development
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BEIJING (Reuters) – Bank of China has set up a 50 billion yuan ($6.9 billion) fund to invest in technology startups, state media CCTV reported, as the nation’s big state lenders move to support the private economy.
The technology and innovation fund, expanded from the 30 billion yuan announced last year, aims to support technology and new emerging industries, the report said.
China last week laid out its major policy priorities for 2025 at an annual parliamentary meeting, including how it plans to spur consumption and achieve technological breakthroughs amid geopolitical tensions with the U.S.
The new fund comes after Industrial and Commercial Bank of China, the world’s biggest commercial lender by assets, announced on Wednesday the launch of an 80 billion yuan technology and innovation fund to support the private economy.
($1 = 7.2324 Chinese yuan renminbi)
(Reporting by Ziyi Tang and Ryan Woo. Editing by Mark Potter)