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October 31, 2009

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Home » Business » Economy

High-tech sector gets VC funds of US$1.3b

CHINA'S top economic planner yesterday said it had launched venture capital funds totalling 9 billion yuan (US$1.3 billion) jointly with several provincial and city governments as well as private investors to support the country's growing high-tech sector.

Investments will focus on electronic and information industries, the biological and pharmaceutical sector and environmental and energy-related projects, the National Development and Reform Commission said in a statement on its Website.

The NDRC said that governments in Shanghai, Beijing, Jilin, Anhui, Hunan, Chongqing and Shenzhen had joined the venture capital scheme.

"The purpose of setting up the funds is to direct capital to invest in competitive high-tech enterprises and to improve their capacity for innovation," the statement said.

The money will be spread among a total of 20 venture capital funds. The central government contributed 1 billion yuan, local governments pitched in 1.2 billion yuan, and the remainder came from private investors, Xinhua news agency said.

It did not provide any details about who the private investors were or about how the venture capital funds would be structured.

Despite the government-funded backdrop, professional investment institutions will be employed to manage the funds so as to ensure that their operations are market based, said Zhang Xiaoqiang, vice director of the NDRC.


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