BEIJING: China has set up a 100 billion yuan ($14.55 billion) fund to support investment in the Internet sector, said official news agency Xinhua on Sunday.
The fund, backed by China’s Cabinet, is designed to help turn China into a major player in Internet technology, said the report.
An initial 30 billion yuan ($4.36 billion) has already been raised from major banks and telecoms firms including ICBC, China Mobile and China Unicom. Up to 150 billion yuan ($21.8 billion) in credit will be available to companies that have been invested by the fund, Xinhua said.
China said earlier this month it would invest 1.2 trillion yuan ($.17 trillion)between 2016 and 2018 to develop information infrastructure.
Beijing sets up $14.6bn Internet investment fund
Beijing sets up $14.6bn Internet investment fund
