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![in the first half of 2014, 83 new funds were set up in China's venture capital market [Archives]](http://thebricspost.com/wp-content/uploads/2014/02/china-services.jpg)
In the first half of 2014, 83 new funds were set up in China’s venture capital market [Archives]
The government-initiated scheme aims to eventually attract social capital investment, according to a statement released after an executive meeting of the State Council (China’s Cabinet) presided over by Premier Li Keqiang.
After an open bidding process, several fund management companies will be selected to manage the fund and be given the authority to make investment decisions.
“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 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
A Reuters report quoted research by Zero21PO Capital as saying in the first half of 2014, 83 new funds were set up in China’s venture capital market, with fresh capital eligible for investment in the mainland surging 157 percent from a year earlier.
Source: Agencies
