China to set up national venture capital guidance fund

China to set up national venture capital guidance fund

FILE PHOTO: National Development and Reform Commission (NDRC) Chairman Zheng Shanjie attends a press conference on the sidelines of the National People's Congress (NPC), in Beijing, China March 6, 2024. REUTERS/Tingshu Wang/File Photo

China will set up a government-backed fund in the near future that will mobilize 1 trillion yuan ($138.01 billion) from social capital to support technology startups, Zheng Shanjie, the head of China‘s state planner, said on Thursday.

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