China launches funds to back high-tech sectors

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China's central government launched 20 venture capital funds with seven local governments on Friday to provide investment in the country's high-tech sectors, the top economic planner said in a statement on its web site
BEIJING, Oct. 30 (Xinhua) -- China's central government launched 20 venture capital funds with seven local governments on Friday to provide investment in the country's high-tech sectors, the top economic planner said in a statement on its web site.

    The investment would go to high-tech sectors including the electronic and information sector, biological and pharmaceutical industry, new energy sector and projects related to energy conservation and environmental protection, the National Development and Reform Commission (NDRC) said.

    The 20 funds would collect about nine billion yuan (1.31 billion U.S. dollars), of which, one billion yuan was invested by the central government, 1.2 billion yuan by local governments and the rest from private investment, the NDRC said.

    The funds were aimed to direct capital into new industries and competitive high-tech enterprises to push forward self-innovation, it said.

    The NDRC and the Ministry of Finance signed the agreement with 7 local governments of Beijing, Jilin, Shanghai, Anhui, Hunan, Chongqing and Shenzhen.

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