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China launches $1.32 billion VC fund

chinese flagThe Chinese government is committing $1.32 billion to launch venture capital funds jointly with several of its provinces, according to a Reuters report. Private investors will also be involved in the effort, the purpose of which is to bolster the growth of the high-tech sector across China. Specific sectors that will benefit include information technology, energy, pharma and environmental.

China isn’t spending all its money in one place. Rather, it’s spreading the cash across 20 venture capital funds. One billion yuan (slightly more than 10% of the capital) will come from the Chinese government, with 1.2 billion yuan coming from the local governments. The rest is being kicked in by the private sector.

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