China Launches $21 Billion Venture Capital Funds To Invest in 'Hard Technology'

An anonymous reader shares a report: China on Friday launched three venture capital funds to invest in 'hard technology' areas, state broadcaster CCTV reported. The capital contribution plans for the funds have been finalised, each with more than 50 billion yuan ($7.14 billion), according to the report. The funds will primarily invest in early-stage startups and the targets should be valued at less than 500 million yuan, an official said on Friday, adding that no single investment would amount to more than 50 million yuan.

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