China Establishes $1.3 Billion Emerging Industries VC Program

On October 30th, China’s National Development and Reform Commission, together with the Ministry of Finance inaugurated an Emerging Industries Venture Capital Program with 9 billion RMB ($1.3 billion) to encourage high-tech emerging industries. The NDRC and the MOF signed the agreement with seven local governments to set up 20 venture capital funds. The 20 funds plan to raise a total of 9 billion RMB, of which 1 billion RMB will come from China’s central government, 1.2 billion RMB from local governments and the rest from private investment. More details...