High-tech funds

Published: 01 Nov 2009 08:02:01 PST

China's central government launched 20 venture capital funds with seven local governments Friday to provide investment in the country's high-tech sectors, the top economic planner said in a statement on its website.

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

The 20 funds would collect about 9 billion yuan (US1.31 billion), of which 1 billion yuan was invested by the central government, 1.2 billion yuan by local governments and the rest from private investment, the NDRC said.

Agencies

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