According to state media CCTV, Bank of China has established a 50 billion yuan ($6.9 billion) fund dedicated to investing in technology startups. The fund, originally set at 30 billion yuan, now aims to bolster technology and new emerging industries.
China recently outlined its 2025 policy goals during an annual parliamentary meeting, focusing on boosting consumption amidst tensions with the U.S.
Following suit, Industrial and Commercial Bank of China, the world's largest commercial lender, also introduced a technology and innovation fund to assist the private sector.
(1 USD equals 7.2324 Chinese yuan renminbi)