On Sunday, the Chinese government launched a CNY 100 billion (USD 14.6 billion) Internet Investment Fund in Beijing. The fund will be overseen by the Cyberspace Administration of China (CAC) and the Ministry of Finance.
The Ministry explains that the move is to support Internet firms expand their operations. According to reports, the Cyberspace Administration of China and Ministry of Finance fund will support Internet companies and the Internet Plus action plan via equity investments.
The Ministry announced that the fund has already raised CNY 30 billion from state-owned banks and enterprises, including the Industrial and Commercial Bank of China Limited (ICBC), which invested CNY 10 billion.
The Xinhua news agency reported that ICBC, together with the China Development Bank and the Agricultural Bank of China, will provide financial services and CNY 150 billion of credit to enterprises that have attracted investment from the fund.
The China Internet Network Information Center claims that China’s Internet population has hit 731 million last year, with 695 million of them using mobile device.