Aug 18 China's state council has approved a 200 billion yuan ($30.19 billion) venture capital fund to invest in innovative technology and industrial upgrading projects, the country's state assets regulator said on Thursday.
China has been encouraging its industrial firms to rise up the value chain through technical innovation and tougher efficiency standards, with the aim of creating globally competitive conglomerates. It has vowed to be more selective in the way it disburses funds, and aims to cut off credit for non-competitive firms that are unable to upgrade.
