China has set up an investment fund comprising 100 billion Chinese yuan (about 13.5 billion euros) for innovation in the internet sector.
China is a major player in the field of internet technology and it hopes the investment will open new doors of innovation in the future. The investment fund is partly financed by the Cyberspace Administration and the Ministry of finance.
The Chinese bank ICBC, CITIC tech enterprise, insurance China Post and three major Chinese telecom operators have contributed to the first 30 billion yuan.
Three investment banks have together pledged 150 billion yuan as a loan for tech companies. Chinese internet companies are entitled to the money, as long as they stick to technological innovations.