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China is set to establish a state-backed venture capital fund aimed at supporting technological innovation in cutting-edge fields such as artificial intelligence, quantum technology, and hydrogen energy storage. The new initiative, announced by Zheng Shanjie, chairman of the National Development and Reform Commission, will seek to attract nearly 1 trillion yuan ($138 billion) in capital over the next 20 years, with contributions from local governments and the private sector.
This move is part of China's strategy to enhance its technological capabilities in critical areas like high-end chips, robotics, and AI, which are seen as vital for future economic growth. The initiative comes amid ongoing challenges from U.S. tech restrictions, but Chinese leaders remain confident in their country's ability to push forward with innovation.
Zheng emphasized that despite external pressures, including tech blockades from certain countries, China's progress in microchips, AI, and industrial robots shows that these challenges are accelerating the drive for self-reliance in technology.
The fund's creation aligns with recent government pledges to foster industries of the future, such as bio-manufacturing and 6G technology. This reflects a broader commitment to strengthening domestic innovation and consumption, with an emphasis on bolstering China's private sector, which contributes significantly to the country's GDP and employment.
Additionally, China's leaders are focusing on boosting domestic consumption to counter external challenges, with measures like a "special action plan" to stimulate consumer demand and increased government spending. This will include consumer subsidies and infrastructure investments to support the economy amid rising international uncertainties.
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