China Starts State-Backed Venture Funds to Support Tech Startups

China has officially launched a national venture capital fund and three large regional funds, together worth billions of dollars, as part of a push to foster home-grown tech champions and improve investment efficiency.

The National Startup Investment Guidance Fund, as well as the three vehicles covering the Beijing-Tianjin-Hebei region, the Yangtze River Delta and the Greater Bay Area, began operating on Friday, according to Xinhua News Agency.