The city of Hangzhou aims to invest RMB5 bn in industrial projects, and an additioaln RMB560m venture capital fund, to nurture and sustain high-tech internet start-ups.
The RMB5 bn was reportedly the target for phase one of the Qianjiang
Industrial fund and the local government says it aims to continue to
raise funds after the completion of the first phase and invest in
domestic projects and companies. Hangzhou would be the third Chinese
city to launch a yuan-denominated government-backed industrial fund,
and has already approached 20 private equity firms to become partners in the fund.
Tianjin previously succeeded in obtaining government approval for the
RMB20 bn Bohai Industrial Investment Fund in 2006, and Shanghai launched its industrial investment fund this year.
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