China pools 100b yuan internet investment fund

A representative of Huawei introduces Kirin 960 processor during a release ceremony of world leading internet scientific and technological achievements at the 3rd World Internet Conference in Wuzhen, east China's Zhejiang province, Nov 16, 2016. [Photo/Xinhua]

The Chinese government launched a 100 billion yuan ($14.5 billion) internet investment fund on Sunday, as the country works to strengthen its edge in the changing economy.

Six strategic partners, including the Industrial and Commercial Bank of China (ICBC), CITIC Guoan Group, China Post Insurance and three giant telecom operators, have injected the first batch capital of 30 billion yuan, according to Xinhua

The internet investment fund, approved by the State Council, is co-sponsored by the Cyberspace Administration and Ministry of Finance.

By bankrolling outstanding internet companies, the fund aims to foster innovation within the sector through a market approach.

State-owned bank ICBC, National Development Bank and Agricultural Bank of China pledged a combined 150 billion yuan credit as venture loans, said Xinhua.