Govt venture capital for emerging industries to be doubled

China pledged to double the amount of government-led venture capital for emerging industries, another "minimal measure" taken to encourage market vitality as the deceleration of the economy continues.

The executive meeting of the State Council also decided to set up a national venture capital fund for emerging industries, in a bid to better ease the financing difficulties of small and medium-sized startup enterprises.

The move is set to benefit dozens of industries, including energy conservation, information technology, biology and new medicine, new energy, advanced materials, aerospace, marine industry, advanced equipment manufacturing, green vehicles and high-tech service industries, according to a regulation on the use of the government-led venture capital.