|Staff Reporter |||Jan 24, 2017 11:07 AM EST|
(Photo : https://pixabay.com/en/business-internet-web-technology-1012761/) The fund has reportedly raised close to $4.36 billion so far.
China announced the launch of a new $14.6 billion internet investment fund on Sunday. The fund was been started by the Cyberspace Administration of China and the country's Ministry of Finance. It aims to provide advisory and financial assistance to internet companies.
The fund has been approved by China's cabinet. The government is looking to provide impetus to the country's technology sector. The creation of the fund is part of this new drive and is expected to help propel China to become a major force in internet technology.
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Various banks and telecom firms have contributed to the fund. These firms include China Mobile, China Unicom, and the Industrial and Commercial Bank of China (ICBC). Earlier, Chinese authorities stated that the country will invest nearly $175 billion into promoting information infrastructure between 2016 and 2018.
The fund has reportedly raised close to $4.36 billion so far. ICBC contributed $1.45 billion for the initiative. The bank will further collaborate with the China Development Bank and the Agricultural Bank of China to offer financial services to the firms selected under this project. The consortium will also extend up to $22 billion in loans.
China is one of the largest internet markets in the world. The country has over 731 million people who use internet. A report released by the China Internet Network Information Center showed that 695 million of these users access the internet through their mobile phones. It is believed that China's internet market grew by 6.2 percent during the past year, adding 43 million new users
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