Beijing government sets up $4.6bn tech innovation fund

Beijing has announced a $4.6bn Beijing Science and Technology Innovation Fund, a group of funds which will invest in a maximum of 100 worldwide funds to support technology innovation.

The funding will be allocated to businesses which are innovating in terms of their technology rather than their business models.

It will focus on 14 sectors of advanced technology, including AI, big data, quantum computing and quantum communication, biotechnology, smart manufacturing, modern agriculture and modern transportation.

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The fund has been invested in by Beijing Government Guidance Fund which contributed $1.8bn. Other investors have included Zhongguancun Development Group, Beijing Capital Technology Development Group, Beijing State-owned Capital Management Center and Beijing E-Town International Investment & Development Co Ltd.

According to China Money Network, other investors included Bank of Beijing, Beijing Rural Commercial Bank, Beijing Science and Technology Innovation Investment Management Ltd and Huaxia Bank.