We all know that startups can turn into some big and beautiful things, which is why the Chinese government is now launching a 40 billion RMB (roughly $6.5 billion) in a venture capital fund to help startup companies.
The $6.5 billion is coming from both the Chinese government, and private investors. Investors in the region are beginning to see the benefits of startups, which is where this idea started from. A government run venture capital project is part of China's start to becoming less reliant on property and other infrastructure asset investments, and more into something that has massive long term appeal.
The Premier of China's State Council, Le Keqiang, said that the motivation behind the project is of the hope to boost overall economic growth. China's State Council said: "The establishment of the state venture capital investment guidance fund, with the focus to support fledging start-ups in emerging industries, is a significant step for the combination of technology and the market, innovations and manufacturing. It will also help breed and foster sunrise industries for the future and promote (China's) economy to evolve towards the medium and high ends".