China’s ICBC launches $11 billion technology innovation fund.
Industrial and Commercial Bank of China, the world’s biggest commercial lender by assets, announced on Wednesday the launch of an 80 billion yuan ($11.04 billion) technology and innovation fund to support the private economy.
The new fund aims to support “hard technology” via equity investment, referring to areas such as semiconductors and advanced manufacturing over “soft” technology such as internet services, according to a statement released by the state-owned bank.
