The Chinese government has raised $4.35bn for the first close of its China Internet Investment Fund, sourcing capital from a range of state-run firms.
The Chinese government has established a RMB100bn ($14.5bn) fund backed by several state-owned firms that will invest in the country’s internet sector, according to news agency Xinhua.
China Internet Investment Fund will be overseen by state agencies the Cyberspace Administration of China and the Ministry of Finance, with the intention of strengthening the country’s economy by boosting its online and internet businesses.
The scheme will form part of the Chinese government’s Internet Plus initiative, which aims to strengthen traditional industries…
