PRC central government announces VC fund plans
China’s central government has announced on the State Council website its plans for national-government-backed VC funds, to operate alongside local government and private funds.
The joint announcement, by the National Development and Reform Commission and the Ministry of Finance, reportedly calls for funds of at least RMB250 million ($36.6 million), targeted particularly at cutting-edge hi-tech companies. The statement apparently also calls for the central government to keep its stake in the VC funds to 20% or below, though potentially higher for angel funds, and to avoid becoming a controlling shareholder in the funds.
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