China launches national venture capital guidance fund

China launched the national venture capital guidance fund on Friday, with three regional funds established and operational.

The fund was established by the National Development and Reform Commission and the Ministry of Finance, giving play to the leading role of centrally-administered funds and attracting social capital to participate.

At present, the fund has invested in the establishment of three regional funds: Beijing-Tianjin-Hebei Venture Capital Guiding Fund, Yangtze River Delta Venture Capital Guiding Fund and Guangdong-Hong Kong-Macao Greater Bay Area Venture Capital Guiding Fund.

Three regional funds have established a number of intentional sub-funds and direct investment projects in integrated circuits, quantum technology, biomedicine, brain-computer interfaces, aerospace, and so on.

"In terms of capital scale, the capital contribution plan for the first batch of three regional funds has been settled. In the future, each fund will exceed 50 billion yuan (about 7.11 billion U.S. dollars), and investments and contributions will be made in batches. At present, all three regional funds have signed partnership agreements, completed business registration, and established a preliminary list of the first batch of 49 sub-funds and 27 direct investment projects pending signing. Several key sub-funds and direct investment projects are expected to be finalized in the near future," said Huo Fupeng, president of the National Venture Capital Guidance Fund, at the launching ceremony.

At the ceremony, an official stated that the fund is projected to reach a trillion-yuan scale.

China launches national venture capital guidance fund

China launches national venture capital guidance fund

Chinese Foreign Minister Wang Yi met with visiting Lao Deputy Prime Minister and Minister of Foreign Affairs Thongsavanh Phomvihane in Beijing on Tuesday, to discuss relations between their two countries.

Thongsavanh is in China to attend the 11th Lancang-Mekong Cooperation Foreign Ministers' Meeting.

Wang said China is ready to work with Laos to further build a community with a shared future.

He urged efforts from both sides to make full use of the Joint Committee for China-Laos Economic Corridor Cooperation, accelerate development of the China-Laos Railway, and expand cooperation in trade and mineral resources.

Thongsavanh said Laos is committed to advancing the building of a Laos-China community with a shared future, and strengthening cooperation with China in connectivity, energy, mineral resources, and artificial intelligence.

He also pledged closer coordination to combat transnational crime and jointly safeguard ASEAN unity and autonomy, as well as regional peace and stability.

This year marks the 65th anniversary of the establishment of diplomatic relations between the two countries, and the Year of China-Laos Friendship.

The Lancang-Mekong Cooperation mechanism comprises six countries: China, Cambodia, Laos, Myanmar, Thailand, and Vietnam, which share the Lancang-Mekong River basin. The Mekong River, known as the Lancang River in China, originates in the Yushu Tibetan Autonomous Prefecture of northwest China's Qinghai Province and flows through the six countries, linking their economies and creating opportunities for regional cooperation.

Chinese foreign minister meets Lao deputy prime minister on relations