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 said on Thursday that the issue of navigation through the Strait of Hormuz is a spillover effect of the current conflicts, noting the Strait of Hormuz remains unstable if the war doesn't end.
Wang, also a member of the Political Bureau of the Communist Party of China Central Committee, made the remarks in a phone conversation with Saudi Arabian Foreign Minister Faisal bin Farhan Al Saud.
The Saudi Arabian foreign minister briefed Wang on the latest developments of the Middle East situation, saying the war in Iran has caused severe impacts on countries in the region and the world at large.
Saudi Arabia attaches importance to China's important role in international affairs, and values high-level strategic cooperation with China, he said, adding that the kingdom is ready to further enhance consultation and coordination with China on platforms including the United Nations, to jointly push for the de-escalation of the situation and an end to the conflict.
Wang noted that the prolonged war in Iran, which has lasted for over a month, has caused enormous casualties and losses, and undermined the security and stability of Saudi Arabia and other Gulf countries, over which China expressed concerns.
Wang said China and Pakistan recently jointly issued a five-point initiative for restoring peace and stability in the Gulf and Middle East region, which includes safeguarding the sovereignty and security of the Gulf states, stopping attacks on civilians and non-military targets, and ensuring the security of shipping lanes.
Wang said the top priority is to focus on cessation of hostilities. Actions by the UN Security Council should avoid escalating confrontations and should not legitimize unauthorized military operations; otherwise, it will lead to endless trouble, with small and medium-sized countries being the first to bear the brunt, he added.
Wang noted that China appreciates Saudi Arabia's commitment to promoting peace and ceasefire, and stands ready to work with Saudi Arabia to make efforts for the early restoration of regional peace.
Chinese FM says Strait of Hormuz remains unstable if war doesn't end
