China on Friday launched the national venture capital guidance fund, in order to mobilize more patient capital for the country's emerging and future industries.
The fund was jointly initiated by the National Development and Reform Commission (NDRC) and the Ministry of Finance (MOF), with three regional funds set up in the Beijing-Tianjin-Hebei region, the Yangtze River Delta region and the Guangdong-Hong Kong-Macao Greater Bay Area.
At a press conference in Beijing, officials from NDRC introduced the relevant efforts, emphasizing that the guidance fund will set up a national comprehensive service platform where value-added services will be provided.
"The guidance fund, together with the fund management institution, will focus on regions active in innovation and entrepreneurship, increasing investment in early-stage projects and seed enterprises in fields such as integrated circuits, artificial intelligence, aerospace, low-altitude economy, bio-manufacturing, and future energy. Efforts will be made to attract joint investment from various financial institutions and private capital. The guidance fund will also establish a high-quality, wide-coverage, and comprehensive venture investment service system. Such a national integrated service platform aims to provide portfolio companies with value-added services in corporate governance, strategic planning, human resources, and industrial cooperation, accompanying them in their pursuit of long-term growth," said Bai Jingyu, director of the NDRC Department of Innovation and High-Tech Development.
In addition, the guidance fund will also be used to support a series of key generic technology achievement transformation projects, along with some enterprises that undertake national missions or those that have made major breakthroughs.
Meanwhile, the guidance fund will take seed-stage and start-up enterprises as their main targets, with investment in such firms accounting for no less than 70 percent of the total fund size.
China launches state-backed guidance fund to support emerging, future industries
China launches state-backed guidance fund to support emerging, future industries
Xi Jinping, general secretary of the Communist Party of China (CPC) Central Committee and Chinese president, said on Monday that the relationship between China and the Democratic People's Republic of Korea (DPRK) stands at a new historical starting point.
Xi arrived in the DPRK capital of Pyongyang earlier on Monday to begin a two-day state visit at the invitation of Kim Jong Un, general secretary of the Workers' Party of Korea and president of the State Affairs of the DPRK, marking his first trip to the country in seven years.
Delivering a speech at a welcome banquet hosted by Kim, Xi pointed out that China and the DPRK, linked by mountains and rivers and sharing a common future, have seen their traditional friendship passed down across generations and grow ever stronger over time through the test of the evolving international landscape.
This year marks the 65th anniversary of the China-DPRK Treaty of Friendship, Cooperation and Mutual Assistance, and the China-DPRK relationship stands at a new historical starting point, Xi said, noting that he has reached important consensus with Kim during his visit.
From the strategic perspective of the future and destiny of socialism, both leaders have agreed to seize the general trend of the times, respond to the shared aspirations of the two peoples, strengthen high-level exchanges, deepen strategic communication, expand practical cooperation, enhance people-to-people bonds, promote the high-level development of China-DPRK relations, jointly open up brighter prospects for the socialist cause of both countries, and contribute to the continuous progress of human society, Xi said.
The successful convening of the Ninth Congress of the WPK this year has made strategic plans and major arrangements for the long-term development of the Party and the country's cause, ushering in a new period of comprehensive development of the DPRK's socialist cause, Xi said.
As good neighbors, good friends and good comrades, the Chinese side sincerely wishes that, under the strong leadership of the Central Committee of the WPK headed by General Secretary Kim, the DPRK people will successfully accomplish the goals and tasks set by the Ninth Congress of the WPK and make constant new achievements in the socialist cause of the DPRK, Xi said.
On behalf of the WPK, the government and the people of the DPRK, Kim extended the warmest welcome to Xi on his visit. Kim said that Pyongyang was filled with an atmosphere of friendship on this special day as the DPRK's Party, government and people warmly welcomed their most distinguished guest.
Noting that Xi's first overseas trip of the year had brought him to the DPRK, Kim said this fully demonstrated the great importance Xi attached to developing relations between the two parties and the two countries, and constituted the most valuable support for the DPRK's socialist cause.
Noting the meeting with Xi came nine months after their previous meeting, Kim said that during this meeting, they reached important consensus on further advancing DPRK-China relations with new contemporary connotations in light of new changing circumstances, and exchanged views on international and regional issues of mutual concern, which will surely accelerate the development of the DPRK-China friendship with profound historical traditions, and contribute to peace and stability in the region and the world.
The DPRK people take heartfelt joy in the remarkable achievements made by the brotherly Chinese people, Kim said, expressing belief that under the leadership of the CPC with Xi at its core, the great Chinese people will surely create greater achievements in building a great modern socialist country in all respects, realizing the Second Centenary Goal, and completing the new journey toward the great rejuvenation of the Chinese nation.
Xi says China-DPRK ties stand at new historical starting point
