The Chinese government has set up a CNY 100 billion (approximately USD 14.55 billion) fund to support investment in the internet sector, Xinhua news agency reports. Backed by China's cabinet, the fund aims to help China become a major player on the internet technology market. An initial CNY 30 billion has already been raised from ICBC, China Mobile and China Unicom. Up to CNY 150 billion in credit will be available to companies that will benefit from the fund.
China’s National Development and Reform Commission and the Ministry of Industry and Information Technology have recently they would invest CNY 1.2 trillion in the development and expansion of the country’s internetinfrastructure.
