The Chinese government established a RMB100 billion ($14.56 billion) fund to support the country's sector of information technology.
According to Reuters, the China Internet Investment Fund was launched in Beijing. It will be supported by the government with an aim to make China the major player in the global IT industry.
Banks and telecom companies, including ICBC, China Mobile, and China Unicom have already invested the first amount of 30 billion yuan. Investors will be given credits worth up to 150 billion yuan.
Earlier, the Chinese government said it planned to invest $174 billion yuan in the Internet infrastructure during 2016-2018. The funds will be used for development of online projects, particularly those aimed at the improvement of broadband and mobile communications.
China plans to boost profits of the telecom and the software sectors to 8 trillion yuan or $1.2 trillion by 2020.
