China sets up $14.6 billion internet investment fund: Xinhua

By Dominique Patton BEIJING (Reuters) – China has set up a 100 billion yuan ($14.55 billion) fund to support investment in the internet sector, said official news agency Xinhua on Sunday. The fund, backed by China's cabinet, is designed to help turn China into a major player in internet technology, said the report. An initial 30 billion yuan has already been raised from major banks and telecoms firms including ICBC, China Mobile and China Unicom.

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