The Industrial and Commercial Bank of China (ICBC), the world’s largest commercial lender by assets, has announced the launch of a 80 billion yuan ($11.04 billion) technology and innovation fund aimed at supporting the private economy. The fund will focus on investing in “hard technology” sectors such as semiconductors and advanced manufacturing, rather than soft technologies like internet services.
ICBC’s chairman, Liao Lin, emphasized the bank’s commitment to fully implementing central leadership directives, translating beneficial policies into concrete actions that will support private enterprises. This fund is designed to be “patient capital”, favoring long-term investments over short-term profits.
This initiative follows China’s recent policy priorities for 2025, discussed at an annual parliamentary meeting, where the government outlined its plans to promote technological innovation and boost domestic consumption amid escalating geopolitical tensions with the U.S.. The government has also announced a 1 trillion yuan fund aimed at supporting technology startups, further emphasizing its focus on technological self-sufficiency and growth.
