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China’s ICBC Launches $11 Billion Technology Innovation Fund

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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.

China to Launch National Venture Capital Fund to Support Tech Startups

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China is set to establish a government-backed national venture capital guidance fund, which aims to mobilize 1 trillion yuan ($138.01 billion) from social capital to support technology startups. The fund will primarily focus on “hard technology” sectors, such as semiconductors, renewable energy, artificial intelligence (AI), quantum technology, and hydrogen energy storage, according to Zheng Shanjie, head of China’s state planner, the National Development and Reform Commission (NDRC).

This new investment vehicle will be structured as a public-private partnership, and it is designed to maintain long-term investment cycles, demonstrating greater risk tolerance. The goal is to support early-stage technology enterprises through market-based methods, allowing for greater flexibility and innovation.

The announcement came a day after Premier Li Qiang told lawmakers that China aims to sustain economic growth at approximately 5% this year, despite challenges posed by tariff pressures. As part of broader efforts to foster technological breakthroughs and enhance self-reliance, China also stated it would bolster support for AI application and venture capital investment.

The fund will prioritize cutting-edge technologies like AI and quantum computing, alongside energy innovations such as hydrogen energy storage. It will focus on investing in seed-stage and startup companies, leveraging market-oriented approaches to drive growth in these strategic areas, as reported by state media CCTV.