Venture fund 'on the way'

The nation's new venture capital fund for emerging industries, totaling 40 billion yuan ($6 billion), is just around the corner, a government official said on Thursday.

"We are speeding up the operation of the fund ... and local governments are ready to pour in. It will be very beneficial for the development of venture capital investment," Lin Nianxiu, vice-chairman of the National Development and Reform Commission, said at a news conference on Thursday.

The State Council gave the green light to the venture capital plan in early July, aiming to empower entrepreneurial innovation and boost industrial upgrading.