Beijing launches 30b yuan fund for technological innovation

BEIJING - Beijing has set up a fund worth 30 billion yuan (about $4.6 billion) to support high-level technological innovation, according to Monday's Science and Technology Daily.

The government-guided fund will also establish underlying funds to attract angel and venture capital.

The funds will be used to support technological innovation in universities, research institutes and innovative companies. The funds will be invested in the frontiers of science and technology, including nanotechnology, intelligent manufacturing, artificial intelligence, brain-inspired intelligence, biomedicine and quantum computing.