China today launched a 100 billion yuan (USD 14.6 billion) investment fund to support Internet firms expand their operations.
The Cyberspace Administration of China and Ministry of Finance fund will support Internet companies and the Internet Plus action plan via equity investment the Industrial and Commercial Bank of China (ICBC), one of the largest investors in the fund said today.
The fund has already raised 30 billion yuan from state-owned banks and enterprises, including the ICBC, which invested 10 billion yuan.
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The China Internet Network Information Centre claims that China's Internet population has hit 731 million last year, with 695 million of them using mobile device.
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