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Bank of China sets up $7 billion fund to support technology development
Bank of China has set up a 50 billion yuan ($6.9 billion) fund to invest in technology startups, state media CCTV reported, as the nation’s big state lenders move to support the private economy. The technology and innovation fund, expanded from the 30 billion yuan announced last year, aims to support technology and new emerging industries, the report said. China last week laid out its major policy priorities for 2025 at an annual parliamentary meeting, including how it plans to spur consumption and achieve technological breakthroughs amid geopolitical tensions with the U.S.
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