Officials from the Cyberspace Administration of China and the Ministry of Finance attended the ceremony and delivered speeches. With a total size of RMB billion, the initial phase of RMB 30 billion has been injected from the central government and social capital.
The fund mainly supports innovative development of Internet enterprises via equity investment. It was also a specific move in implementing financial support to the real economy and boosting supply-side structural reform by the Central Committee and the State Council.
As the leader of the domestic financial industry in IT application, ICBC has been strengthening the development and application of Internet finance and financial technology.
It has set up seven innovation labs for financial technology, promoting the upgrade of e-ICBC framework focusing on internet finance. ICBC will be the pioneer in building a smart banking system to explore new realms of commercial banks through practices of internet finance.
Since accessing global Internet 22 years ago, China has seen dramatic development in new Internet technology such as cloud computing, big data, Internet of things and artificial intelligence.
Due to deeper integration with real economy, Internet industry has become the most innovative and dynamic field with great growth potential. The establishment of China Internet Investment Fund will boost integration internet investment fund domestic capital and Internet enterprises, marking a milestone in the Internet development of China.