ICBC Unveils $11 Billion Tech Fund to Boost China's Private Economy
2025-03-12
Reuters
In a bid to support China's thriving private economy, the Industrial and Commercial Bank of China (ICBC), the world's largest commercial lender by assets, has launched an 80 billion yuan ($11.04 billion) technology and innovation fund. This significant investment is expected to drive growth and foster innovation in the private sector, with a focus on emerging technologies such as fintech and digital payments. By providing vital funding, ICBC aims to stimulate economic development and promote sustainable growth. The move is seen as a major boost to China's tech industry, with potential benefits for e-commerce, artificial intelligence, and other key sectors.
