China has really gone off this year to invest a huge sum of 100 billion yuan ($14.55 billion) fund to support the Internet sector.
China has been well known to be a major player in Internet technology and this fund, backed by China’s cabinet is designed to push the country forward in terms of Internet Technology
An initial 30 billion yuan has alreasy been raised from major banks and telecomy firms such as ICBC,China mobile and China Unicom. According to China official news agency Xinhua, up to 150 billion yuan will be available to companies that have invested in this fund.
China said earlier this month that it would invest 1.2 trillion between 2016 and 2018 to develop information infrastructure. And we wonder why the country have the fast growing economy in the world, other countries could learn a thing or two from them.