HONG KONG — A Chinese technology regulator said on Friday that it would cooperate with a bank to set up a $30 billion fund to support the country’s huge electronics supply chain.
The creation of the new fund underscores China’s ambitions to expand its tech capabilities and also signals how those ambitions are being threatened by slowing growth and recent market turmoil.
Official accounts of the fund did not make clear precisely how the money would be spent. But given the recent weakness in Chinese manufacturing and lower-end electronics manufacturers, it may be intended as a form of stimulus to the tech industry. The terminology used in media accounts signals China’s bold technology ambitions. Reports about the new fund said it would be used to build a “strong manufacturing country” and an “Internet power.”