China launches $14.6 billion investment fund to support internet firms

China on Sunday launched a 100 billion yuan ($ 14.6 billion) investment fund to support Internet firms expand their operations.

The Cyberspace Administration of China and Ministry of Finance fund will support Internet companies and the Internet Plus action plan via equity investment, the Industrial and Commercial Bank of China (ICBC), one of the largest investors in the fund said on Sunday. The fund has already raised 30 billion yuan from state-owned banks and enterprises, including the ICBC, which invested 10 billion yuan.

The ICBC, together with the China Development Bank and the Agricultural Bank of China, will provide financial services and 150 billion yuan of credit to enterprises that have attracted investment from the fund, state-run Xinhua news agency reported. The China Internet Network Information Centre claims that China's Internet population has hit 731 million last year, with 695 million of them using mobile device.