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BEIJING James Bradberry Camo Jersey , Jan. 15 (Xinhua) -- China is leveraging government-led venture capital (VC) investment to help innovative firms in an effort to bolster new economic growth areas.


On Wednesday, China's State Council announced it would create a venture capital fund worth 40 billion yuan (6.5 billion U.S. dollars), in order to guide social capital toward new industries,


Apart from the central government fiscal budget, the fund will mainly incorporate capital input by big companies Daeshon Hall Camo Jersey , large financial institutions and other private sources, according to the State Council.


"Through the scheme, the government is actively leveraging available fiscal funds in order to let them play a bigger role in raising more money from all channels, and pointing a direction for optimized industrial investment," said Zhang Zhanbin Taylor Moton Camo Jersey , a researcher at the Chinese Academy of Governance, a government think tank.


The cabinet said the fund would mainly invest in companies that showed innovation in emerging sectors. They would invest in companies at early stages of development in particular.


Zhang said "it is important that the guiding venture capital fund have a clear investment position, which is to mainly support emerging industries of strategic importance and start-ups keen on innovation."


Similar funds initiated by the government in the past, even though designed to beef up investment for start-ups and emerging industries, have been ineffective due to weak management Curtis Samuel Camo Jersey , administrative intervention, and absence of strict assessment and supervision, he said.


Improving on past experiences and choosing market-oriented operations, the fund will be managed by professional fund management companies, which are to be selected through an open bidding processes. The companies will also make independent investment decisions Christian McCaffrey Camo Jersey , according to the State Council.


Chinese authorities view innovation as a strategically significant strategy to prop up the economy as it enters a new normal, when growth shifts to a medium-to-high level and structural reforms are emphasized for sustainable development.


Zhang said science and technology innovation and application in the real economy must be prioritized in the new normal.


The government's latest fund initiative will be more targeted in addressing the financing needs of small and medium-sized companies, promoting industrial upgrades, and nurturing new growth engines, he said.


China's central government first launched VC investment programs in 2009 in efforts to boost an innovation-led economy.


Official data showed the central government has allocated 9.1 billion yuan for such programs since then. The fiscal funds have further amassed up to 42.7 billion yuan in total capital value from local governments and other channels so far.


Downturn in traditional sectors such as real estate and lackluster growth in exports dragged on growth in the world's second largest economy during 2014 Donte Jackson Camo Jersey , with third-quarter economic growth sliding to 7.3 percent, the lowest growth level since the 20082009 global financial crisis.


Denominated in Chinese yuan, exports increased 4.9 percent to 14.3 trillion yuan in 2014, sharply down from 7.9 percent in 2013. Figures for last year's gross domestic product are slated for release on Jan. 20.

Chinese rescue ships are seen cleaning an oil slick from the sunken Iranian oil tanker Sanchi in the East China Sea, in this photo released by China's Ministry of Transport on Thursday. Photo: VCG

The spill from a sunken Iranian tanker off China's east coast has spawned four oil slicks as authorities prepared to send robots to the wreckage to assess the environmental damage.


The Sanchi DJ Moore Camo Jersey , which was carrying 136,000 tons of light crude oil from Iran, sank in a ball of flames in the East China Sea on Sunday, a week after colliding with Hong Kong-registered bulk freighter the CF Crystal.


The bodies of only three of 30 Iranian and two Bangladeshi crew members have been found.


Chinese State Oceanic Administration said late Wednesday that it was monitoring four slicks with a total area of almost 101 square kilometers, roughly the same size as Paris.


The office is attempting to "control the spread of the oil spill and is carrying out work to estimate its impact on the marine ecological environment Vernon Butler Rush Jersey ," it said on its website.


The type of condensate oil carried by the Sanchi does not form a traditional surface slick when spilt, but is nonetheless highly toxic to marine life and much harder to separate from water.


Japan's coast guard said Thursday a patrol ship and plane examined the oil spill and found that it was spreading 30 kilometers east and eight kilometers northwest from the wreck, with a maximum width of 800 metres.


"The swathe of oil slick is being diffused and disappearing," the coast guard said in a statement. "Chinese and other patrol ships continue to look for missing [crew] members and carrying out oil removal missions."


On Tuesday, China had reported two slicks measuring about 69 square kilometers and an additional 40-square-kilometre area of "scattered" oil.


The transport ministry said late Wednesday the vessel lay at a depth of around 115 metres and that robots would be deployed to explore the shipwreck.


(Agencies)

" U.S. President Donald Trump (R) and visiting Singaporean Prime Minister Lee Hsien Loong deliver joint statements at the White House in Washington D.C. Marquis Haynes Rush Jersey , the United States, on Oct. 23, 2017. The two leaders held talks at the White House to further boost cooperation between the two countries on economic, trade and defense issues. (XinhuaTing Shen)

WASHINGTON, Oct. 23 (Xinhua) -- As ""the most important bilateral relationship in the world Ian Thomas Rush Jersey ,"" good U.S.-China ties will benefit the region and the world, said visiting Singapore Prime Minister Lee Hsien Loong on Monday.


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