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Chinese fund to inject billions in internet development
January 22, 2017, 2:02 pm

Online entertainment, especially streaming and gaming, has gained significant popularity among hundreds of millions of Chinese in the past few years [Xinhua]

Addressing the growing web population in China, a number of investor groups announced on Sunday a fund to invest $14.6 billion in internet companies.

A third of the amount has already been raised, main investor Industrial and Commercial Bank of China (ICBC) announced on Sunday.

The ICBC has itself contributed $1.46.

The China Development Bank and the Agricultural Bank will also provide credit and services as part of the fund.

China’s Internet population is estimated at 731 million in 2016, according to the China Internet Network Information Center.

The Chinese government in 2015 spent about $70 billion on network infrastructure improvements and more than $102 billion planned for 2016 and 2017 to promote network construction, according to a guideline issued by the State Council, China’s cabinet.

The country’s internet penetration rate is 47.9 per cent and rural users only account for just over a quarter of China’s total, says Chinese official data.

The BRICS Post with inputs from Agencies

One Response to Chinese fund to inject billions in internet development

  1. Tan Chee Hong Reply

    January 23, 2017 at 5:59 am

    Don’t use the US World Wide Web system. Develop an independent one in which they cannot spy on us.

    The world needs a safe alternative.

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