On March 6, 2025, Zheng Shanjie, head of the National Development and Reform Commission (NDRC), announced at a press conference during the annual session of the National People’s Congress that China would establish a national venture capital guidance fund. The fund was expected to attract combined local government and private investment of nearly 1 trillion yuan ($138 billion), with a focus on cutting-edge areas including quantum technology, artificial intelligence, hydrogen energy, and energy storage.
As reported by The Quantum Insider, the fund would take a long-term investment approach with higher risk tolerance, structured as a public-private partnership. The fund was designed to exist for 20 years, longer than typical equity funds.
China’s 2025 Government Work Report separately outlined a mechanism to increase funding for future industries including quantum technology, biomanufacturing, embodied AI, and 6G technology. The fund announcement came one day after Premier Li Qiang reaffirmed Beijing’s target of approximately 5% economic growth.