One of China’s state-owned banks, ICBC, has launched an $11 billion technology and innovation fund. The Industrial and Commercial Bank of China (ICBC), one of the world’s largest banks, announced the start of an $11.04 billion technology and innovation fund, equivalent to 80 billion yuan. ICBC, one of China’s four state-owned banks, stated that the new fund is intended to be used in areas like semiconductors and advanced manufacturing, rather than internet services. The establishment of this new fund represents the latest move by the government to support the technology sector. Additionally, it was noted that the fund will be positioned as patient capital rather than aiming for quick profits. China was reportedly working on activating a fund of 1 trillion yuan to support technology ventures.