Internet investment fund moving smoothly, says Finance Ministry

A staff member sets up a ROBOTLEO robot at the Global Mobile Internet Conference (GMIC) 2017 in Beijing, April 28, 2017.[Photo/VCG]

The internet investment fund is proceeding in an orderly way, as the first round of fund has been raised and is in place, the Ministry of Finance said on its official website on Tuesday.

The 100-billion-yuan ($14.6 billion) fund, co-sponsored by Cyberspace Administration of China and Ministry of Finance, was launched in January to support investment in the internet sector.

An initial 30 billion yuan was raised from six strategic partners, Industrial and Commercial Bank of China, CITIC Guoan Group Co Ltd, China Post Life Insurance Corp Ltd and China's three major telecoms carriers China Mobile, China Unicom and China Telecom, according to the Xinhua news agency.

ICBC, one of the largest investors in the fund, invested 10 billion yuan.

All the related work, such as business registration, director candidate recommendation, making regulations and collecting information, will be completed soon in an orderly way, the Ministry of Finance said on its website.