
Zhejiang introduces ‘white list’ to steer investment into emerging sectors
The new framework aims to clarify which industries deserve priority attention and which require more cautious evaluation.

The new framework aims to clarify which industries deserve priority attention and which require more cautious evaluation.

The fund will primarily invest through specialist venture capital managers while reserving a limited allocation for direct investments.

The rollout of the four new funds came on the heels of two smaller vehicles unveiled on May 15, sized at 1 billion yuan and 500 million yuan, respectively.

By the end of 2025, the three funds had approved investments into 392 sub-funds and 4,614 projects, with total committed capital reaching 143.3 billion yuan.

His comments align with heated discussions among policymakers and investors about nurturing long-term capital capable of accompanying tech companies through extended growth cycles.

By emphasizing long-term, “patient” investments, the initiative aims to support high-tech startups through every stage of their development — from initial research to full-scale industrialization.

Hangzhou’s Runmiao Fund, with an initial size of 2 billion yuan ($290 million) and a 20-year lifespan, focuses on providing first-round financing for early-stage technology firms.