China's government on Jan. 22 set up a 100 billion Chinese yuan internet investment fund.

Through the fund, the Cyberspace Administration of China and the Ministry of Finance will support internet companies and the country's Internet Plus action plan through equity investment, according to a Xinhua News Agency report posted on the government's website Jan. 23.

The fund has already raised 30 billion yuan from state-owned banks and enterprises, with Industrial & Commercial Bank of China Ltd. investing 10 billion yuan.

ICBC, together with China Development Bank Corp. and Agricultural Bank of China Ltd., will offer financial services and 150 billion yuan of credit to enterprises that have attracted investment from the fund.

As of Jan. 20, US$1 was equivalent to 6.88 Chinese yuan.