China banks approved to invest in high tech firms -regulator

April 21, 2016 11:32 AM

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BEIJING, April 21 China has given the go-ahead for 10 commercial banks, including Bank of China, the Bank of Beijing and the Bank of Shanghai to begin a pilot programme to directly invest in technology companies.

The pilot programme, aimed at supporting high-tech innovation, will be limited to five "demonstration zones' in the cities of Beijing, Shanghai, Tianjin, Wuhan and Xian, according to a document published by China's banking regulator on Thursday.

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