China Expands Role of State Bank-Backed Equity Investors to Aid Tech and Innovation

The pilot program, launched by the National Financial Regulatory Administration, the Beijing municipal government and the National Development and Reform Commission, expands the investment scope of the AICs beyond their traditional focus on debt-to-equity swaps

China has embarked on a pilot program allowing asset investment companies (AICs) to expand into venture capital investment in Beijing aiming to drive forward the technology and innovation sectors.

China currently has five AICs, each backed by one of the major state banks: the Industrial and Commercial Bank of China (ICBC), the Agricultural Bank of China (ABC), the Bank of China (BOC), the China Construction Bank (CCB) and the Bank of Communications (BoCom).