China established a 100-billion-RMB internet investment fund in Beijing on Jan. 22. The first 30 billion RMB has already been raised, and the fund has reached cooperation agreements with many enterprises and financial institutions, China News Service reported.

China Internet Investment Fund was approved by the country’s State Council and jointly initiated by the State Internet Information Office and Ministry of Finance. Focusing on internet investment, the fund will aid outstanding internet companies, offer internet power strategies and promote the use of the internet to benefit the country and its people.

A number of strategic cooperation agreements were signed at the launching ceremony. The fund signed partnership agreements with six enterprises: Industrial and Commercial Bank of China (ICBC), CITIC Guo'an Group, China Post Insurance, China Mobile, China Unicom and China Telecom. The first 30 billion in investments have already been raised.

In addition, the fund reached investment and loan agreements with three financial institutions--ICBC, China Development Bank and Agriculture Bank of China--to provide supportive measures covering credit and financial services. The line of credit is up to 150 billion RMB.