ICBC, one of China’s state banks, has launched an $11 billion technology and innovation fund. The Industrial and Commercial Bank of China (ICBC), one of the world’s largest banks, announced the launch of an $11.04 billion technology and innovation fund (80 billion yuan). ICBC, one of China’s four state banks, stated that the new fund is aimed at being used in areas such as semiconductors and advanced manufacturing, rather than internet services. This new fund from the institution marks the latest move of state support towards the technology sector. Additionally, it was noted that the fund will be positioned as patient capital rather than aiming for quick profits. It was previously stated that China was working on mobilizing a fund of 1 trillion yuan to support technology ventures.