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Updated Friday, November 27, 2009 11:02 am TWN, Bloomberg

China sets state venture capital size at US$36.6 mil.

SHANGHAI -- Local venture capital funds planned by the Chinese government should be at least 250 million yuan in size, the National Development and Reform Commission said on its Web site Thursday. The central government will hold no more than a 20 percent stake in the venture funds, with the stake of local governments not being less than that of the central government's, according to the statement. China said last month it planned to establish 20 venture capital funds in 7 cities to invest in industries including information technology, software and alternative energy.

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