Local multi-billion-dollar industry funds have emerged frequently, creating a favorable opportunity for "hard technology" venture capital.

Recently, Zhejiang state-owned assets have made a major layout around innovation and development, with the debut of 3 large billion-dollar funds led by Zhejiang State-Owned Capital Operation Co., Ltd. Since the beginning of this year, various local governments and "chain owners" have been setting up industry funds around transformation and upgrading and the development of strategic emerging industries, injecting development momentum into technology-based enterprises. Just in July, Hubei, Shaanxi, Jiangsu, and other places have successively announced the establishment of billion-dollar industry funds, leveraging capital ties to promote collaborative innovation in the industrial chain and provide solid support for the technological breakthroughs and commercialization in emerging areas.