AsianFin  – The Industrial and Commercial Bank of China (ICBC), the world’s largest commercial lender by assets, has unveiled an 80 billion yuan ($11.04 billion) technology innovation fund to support the private sector, with a strong focus on advanced manufacturing and semiconductors.

Unlike investments in “soft” technology such as internet services, this fund will prioritize “hard technology,” including semiconductor development and high-end manufacturing. The initiative aligns with China’s broader push for technological self-sufficiency amid escalating geopolitical tensions with the U.S.

ICBC Chairman Liao Lin emphasized that the bank will translate central leadership directives into tangible financial support for private enterprises. He also highlighted the fund’s role as “patient capital,” indicating a long-term commitment rather than a focus on short-term profits.

The announcement follows China’s recent annual parliamentary meeting, where policymakers outlined major economic priorities for 2025, including efforts to boost consumption and achieve technological advancements. Additionally, China’s state planner revealed plans to establish a government-backed fund aimed at mobilizing 1 trillion yuan in private investment to support emerging technology startups.

With this latest initiative, ICBC is reinforcing China’s strategy to accelerate domestic innovation and reduce reliance on foreign technology.