China on Friday launched three venture capital funds aimed at supporting investment in so-called “hard technology,” state broadcaster CCTV reported.

The capital contribution plans for the three funds have been finalized, with each fund exceeding 50 billion yuan ($7.14 billion), according to the report.

“Hard technology” refers to capital-intensive, innovation-driven sectors such as semiconductors and advanced manufacturing, as opposed to “soft” technologies like internet services and consumer platforms.