The Industrial and Commercial Bank of China (ICBC), one of China’s public banks, has initiated an $11 billion technology and innovation fund. Being one of the world’s largest banks, ICBC announced the launch of an 80 billion yuan ($11.04 billion) technology and innovation fund. ICBC, one of China’s four public banks, stated that the new fund is intended to be used in areas like semiconductors and advanced manufacturing instead of internet services. The establishment’s new fund marks the latest move of state support towards the technology sector. It was also noted that the fund will be positioned as patient capital rather than aiming for quick profits. China was reportedly working on activating a fund of 1 trillion yuan to support technology ventures.