Well, it’s not like they haven’t done this before
According to China Money Network, the State-owned Assets Supervision and Administration Commission, or SASAC, as it’s more commonly known, is supposedly set to launch up to three innovation-focused investment funds thanks to funding from other central government-owned enterprises.
These enterprises have apparently spent over $50 billion in R&D in 2013, and by helping launch the fund, they hope to gain even more technological wizardry by either acquiring stakes in innovative tech companies or by outright taking them over. SASAC meanwhile, hopes to rally other state-owned groups to establish their own funds in order to further manage the nation’s advancements.
With Chinese companies – state-owned or otherwise – already snapping up large swathes of Silicon Valley, this move should bring those acquisitions up a notch in the near future.
Photo credit: Steve Jurvetson via Flickr