China’s Tech Hub Shenzhen Unveils $10 Billion Accelerator Fund

Shenzhen, a region known for its tech industry in China, recently hosted the inaugural digital economy conference. China’s local paper reported the launch of a Web3 accelerator fund as officials emphasized engagement in Web 3.0 initiatives.

Web 3.0 fund for businesses

Li Haolong, chair of the World Meta-Asset Association and the Greater Bay Area Capital Group, underlined the conference’s role. Haolong called it a technological beacon and a platform for international collaboration, the paper noted. 

The official also revealed that the Greater Bay Area Capital Group plans to launch a $10 billion fund. The launch would be part of a Yuan Asset Web 3.0 Industry Fund. The accelerator will reportedly invest in global ventures in the Web3 space. It will cover initiatives in Yuan Asset, NFTs, real-world assets, and meta-assets.

In addition, Wu Ying, chairperson of the Digital China Federation and conference chair, emphasized the rapid development of technologies like artificial intelligence and blockchain.

Luo Jinhai, vice-chair of the conference, explained that meta-assets, originating from mathematical transformations, possess characteristics like autonomy, privacy, security, scarcity, and liquidity. The official pushed the idea that these assets require global discussion and participation.

China contradicts surveillance

The  Web 3.0 accelerator fund launched days after the People’s Bank of China released the Financial Stability Report 2023. The report addressed the swift growth of the global crypto asset market and stressed the need for regulation under the principle of “same business, same risks, same supervision.”

While China proposes supervision for governance, its talks for global cooperation contradict surveillance in the digital space. In an official communication this week, the Ministry of Industry and Information Technology of China responded to a proposal about promoting the development of the Web3 industry.

The government highlighted that active research is ongoing in areas of Metaverse, NFTs, and decentralized identity management. It said that there’s a focus on evaluating risks and implementing technologies in various sectors.

Also Read: Gaming Crypto Tokens Face Ban in China’s GAPP Proposed Rules

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Shraddha’s professional journey spans over five years, during which she worked as a financial journalist, covering business, markets, and cryptocurrencies. As a reporter, she has placed particular emphasis to learn about the market interaction with emerging technologies.

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