Quantum Communication Technology is introduced during the 3rd World Internet Conference, in China's Zhejiang province, on November 16, 2016. Photo: AFP

China has set up a 100 billion yuan (US$14.55 billion) fund to support investment in the internet sector, the official news agency Xinhua said on Sunday.

The fund, backed by China’s cabinet, is designed to help turn China into a major player in internet technology, the report said.

An initial 30 billion yuan has already been raised from major banks and telecoms firms including ICBC, China Mobile and China Unicom. Up to 150 billion yuan in credit will be available to companies that have been invested in by the fund, Xinhua said.

China said earlier this month it would invest 1.2 trillion yuan between 2016 and 2018 to develop information infrastructure.

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