China's top economic officials have announced plans to establish a state-backed fund to support technological innovation in the country. The 'State Venture Capital Guidance Fund' will focus on cutting-edge fields such as artificial intelligence, quantum technology, and hydrogen energy storage. This initiative is aimed at promoting high-tech advancements and securing China's position in the global technology landscape. Zheng Shanjie, head of China's state economic planner, highlighted the importance of technological development during the annual gatherings of China's legislative and advisory bodies. The fund is expected to attract significant capital of nearly 1 trillion yuan over the next 20 years from local governments and the private sector. Chinese leaders view technological development, including areas like high-end chips, quantum computing, and AI, as crucial for the growth of the manufacturing industry. Additionally, the government is emphasizing the promotion of consumption, with plans to introduce a 'special action plan' to boost domestic consumption. This move underscores China's commitment to advancing its technological capabilities and stimulating economic growth through innovation and increased consumer spending.