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China has launched the National Venture Capital Guidance Fund to promote long-term investments in hard technology sectors, including AI and biopharmaceuticals, supported by regional investment vehicles. The fund will focus on early-stage and small-scale investments with a commitment to 15 to 20-year cycles, aiming to unlock trillions of yuan in funding and enhance access to financing for startups. This initiative follows a three-tier structure, leveraging capital from local governments and private firms to align with national priorities.