Beijing is providing funding for the country’s first home-grown venture capital funds in an attempt to foster a local industry to rival foreign funds operating in China and kickstart a new development zone.

As many as 10 funds with a combined total of more than Rmb20bn ($2.6bn) to invest, including joint ventures with foreign funds, will be approved for the Tianjin Binhai New Area, a new special economic zone, according to a senior government official.