September 19, 2018 / 9:59 AM / in a month

China to invest $15 billion in big data, cloud computing over next five years

BEIJING (Reuters) - China’s state planner said on Wednesday it has reached an agreement with a major Chinese policy bank to invest 100 billion yuan ($14.60 billion) in big data, cloud computing and smart city projects over the next 5 years.

The National Development and Reform Commission said its financial agreement with the China Development Bank (CDB) aims at heeding calls from the state cabinet for more financial support to China’s “digital economy”.

($1 = 6.8515 Chinese yuan renminbi)

Reporting by Beijing Newsroom; Writing by Yawen Chen; Editing by Kim Coghill

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