China has mobilised at least Rmb387bn ($55.6bn) to fund private sector companies that develop technology with potential military applications, according to Financial Times calculation.
“Civil Military Fusion”, or the infusion of private companies into China’s defence sector, was a key theme at this year’s Zhuhai air show, where exhibitors were keen to stress how their products fitted into the national strategy.
As a result, state defence companies and provincial governments have pooled money into what are in effect state-backed venture capital funds, designed to guide the private sector into helping to modernise the People’s Liberation Army.
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