Guizhou Provincial Development and Reform Commission has approved a project of setting up a fund for big data industry in Guizhou province, local media reported on June 6.

As the first big data industry foundation entirely sponsored by Guizhou provincial government, the fund is expected to raise three billion yuan ($468 million). In the first round of financing, it has already received 51 million yuan, and expect to receive 200 million yuan by the end of this year.

According to the announced Plan for 2017-20 Digital Economy Development in Guizhou Province, Guizhou government will constantly introduce big data technology into more real economy related-companies. Therefore, the fund would be focused on investing in cutting-edge technologies on big data and key digital project of real economy.

Meanwhile, investment on specific projects would be accomplished by sub-funds, tailored by regional needs. Aimed at introducing more social capital into big data industry in Guizhou province, the fund is expected to expand financing channel for the related enterprise.

Li Hanyi contributed to the story.