HEFEI — Chinese venture capital enterprises and integrated circuit firms have formed a national alliance with the guidance of the National Development and Reform Commission to spearhead the IC industry development.

The IC venture capital service alliance was inaugurated at the ongoing World Manufacturing Convention 2019 held in Hefei, eastern China's Anhui province.

The first batch of members include three national emerging industry venture capital guidance funds, 40 venture capital enterprises, and 30 IC companies.

At the convention, 78 preliminary agreements to finance IC projects were signed.