China will soon launch the second phase of a National SME Development Fund with a focus on IPO incubation and channelling private capital into backing innovative, early-stage entities and projects with long-term prospects in hard tech.The fund’s second phase was confirmed as the Ministry of Industry and Information Technology (MIIT), together with nine other ministries and agencies, released China’s 15th five-year plan for promoting the development of small and medium enterprises (SMEs).The...