BEIJING — China on Friday launched three venture capital funds to support investment in “hard technology” sectors, state broadcaster CCTV reported.

According to the report, each fund will receive a capital contribution of more than 50 billion yuan ($7.14 billion).

Hard technology refers to fields such as semiconductors and advanced manufacturing, as opposed to “soft” technology like internet services.

($1 = 7.0070 Chinese yuan)

-Reporting by Beijing Newsroom; Editing by Himani Sarkar/Reuters