China heartland province Hubei earmarks $81b to seed startups

China’s next billion-dollar startup could have backing from an investor with more money than Warren Buffett and a knack for promoting spicy duck-neck delicacies.

The Hubei provincial government is armed with 547 billion yuan ($81 billion) earmarked for investments that can diversify a job base dependent on steel, mining and cars. And the bureaucrats in the heartland region along the Yangtze River are letting professionals do the work — allocating the money to investment houses Sequoia Capital LLP, TCL Capital and CBC Capital.

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