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Itochu and Citic plan $1.8bn fund to usher Japan startups into China

Chinese conglomerate looks to attract cutting-edge tech amid trade war

Itochu and Citic will work with Tsinghua University's investment unit on the fund.

TOKYO -- Japanese trading house Itochu is teaming up with China's state conglomerate Citic to launch a 200 billion yen ($1.8 billion) venture capital fund. Their goal: to nudge Japanese startups into the Chinese market.

The two companies, which are capital alliance partners, will work with Tsinghua University's investment unit on the fund. Startups looking to draw money will be obliged to make a move into China, which hopes to attract cutting-edge technology amid its ongoing trade and tech conflict with the U.S.

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