It seems that China is taking its startup scene very seriously. This is a sharp turnaround from China freezing IPOs due to concerns about the integrity of the process. Now that the freeze is over, startups are increasing again. The change has happened since early 2014. In announcement earlier this week, Le Keqiang, the premier of China's state council, explained that the fund is meant to support the arrival of new industries. This, China, is hoping will create more growth for its already booming economy. Why does this matter for people outside of China? Well, believe it or not, Chinese development will have a major effect on the entire world. China is looking to make the move from plainly a manufacturing powerhouse to a tech powerhouse. Some might argue that it already has made the move (ex: Xiaomi). Will this change create more competition against the world's largest economy, the US? It will be interesting to see how this develops throughout the year.