Neil Shen Nanpeng, founding and managing partner of Sequoia China, speaks at the launching ceremony for the China Digital Economy Investment and Financing Alliance during the 5th World Internet Conference (WIC), also known as Wuzhen Summit, in Wuzhen town, Tongxiang city, Jiaxing city, east China's Zhejiang province, 8 November 2018. Over 50 companies and institutions on Thursday (8 November 2018) set up the China Digital Economy Investment and Financing Association during the ongoing fifth World Internet Conference in eastern China's Zhejiang Province. Initiators of the association include Chinese tech giants Alibaba, Tencent and Baidu, U.S. venture capital firm Sequoia Capital and the National Computer Network Emergency Response Technical Team Coordination Center (CNCERT). It is aimed at facilitating financing and investment in the sector by functioning as a platform for negotiations between governments, companies and investors, according to officials. China's digital economy reached 27.2 trillion yuan (nearly 4 trillion U.S. dollars) in 2017, according to a report released during the World Internet Conference.
