Business news for Mon, 24 Dec 2007 & with words overseas+projects. 2 news.

THE China Development Bank and the Tianjin Binhai New Area signed an agreement to set up a venture capital fund to boost high-technology start-ups in the fastest-growing economic zone in north China. The Ministry of Science and Technology Website released yesterday the joint efforts to kick off the first government-backed venture capital worth two billion yuan (US$270 million) with equal contributions from the CDB and the TBNA. Pi Qiansheng, a vice-ministerial official who heads the TBNA administration, said the government funded and operated venture capital would primarily perform as a fund of funds, an investment fund that has a strategy of holding a portfolio of other investment funds rather than investing in tangible projects. Pi said that the fund of funds will choose outstanding domestic and overseas venture capital funds, including private equity funds, to invest. The selected venture capital funds will be asked to prioritize their investment portfolio in high-technology

SAN FRANCISCO (MarketWatch) -- Japan's Cabinet on Monday approved a 83 trillion yen ($728 billion) budget for the 2008 fiscal year, according to a published report. The Associated Press said the draft budget is 0.2% higher than fiscal 2007 -- a second consecutive year of increases. The budget increase is due in part to higher social security payments, which are offsetting declines in defense spending, overseas aid and public works projects, the AP said.