China pledged to double the amount of government-led venture capital for emerging industries, another "minimal measure" taken to encourage market vitality as the deceleration of the economy continues.

The executive meeting of the State Council also decided to set up a national venture capital fund for emerging industries, in a bid to better ease the financing difficulties of small and medium-sized startup enterprises.

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The move is set to benefit dozens of industries, including energy conservation, information technology, biology and new medicine, new energy, advanced materials, aerospace, marine industry, advanced equipment manufacturing, green vehicles and high-tech service industries, according to a regulation on the use of the government-led venture capital.

Jointly initiated in 2011 by the National Development and Reform Commission and the Ministry of Finance, government-led venture capital accepts applications once a year.

Although it is unable at the moment to estimate how much the government has invested so far, the Beijing Finance Bureau said the city has seen 5.15 billion yuan ($826 million) being approved for 19 different projects from 2011 to 2013.

Under the plan, each fund would have a minimum 250 million yuan, but the regulation did not give details on how many funds were expected to be set up. Oversight of the funds is being entrusted to professional management institutions each with at least three experienced venture capital investment managers.

"China is now standing at a critical stage in that its economic growth must be driven by innovation," according to the statement released after the State Council's meeting.