The London panel says it will focus on helping small and medium businesses, the science and technology sector and transport infrastructure, however so far no money has been released and it has failed to provide a "standard return" to the government.

BBC: Ministers criticise mayor Boris Johnson over ?111m fund

In 2006, China's leadership unveiled the "National Medium- and Long-Term Plan for the Development of Science and Technology, " a blueprint for turning China into a tech powerhouse by 2020.

WSJ: China's 'State Capitalism' Sparks a Global Backlash