Massive fund to help reform giant SOEs

350 billion yuan to be used to streamline State companies using supply-side principles

Major Chinese State-owned enterprises have launched the nation's largest private equity fund, worth 350 billion yuan ($52.5 billion), to finance SOE restructuring as part of China's efforts to advance supply-side reform.

The money will be used for such measures as mergers and acquisitions, industrial upgrades and innovation, officials said. A private equity fund, in general, is a type of vehicle involving rules for capital not publicly noted on a stock exchange.