Nation plans $4b fund for services

The government plans to set up a 30 billion yuan ($4.37 billion) worth fund to boost higher-value services exports - such as technology, finance and culture exports - a local business newspaper and experts said on Friday.

The fund, the first of its kind that China plans to roll out, is the latest effort by the country to shift towards an economic model based on exporting higher-value services, experts said.

The central government was expected to take up a 16.7 percent stake in the fund, with the rest coming from nongovernment investors, Economic Information Daily reported.