New China fund to guide trade in services

China last week launched its first national fund to guide efforts to boost the service trade, based on innovation and sustainable development, and to push economic transformation, the Ministry of Commerce announced on Monday.

The government-led fund aims at facilitating the transformation of China's foreign trade patterns and cultivating new growth momentum for the economy. Launched last Friday, the total fund size is 30 billion yuan ($4.62 billion) and has completed the first phase of fundraising.

The fund will focus on the areas listed in the Catalogue for Key Areas of Service Export and the Catalog for Key Development Areas in Service Outsourcing, both issued by the government in 2016, as well as other major businesses in the service trade.