Record fund will expand to 100b yuan

China established a record-breaking fund on Monday to support projects to lift millions of people out of poverty.

The investment fund has been set up with an initial 12.2 billion yuan ($1.81 billion) in capital from 51 state-owned enterprises, including the State Development and Investment Corp and the State Grid.

That sum will eventually grow to as much as 100 billion yuan, according to a statement from the State Council's State-owned Assets Supervision and Administration Commission.