China's Ministry of Finance and a number of unnamed financial institutions are preparing to launch a RMB30 billion (US$4.4 billion) government guidance fund to support growth of the service trade, especially China exporting its services to foreign countries, according to Chinese state media reports.
The Ministry of Finance will contribute RMB5 billion (US$730 million) to the new fund, which marks the first guidance fund geared towards services, which refers to trading of intangible products such as tourism, financial services and telecommunication services.
The fund will seek to raise third-party private capital via the establishment of subsidiary funds, to reach a total of RMB30 billion.
According to the Ministry of Commerce, China’s imports and export of services reached RMB4.29 trillion during the first ten months of 2016, up 1...
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