China sets up 30 billion yuan fund to boost services trade industry: Xinhua

FILE PHOTO: A container is carried away from a cargo ship at Tianjin Port, in northern China February 23, 2017. REUTERS/Jason Lee/File Photo

BEIJING (Reuters) - China has launched a 30 billion yuan ($4.63 billion) investment fund to boost the services trade industry, in an effort to further improve the country’s foreign trade structure, the official Xinhua News Agency said on Monday.

The fund was jointly set up by the Ministry of Finance, Ministry of Commerce and China Merchants Capital Investment, Xinhua said.

Latest government data showed China’s services trade deficit for the January-November period last year stood at $234.8 billion.

Reporting by Stella Qiu and Beijing Monitoring Desk