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.

Service exports - as distinct from traditional manufactured product exports - are any service provided by a resident in one country to people or companies from another.

"The fund will give support mainly to high value-added service exports, such as the technological and financial industry, as well as intellectual property and cultural works with Chinese characteristics," said Cui Yanxin, a senior research fellow at the Chinese Academy of International Trade and Economic Cooperation, under the Ministry of Commerce.

Cui said the fund would be accessible to all type of companies, from State-owned to privately enterprises.

She did not disclose when the plan would be promulgated, but said the final document was being prepared.

In 2015, the State Council released a guideline to optimize the structure of service exports, and a year later, set up 15 pilots nationwide to enhance the competitiveness of the industry.

Xu He contributed to the story.