On January 5, a meeting was held to launch the fund for encouraging the innovative development of service trade in Beijing, announcing the official establishment of the service trade fund which will come into operation soon. Attending were the relevant responsible comrades of the Ministry of Finance and Ministry of Commerce, the relevant member units of the Inter-ministerial Joint Conference on Trade in Services Development of the State Council, the representatives of China Merchants Group Co., Ltd, the other investors, pilot provinces and cities of innovative development of trade in services, the well-known investment institutions and outstanding service trade business representatives.

The member of MOFCOM Party Leadership Group and Assistant Minister Li Chenggang said in his speech that the CPC and the State Council attach great importance to the development of trade in services and require to elevate the strategic position of the trade in services. The establishment of service trade fund is an important measure to implement the 19th CPC National Congress’ plan of making new ground in pursuing opening up on all fronts, developing new models and new forms of trade, and turning China into a trader of quality. We hope the service trade fund will soon play a unique role and have professional advantages in increasing new vitality of service trade financing market and promote the export of trade in services with high quality. The Ministry of Commerce, together with the member units of the Inter-ministerial Joint Conference on Service Trade Development under the State Council, will create a favorable policy environment for the operation of service trade fund, support the service trade fund in building a project base and promote the realization of policy goals.

The fund was approved by the State Council, jointly initiated by the Ministry of Finance, the Ministry of Commerce and China Merchants Capital Management Co., Ltd, and sponsored by the social fund led by the special funds for the development of foreign trade and economic cooperation. The fund amounted to 30 billion yuan and the first phase of fund subscription has been completed.