BEIJING-- An advanced manufacturing fund was launched in Beijing Wednesday to facilitate the modernization of manufacturing.

The fund, which was authorized by the State Council and initiated by the National Development and Reform Commission; Ministry of Finance; and Ministry of Industry and Information Technology; is a limited partnership and market-oriented institution, officials said at the founding ceremony.

The initial funding was 20 billion yuan (3.05 billion U.S. dollars), including 6 billion yuan from the central treasury. The rest came from investors including the State Development & Investment Corp. and the Industrial and Commercial Bank of China.

The fund will invest in the advanced manufacturing industry sector, promote modernization of traditional industry and boost high-end manufacturing.