BEIJING — An advanced manufacturing fund was launched in Beijing on June 8 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), 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.