China launches fund to boost underdeveloped regions

The Ministry of Finance announced on Tuesday that a fund of 2.8 billion yuan ($455.65 million) has been set up to boost economic development in the country's impoverished regions.

The fund was jointly set up by the ministry, the China National Tobacco Corporation and the State Development and Investment Corporation, the ministry said in a statement.

With corporate-style management, the fund aims to lure more companies and social capital to invest in under-developed regions, the statement said.

The fund will mainly invest in crop farming, livestock raising, tourism and fishery, according to the statement.