China on Monday established a national fund for structural adjustment of state-owned enterprises (SOEs).

The fund has an estimated capital of 350 billion yuan (around 50 billion U.S. dollars) and will mainly invest in programs including scientific innovation, international operations and asset restructuring.

The fund will improve resource allocation and raise the efficiency of SOEs, Xiao Yaqing, head of the State-Owned Assets Supervision and Administration Commission of the State Council, told the fund's founding conference.