BEIJING, Sept. 1 (Xinhua) — The State Council, China’s cabinet, pledged to establish national small- and medium-sized enterprises (SME) development funds, said a statement released after a State Council executive meeting presided over by Premier Li Keqiang on Tuesday.

The move aims to stimulate the impetus of entrepreneurship and innovation, alleviate the financing difficulties faced by SMEs and enlarge employment.

According to the statement, the central government will contribute 15 billion yuan and establish a national SME development funds boasting a total scale of 60 billion yuan under the participation of private enterprises, state-owned enterprises, financial institutions and local governments.

The funds, which adopt limited partnership, will be operated under marketization mode. (Edited by Zhang Yuan, zhangyuan11@xinhua.org)