BEIJING -- China will set up a special fund of 60 billion yuan ($9.4 billion) to support small and medium-size enterprises (SMEs), the cabinet said on Tuesday.

Debuted as the national SME development fund, it aims to alleviate financing difficulties for the SMEs and intensify the efforts to promote mass entrepreneurship and innovation and create new growth momentum, said a statement released after an executive meeting of the State Council, presided over by Premier Li Keqiang.