China launched a State venture capital fund worth 200 billion yuan ($30.2 billion) to push forward innovative technologies and industrial upgrading projects, the country's top State-owned assets regulator said on Thursday.

The fund, the largest of its kind approved by the State Council, the country's cabinet, will also aim to follow through on national strategies and promote State-owned enterprise cooperation, according to the State-owned Assets Supervision and Administration Commission.

Meng Jianmin, vice-chairman of the SASAC, said during the inaugural meeting that the establishment of the State venture capital investment fund will help support innovative enterprises and SOE reform.