BEIJING, July 3-- A fund that mobilizes insurance company money to support infrastructure was approved by the State Council, China's cabinet, on Friday.

The "China insurance investment fund", worth about 300 billion yuan (49 billion U.S. dollars), will support strategic projects such as substandard housing renovation, urban infrastructure, water conservation projects, traffic measures in central and western China, and the Belt and Road Initiative.

It can also invest in emerging industries, modern logistics, health care, information technology, environmental protection and the small and medium-sized enterprises.

The Belt and Road Initiative, a reference to the Silk Road Economic Belt and the 21st Century Maritime Silk Road, aims to revive the ancient trade route between Asia and Europe. The network passes through over 60 countries and regions, with a total population of 4.4 billion.