BEIJING - China's Ministry of Finance (MOF) announced on Wednesday it has appropriated 2.5 billion yuan ($394 million) for interest discounts offered to importers this year to boost imports of certain products.

The fund was up 25 percent compared with a year earlier, according to a statement posted on the MOF's website.

The ministry raised the fund for interest discounts in an effort to balance trade by encouraging imports of high-tech equipment, significant raw materials, as well as key components and parts, the statement said.

Since China began to extend interest discounts to importers in 2008, the country has allocated a total of 9.5 billion yuan of interest discounts on the imports of encouraged products with a total worth of $111.35 billion, the ministry added.