FILE PHOTO: A sign is displayed in the reception of the Sydney offices of Goldman Sachs in Australia, May 18, 2016. REUTERS/David Gray/File Photo

BEIJING (Reuters) - China Investment Corp (CIC) and Goldman Sachs have signed a strategic agreement to establish a China and United States industrial cooperation fund on the sidelines of a state visit to Beijing by U.S. President Donald Trump.

CIC and Goldman’s new fund will target $5 billion in commitments to invest in U.S. companies in industries such as manufacturing, industrial, consumer and healthcare that have or can develop China business connections, the U.S. Department of State said in a release on Thursday.