China close to investing pension fund overseas – Richard McGregor

From the Financial Times (link)

China flag and money imageBeijing has asked foreign institutions to apply to manage its holdings overseas, bringing closer formal approval for billions of dollars of pension funds to be invested in foreign stocks and bonds after nearly six years of debate on the issue in China.

The National Social Security Fund, established in 2000 by the central government as a kind of pension fund of last resort, said in a notice on its website that foreign managers could apply for mandates to invest its money by the end of June.

The fund had total assets of US$26.5bn by the end of 2005, with only a small proportion, US$1.57bn, held overseas.

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