China’s wealth fund to take over bad debt managers to defuse risks
Central Huijin Investment, an arm of China's sovereign wealth fund, is set to take control of three major bad debt managers, as Beijing tackles growing risks in the state-dominated financial system.
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China’s finance ministry plans to transfer a majority stake in three state-owned bad-debt managers to the nation's sovereign wealth fund China Investment Corp (CIC) as Beijing moves to overhaul the ownership structure of state financial firms.
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