China has announced the first strategic plans for its new multibillion-dollar investment fund, saying one-third of its funds will be injected into Chinese state banks and it will avoid investing in foreign airline, oil or telephone companies.
The comments by a Finance Ministry official, reported Thursday by state media, appeared to be aimed at easing potential foreign opposition to the fund. Critics have questioned whether such state-run funds will be used to promote government policy and whether they should be barred from investing in sensitive industries.
The US$200 billion China Investment Corp. will invest "gradually and in a cautious way," …
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