hkskyline
November 26th, 2004, 05:18 AM
Friday November 26, 7:57 AM
CHINA PRESS: China Natl Pension Fund Plans HK Shr Invest
SHANGHAI (Dow Jones)--Rules allowing China's national pension fund to invest up to US$1 billion overseas will soon be published and open the way for it to buy stocks in Hong Kong, according to newspaper reports quoting the fund's top official.
Xiang Huaicheng, chairman of the National Social Securities Fund, said between US$500 million and US$1 billion of the fund's assets will be earmarked for overseas investment, according to the Securities Times.
Xiang, a former finance minister, said total capital of the pension fund at the end of 2004 will exceed CNY160 billion.
He said Hong Kong's stock market will be the first beneficiary of the program. Xiang made the comments at an insurance-related forum in Beijing, which the reports said had Hong Kong sponsors.
"The reason why we will choose Hong Kong is because it is the asset management center of the Asia Pacific region," Xiang was quoted as saying in the Securities Times.
China's Finance Ministry, the State Administration of Foreign Exchange and the China Insurance Regulatory Commission all need to approve the plan.
Newspaper Web sites: http://www.cs.com.cn
http://www.cnstock.com
http://www.p5w.net
CHINA PRESS: China Natl Pension Fund Plans HK Shr Invest
SHANGHAI (Dow Jones)--Rules allowing China's national pension fund to invest up to US$1 billion overseas will soon be published and open the way for it to buy stocks in Hong Kong, according to newspaper reports quoting the fund's top official.
Xiang Huaicheng, chairman of the National Social Securities Fund, said between US$500 million and US$1 billion of the fund's assets will be earmarked for overseas investment, according to the Securities Times.
Xiang, a former finance minister, said total capital of the pension fund at the end of 2004 will exceed CNY160 billion.
He said Hong Kong's stock market will be the first beneficiary of the program. Xiang made the comments at an insurance-related forum in Beijing, which the reports said had Hong Kong sponsors.
"The reason why we will choose Hong Kong is because it is the asset management center of the Asia Pacific region," Xiang was quoted as saying in the Securities Times.
China's Finance Ministry, the State Administration of Foreign Exchange and the China Insurance Regulatory Commission all need to approve the plan.
Newspaper Web sites: http://www.cs.com.cn
http://www.cnstock.com
http://www.p5w.net