Posted 1/16/2024, 2:42:00 AM
China's $1.24 Trillion Wealth Fund Vows Market Support Amid Economic Uncertainty
- China's $1.24 trillion sovereign wealth fund pledges to help with risk mitigation and stabilizing markets in 2024
- Fund aims to play bigger role as overseas investors sell Chinese stocks amid economic uncertainty
- Fund's unit Huijin says it will "enrich, improve and upgrade" equity management tools to strengthen state financial capital
- Huijin holds major stakes in big state-owned banks, insurers, brokerages; its past ETF purchases preceded stock gains
- Chinese authorities recently told some institutional investors not to sell stocks, reimposing restrictions after market declines