Norway's wealth fund to close China office
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Norway's $1.4 trillion sovereign wealth fund is closing its only office in China but will continue investing there.
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The fund says it's an operational decision as its Singapore office can serve as a regional hub, including for China.
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The Shanghai office closure comes as some financial firms review their presence in China amid geopolitical tensions.
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The fund held $42 billion in China/Hong Kong investments at end of 2022, down from a 2020 peak of $47 billion.
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The fund cites rising US-China tensions as the biggest geopolitical risk it faces.