| From Peopledaily.com.cn: Nicknamed the second China Investment Corporation (CIC), the new firm will be a domestically oriented sovereign wealth fund set up by SASAC to better manage State-owned assets in the industrial sector, similar to the role of CIC that manages part of the country's foreign exchange reserve in the financial sector.
Zhang Weiguo, an analyst at China Galaxy Securities, said the new firm will help optimize operations of large State-owned enterprises by spinning off their non-performing assets..............................................Full Article: Source
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