04.08.2011 - China mulls new regulator for state financial sector
China is considering a proposal to create a ministerial-level body -similar to China's powerful State-owned Assets Supervision and Administration Commission (SASAC) - to manage its state-owned banks and non-bank financial enterprises. The front-runner to head the financial SASAC is Lou Jiwei, currently chairman of China Investment Corp, the country's $300 billion sovereign wealth fund. Central Huijin, the largest shareholder of the country's state-controlled banks, may be hived off from China's sovereign wealth fund, CIC, and report to the financial SASAC, the sources said. But CIC itself and China's $130 billion pension fund are unlikely to come under the jurisdiction of the new ministry..............................................Full Article: Source
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