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Chinaâs Sovereign Wealth Fund Buys Shares in Major Banks
Keywords:
Central Huijin, part of China's sovereign wealth fund, China Investment Corporation, bought shares of China's four major banks in October 2011 to prevent steep price declines. China's bank stocks have lost about a third of their value in 2011. The four major banks- China Construction Bank, Agricultural Bank of China, Bank of China, and the Industrial and Commercial Bank of China- control two-thirds of the banking industry in China. In China's interlocking system of relationships between the state, the banks and the state controlled industrial companies, Central Huijin owns 35.4% of Industrial and Commercial Bank, 67.6% of Bank of China, and similiar stakes in the other 2 banks. It was created in 2003 to bail out China's banks after bad loan losses, and was transferred to China Investment Corporation in 2007. As part of the 2007 move bonds were issued by CIC to compensate the central bank. This means the banks pay dividends to CIC so that it can make payments on the bonds. Today the 4 major banks pay half of their earnings in dividends to CIC. CIC chief Lou Jiwei, says Central Huijin needs 300 million renminbi a day, or $47 million to pay interest on the bonds to the central bank. The 4 major banks are also under pressure from China's regulators to increase their capital reserves, because of large bad loans to local governments after the global financial crisis of 2008.
China Investment Corporation (CIC) plans and strategies
05/09/2006
China's sovereign wealth fund with about $70 billion of the $200 billion in the fund allocated for foreign investments mostly of the portfolio kind.
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Chinaâs Sovereign Wealth Fund Buys Shares in Major Banks
New York Times 10/10/2011
Low-Key Politician to Take Helm of China's $500 Billion Fund
Wall Street Journal 07/01/2013
Economist 08/21/2010
Central Huijin Raises $7.94 Billion in Bond Sale
Wall Street Journal 08/26/2010
China Fund Shifts Focus From Energy
Wall Street Journal 02/19/2014
China’s CIC Gearing Up Investment in Overseas Assets
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China Investment Corporation (CIC) performance
08/26/2010
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Chinaâs Sovereign Wealth Fund Buys Shares in Major Banks
New York Times 10/10/2011
Low-Key Politician to Take Helm of China's $500 Billion Fund
Wall Street Journal 07/01/2013
Central Huijin Raises $7.94 Billion in Bond Sale
Wall Street Journal 08/26/2010
Q&A: China Investment Corp.’s Wang Jianxi
Wall Street Journal 03/06/2012
China's CIC Works on Funding Mechanism
Wall Street Journal 03/07/2012
China Fund Shifts Focus From Energy
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China Investment Corporation stakes in foreign companies
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Chinaâs Sovereign Wealth Fund Buys Shares in Major Banks
New York Times 10/10/2011
China Closes In on European Gas
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Wall Street Journal 03/06/2012
China's CIC Works on Funding Mechanism
Wall Street Journal 03/07/2012
Q&A: China Investment Corp.’s Wang Jianxi
Wall Street Journal 03/06/2012
China CIC Chief Sees Rising Risk of Euro Breakup
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China's foreign investment- 2011-2015
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Investments overseas by Chinese companies and the China Investment Corporation using China's large foreign exchange reserves.
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Chinese Car Maker's Favorite Passenger: Uncle Sam
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China's Shuanghui to Buy Smithfield Foods
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Morgan Stanley to Help Finance Shuanghui Bid
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The Smithfield Deal: China Bringing Home the American Bacon
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China Brings Home the U.S. Bacon
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Smithfield Deal: Past Chinese Acquisitions Bode Well
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Chinaâs Sovereign Wealth Fund Buys Shares in Major Banks
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Agricultural Bank of China Profit Rises
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China Think Tank Offers Reform Wish List
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AgBank Sticks to Its Target for IPO
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The Upside to AgBank’s Bad Debt
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Industrial and Commercial Bank of China (ICBC) management
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Chinaâs Sovereign Wealth Fund Buys Shares in Major Banks
New York Times 10/10/2011
China's ICBC Steps Up Overseas Push
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For a Top Chinese Banker, Profits Hinder Political Rise
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Industrial and Commercial Bank of China (ICBC) strategies
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Chinaâs Sovereign Wealth Fund Buys Shares in Major Banks
New York Times 10/10/2011
China's ICBC Sells Riskier Bonds
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Wall Street Journal 11/27/2012
For a Top Chinese Banker, Profits Hinder Political Rise
Wall Street Journal 03/03/2013
Central Huijin, part of China Investment Corporation (CIC)
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Chinaâs Sovereign Wealth Fund Buys Shares in Major Banks
New York Times 10/10/2011
Low-Key Politician to Take Helm of China's $500 Billion Fund
Wall Street Journal 07/01/2013
Economist 08/21/2010
Central Huijin Raises $7.94 Billion in Bond Sale
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Q&A: China Investment Corp.’s Wang Jianxi
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China's CIC Works on Funding Mechanism
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Bank of China
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Temasek Sends Signal on China Bank Risk
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Bank of China I.P.O. Raises $9.7 Billion
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Wall Street Journal 02/21/2012
The Tip of the Iceberg for China's Banks
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Wall Street Journal 02/27/2013
China Construction Bank
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China's 'Shadow Banks' Fan Debt-Bubble Fears
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Temasek Sends Signal on China Bank Risk
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Problems Building for Chinese Banks - Reuters BreakingViews
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Chinaâs Sovereign Wealth Fund Buys Shares in Major Banks
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Beijing Plans to Loosen Control Over IPO System
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Wall Street Journal 06/30/2010
Agricultural Bank of China Raises $19 Billion in I.P.O.
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China Unveils IPO Guidelines Ahead of Expected New-Offering Flood
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Hong Kong IPOs Come Under Fire
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IPO Market Feels Chill From Stock Plunge
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China's state-owned banks
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China Central Bank Warns Banks on Liquidity
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Chinese Banks' Divided Capital
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China Banks Keep the Fees Flowing
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China's economy after the global economic crisis of 2008.
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Stimulus spending, surge in bank loans.
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Tax Cut Spurs 25% Rise in Chinese Auto Sales
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China Bank Airs Concern Over Loans
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Wall Street Journal 07/25/2009
A New U.S. Dialogue With China
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China's future and the experience of Japan and Mexico
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China devotes 3% of GDP to education compared to 5% in developed countries. The underinvestment in education and human capital can lead to stagnation in per capita incomes. This happened in Mexico. The inability to deal with bad loans in the banking system can lead to slowing economic growth. This happened in Japan. The bulldozing of schools of migrant workers reflects a failure to address balanced growth and a breakdown in assigning the right priorities.
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Mexico and China look to trade away old rivalry - The Washington Post
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U.S. Stocks Shrug at China's Woes
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Electricity and Power Development in China.
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China's generation of electric power shiud surpass the USA's by 2012. With lowcost capital from state run banks and help from the government electricity gerneration is growing rapidly in China.
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India Deal Puts China in GE's League
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Large exposure to local government financing vehicles of China's smaller banks
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Even after the efforts to restrain lending in 2010 in China following heightened stimulus lending in 2009, the level of bank lending has exceeded 10.5 trillion yuan and is at the same level as 2009. This includes the lending through trusts and other mechanisms according to Fitch Ratings. This explains the inflationary pressures and property bubble.
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Chinaâs Sovereign Wealth Fund Buys Shares in Major Banks
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China Fund Shifts Focus From Energy
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China Investment Corporation and investment in the eurozone or eurobonds
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CIC's chief executive says eurobonds are not suitable for its investment goals and it will require financial discipline and financial arrangements before they can be issued. He is reducing investments in Europe and is focussed on increasing investments in infrastructure which he sees as producing stable returns.
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Chinaâs Sovereign Wealth Fund Buys Shares in Major Banks
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Q&A: China Investment Corp.’s Wang Jianxi
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Chinaâs Sovereign Wealth Fund Buys Shares in Major Banks
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Bank of America asset sale of holdings in China Construction Bank
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Wall Street Journal 08/30/2011
Chinaâs Sovereign Wealth Fund Buys Shares in Major Banks
New York Times 10/10/2011
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New York Times 10/10/2011
China's ICBC Sells Riskier Bonds
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Wall Street Journal 04/16/2012
For a Top Chinese Banker, Profits Hinder Political Rise
Wall Street Journal 03/03/2013
Industrial and Commercial Bank of China (ICBC) performance
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Grouped Articles
Chinaâs Sovereign Wealth Fund Buys Shares in Major Banks
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China's ICBC Sells Riskier Bonds
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Wall Street Journal 03/03/2013
Jiang Jianqing, CEO of Industrial and Commercial Bank of China
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Jiangqing's role in the performance of Industrial and Commercial Bank of China. ICBC is considered the best run of the large state owned banks in China, with fewer non-performing loans, the use of information technology and strategies for developing a global presence.
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Big Trouble at Little China Banks
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Goldman's and Bank of America's holdings in China's banks
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New York Times 10/10/2011
Bank of America to Sell Stake in Chinese Lender
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Grouped Articles
Big Trouble at Little China Banks
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Chinese Banks' Divided Capital
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China Banks Keep the Fees Flowing
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Profit Growth Is Slowing at China’s Biggest Banks
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China Adds Cash to Banking System to Spur Growth
Wall Street Journal 12/12/2014
China- inflation, the currency, and economic mismanagement, the situation in 2010-2012
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Efforts to strengthen the currency are being resisted by export interests. Inflation is hurting consumers who are limited to earning 2.75% interest on savings, with the interest rate spread designed to help banks earn their way through bad loans made during the stimulus lending binge. A massive reallocation of resources away from consumers and towards lending to state-owned companies which create overcapacity in industries and engage in real estate speculation. Far from rebalancing the world economy this will affect internal growth in China.
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Wall Street Journal 07/15/2013
China Inflation Rises to a 19-Month High
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Wall Street Journal 09/04/2010
An Accord (and Lessons) to Remember
Wall Street Journal 09/21/2010
World Bank Deletes Critical Passage on China
Wall Street Journal 07/05/2015
New York Times 01/20/2011
China's banking system in 2010-2015
01/12/2010
The effects of the stimulus spending binge and speculative behaviours of local governments and state owned companies, on the loans made by state owned banks.
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China's 'Shadow Banks' Fan Debt-Bubble Fears
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China's Silver Linings Playbook
Wall Street Journal 06/24/2013
Wall Street Journal 06/25/2013
China Central Bank Warns Banks on Liquidity
Wall Street Journal 06/25/2013
Credit Warnings Offer World a Peek Into Chinaâs Secretive Banks
New York Times 06/24/2013
China's central bank, the People's Bank of China (PBOC) and policies in 2011-2015
10/21/2010
The leadership and priorities of Zhou Xiaochuan, who has headed the PBOC, central bank of China, since 2002. He was appointed to a new third five year term in 2013.
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China’s Economic Problems Unlike Those Elsewhere
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China's Silver Linings Playbook
Wall Street Journal 06/24/2013
Wall Street Journal 06/25/2013
China Central Bank Warns Banks on Liquidity
Wall Street Journal 06/25/2013
Credit Warnings Offer World a Peek Into Chinaâs Secretive Banks
New York Times 06/24/2013
China's foreign exchange reserves and problems with inflation
05/09/2006
A recent IMF study points out that China's $3 trillion foreign exchange reserves are twice what China needs for traditional purposes such as supporting the economy in a financial crisis. According to China's central bank governor these reserves are making it difficult to control inflation. Experts also say this makes little sense for a developing country with low percapita incomes. Most of this money is invested in U.S. Treasury securities and is not put to productive uses.
Grouped Articles
China’s Economic Problems Unlike Those Elsewhere
New York Times 05/28/2013
China Keeps On Gobbling Up Treasurys
Wall Street Journal 07/16/2013
China Inflation Rises to a 19-Month High
New York Times 06/11/2010
A Top Manager Resigns from Foreign Exchange Agency
New York Times 01/28/2014
Wall Street Journal 08/25/2015
China’s Forex Reserves Fall by Record $93.9 Billion on Yuan Intervention
Wall Street Journal 09/08/2015
China's local government debt poses a risk for the economy
06/17/2010
China's local government debt is estimated to be in the range of 27% to 42% of GDP. Loans by banks to local government financing vehicles face high risk of default.
Grouped Articles
Asia Goes on a Debt Binge as Much of World Sobers Up
Wall Street Journal 05/24/2013
China's 'Shadow Banks' Fan Debt-Bubble Fears
Wall Street Journal 06/24/2013
China's Silver Linings Playbook
Wall Street Journal 06/24/2013
I.M.F. Tells China of Urgent Need for Economic Change
New York Times 07/17/2013
China's Credit Levels Echo U.S. Crisis
Wall Street Journal 09/08/2013
China Think Tank Offers Reform Wish List
Wall Street Journal 10/30/2013
J.P. Morgan Chase bank in China
01/10/2011
Grouped Articles
JP Morgan Tracked Business Linked to China Hiring
New York Times 12/07/2013
Wall Street Journal 01/10/2011
How Wall Street Blew It in China
Wall Street Journal 01/10/2011
Chinaâs Sovereign Wealth Fund Buys Shares in Major Banks
New York Times 10/10/2011
J.P. Morgan Shifts Top Banker to Asia
Wall Street Journal 04/25/2012
Washington Post 05/12/2012
Loose monetary policy in China in 2010-2011
03/07/2009
Difficulties of making a soft landing after the huge lending boom in China in 2009-2010 continues into 2011. Inflation and other risks from this lending continue. The burden of large local government debt in China and non-performing loans in the banking system. China's local government debt is estimated to be between 27% of GDP to 42% of GDP. Because of the opaqueness of the financial system the exact amount is not clear and estimates vary.
Grouped Articles
Asia Goes on a Debt Binge as Much of World Sobers Up
Wall Street Journal 05/24/2013
China's 'Shadow Banks' Fan Debt-Bubble Fears
Wall Street Journal 06/24/2013
China's Silver Linings Playbook
Wall Street Journal 06/24/2013
Wall Street Journal 06/25/2013
Credit Warnings Offer World a Peek Into Chinaâs Secretive Banks
New York Times 06/24/2013
Central Bankers Hone Tools to Pop Bubbles
Wall Street Journal 07/08/2013
Reserve ratio policy for China's banks to curb inflation- 2011-2012
05/13/2011
Grouped Articles
Chinese Banks' Divided Capital
Wall Street Journal 10/31/2013
China Lifts Banks' Reserve Ratio
Wall Street Journal 05/13/2011
Wall Street Journal 05/25/2011
No Chinese Relief for Global Slowdown
Wall Street Journal 06/08/2011
Inflation Prompts a New Lift of Reserves
Wall Street Journal 06/15/2011
Chinese Banks Raise Cash to Cushion Against Bad Debts
Wall Street Journal 09/28/2011
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