Text Version
RSS Feeds
Newsletter
Home Forum Photos Features Newsletter Archive Employment
About US Help Site Map
SEARCH   About US FAQ Site Map Site News
  SERVICES
  -Text Version
  -RSS Feeds
  -Newsletter
  -News Archive
  -Give us feedback
  -Voices of Readers
  -Online community
  -China Biz info
  What's new
 -
 -
Huijin to fund Exim, Sinosure
+ -
08:49, September 17, 2009

 Related News
 Macao's personal credit cards exceed 330,000 in Q2
 China to float 10-year book-entry T-bonds with 3.44% yield
 China's credit card debt continues to grow: central bank
 Chinese equities close down driven by financial shares
 HSBC and CITIC Pacific eyeing share sale in China's "international board"
 Comment  Tell A Friend
 Print Format  Save Article
China Central Huijin Investment Ltd, the domestic arm of China's sovereign wealth fund, will be the institution that recapitalizes the Export-Import Bank of China, domestic media reported yesterday.

The website of Caijing magazine cited unidentified sources as saying that Huijin, now part of China Investment Corp (CIC), has also received approval from the country's cabinet to inject funds into the China Export & Credit Insurance Corp (Sinosure).

CIC was set up in September 2007 with $200 billion of foreign currency reserves transferred from the central bank.

The amount of capital injection in both cases was not decided yet, Caijing reported.

The magazine said the move would enhance Huijin's role as a government vehicle to control equity stakes in key financial institutions, and that the upcoming recapitalization would help China's export sector, which was hit hard by the global slowdown.

China Exim Bank and Sinosure were established to help Chinese exporters grab overseas market share. The Ministry of Finance is currently the sole owner of the two institutions.

Exim Bank would be following in the footsteps of policy lender China Development Bank, which at the end of 2007 got a capital injection of $20 billion from Central Huijin as part of its restructuring.

Central Huijin currently holds 49 percent of CDB.

CDB has been converting into a commercial bank from a policy lender. The company is 51 percent controlled by the Finance Ministry.

Source:China Daily



  Your Message:   Most Commented:
World's top ten most mysterious and horrible spots
Why India is pursuing military strength?
Baby alien found by Mexican farmer
Which country has the most beautiful women?
How do India's middle school textbooks portray China?

|About Peopledaily.com.cn | Advertise on site | Contact us | Site map | Job offer|
Copyright by People's Daily Online, All Rights Reserved

http://english.people.com.cn/90001/90778/90857/90859/6759921.pdf