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Up to 100b yuan annuity funds to enter stock markets
By Lydia Chen |
February 17, 2011, Thursday
|
Online Edition
Online Edition
CHINA'S new measures to manage the country's vast enterprise annuity funds are expected to pump as much as 100 billion yuan (US$15.19 billion) into the securities markets and raise the funds' stock investment ceiling to 30 percent.
The new measures, coming into effect soon, will raise the cap on securities investment from 20 percent now to 30 percent and lift the ceiling of fixed income investment from 50 percent now to 95 percent, China Securities Journal reported today.
China's massive enterprise annuity funds are expected to grow to 350 billion yuan this year, meaning as much as 105 billion yuan can be used to buy stocks. The funds had grown by 46.1 billion yuan a year on average in the past four years.
The news of a broader capital resource for stock markets came in along with reports by several major investment firms, including Goldman Sachs and Morgan Stanley, which said international capitals are now leaving emerging markets such as China for developed economies which are getting stronger footing in recovery.
In the past three weeks, about US$13 billion had been withdrawn from emerging markets, accounting for nearly 20 percent of all the money that poured into these countries last year, the Goldman Sachs report said.
Promising earnings reports and warming jobs markets in developed countries are more attractive to investors than emerging ones that are grappling with high inflation with credit squeeze, the report added.
The new measures, coming into effect soon, will raise the cap on securities investment from 20 percent now to 30 percent and lift the ceiling of fixed income investment from 50 percent now to 95 percent, China Securities Journal reported today.
China's massive enterprise annuity funds are expected to grow to 350 billion yuan this year, meaning as much as 105 billion yuan can be used to buy stocks. The funds had grown by 46.1 billion yuan a year on average in the past four years.
The news of a broader capital resource for stock markets came in along with reports by several major investment firms, including Goldman Sachs and Morgan Stanley, which said international capitals are now leaving emerging markets such as China for developed economies which are getting stronger footing in recovery.
In the past three weeks, about US$13 billion had been withdrawn from emerging markets, accounting for nearly 20 percent of all the money that poured into these countries last year, the Goldman Sachs report said.
Promising earnings reports and warming jobs markets in developed countries are more attractive to investors than emerging ones that are grappling with high inflation with credit squeeze, the report added.
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