Chinese securities regulator welcomes Middle East investment

Chinese securities regulator welcomes Middle East investment

FILE PHOTO: A Chinese national flag flutters outside the China Securities Regulatory Commission (CSRC) building on the Financial Street in Beijing, China July 9, 2021. REUTERS/Tingshu Wang/File Photo

China‘s securities regulator said on Wednesday that it welcomes foreign financial institutions and investors, including those from the Middle East, to expand investment in China.

The statement was made in response to a Reuters request seeking comment on news that Qatar’s sovereign wealth fund had agreed to buy a 10% stake in China Asset Management Co (ChinaAMC), the country’s second biggest mutual fund company.

The deal and the government’s statement come as Beijing has been expanding ties with the Middle East amid rising tensions with the West.

“The China Securities Regulatory Commission (CSRC) will continue to promote high-level opening of China‘s capital markets,” the watchdog said in a statement to Reuters.

“We welcome financial institutions and investors from other countries, including Middle East countries, to expand investment and business operations in China“, the CSRC said, without naming any companies.

The Qatar Investment Authority (QIA) agreed to buy the ChinaAMC stake from investment firm Primavera Capital, and the proposed deal has been submitted to the CSRC for approval, Reuters reported last week, citing sources.

Middle East sovereign wealth funds have invested $7 billion in China since June last year, five times the amount seen during the previous 12 months, according to industry data provider Global SWF.

Reuters

Bring stories like this into your inbox every day.

Sign up for our newsletter - The Daily Brief
Subscribe to Newsletter

This is your last free story for the month. Register to continue reading our content