GIC – the sovereign wealth fund in Singapore, which manages about $700 billion – has slashed its private equity and venture capital investments in China over the past year, according to the Financial Times, which cited sources who said they were concerned about policy decisions by the country’s leadership.
GIC executives were anxious about rising tensions between China and the US, plus President Xi Jinping’s “common prosperity” campaign to reduce wealth inequality and other unexpected moves such as the crackdown on tech conglomerates by China’s leadership.
Read the full report: The FT.
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