Lou Jiwei News
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Real estate topped the list of sovereign wealth funds’ investments last year, overtaking commodities and financial services, according to Institutional Investor’s Sovereign Wealth Center.
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Japan said it will boost financial cooperation with Southeast Asian nations, support their bond markets and make it easier for Japanese companies to raise funds in local currencies.
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China’s slower expansion in the first quarter is “normal” as the world’s second-largest economy sacrifices growth to make structural reforms, People’s Bank of China Governor Zhou Xiaochuan said.
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Xiao Gang, who stepped down yesterday as chairman of Bank of China Ltd., will take on the challenge of restoring confidence in Asia’s third-largest stock market as head of the nation’s securities regulator.
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China filled out Premier Li Keqiang’s economic team, installing sovereign-wealth head Lou Jiwei as finance minister and retaining Zhou Xiaochuan as central bank chief as a once-a-decade power handover concluded.
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China’s National People’s Congress selected vice premiers and ministers yesterday after naming Xi Jinping president and Li Keqiang the nation’s premier.
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Global economic growth will likely slow next year, with Europe being “most pessimistic,” said Lou Jiwei , head of China’s $300 billion sovereign wealth fund.
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Chinese Premier Li Keqiang pledged to open the economy to more market forces and strip power from the government to achieve 7.5 percent annual growth through 2020 and spread the benefits of the nation’s expansion.
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Xi Jinping was named China’s president by the national legislature, replacing Hu Jintao in the country’s most rapid formal transfer of power in more than a generation.
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China’s local governments may have more than 20 trillion yuan ($3.2 trillion) of debt, former Finance Minister Xiang Huaicheng said, almost double the figure given in a 2011 report by the National Audit Office.
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