China removes state media article on plans to merge bad debt asset managers with sovereign wealth fund

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China state media removed a story that initially reported that Beijing plans to merge its largest state-owned bad debt asset managers with China Investment Corp, one of the world’s largest sovereign fund.

The initial report was published Sunday by Xinhua Finance.

It cited unidentified sources as saying the plan to bring China Cinda Asset Management, China Orient Asset Management and China Great Wall Asset Management under CIC could happen “in the near future” as part of a plan to reform institutions.

Beijing’s actions follow a stock market rout amid burgeoning financial risks stemming from a debt crisis in its real estate sector. Last week, China’s central bank announced its largest cut in mandatory cash reserves for banks since 2021. It also announced a fresh policy mandate aimed at easing the cash crunch for Chinese developers.

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