China’s Sovereign Wealth Fund Vows to Play Role in Stabilizing Markets

(Bloomberg) — China’s $1.24 trillion sovereign wealth fund vowed to help with risk mitigation and market stabilization in 2024, the latest sign of state companies playing a bigger role in bolstering the nation’s ailing stock market.

Central Huijin Investment Ltd., the unit that holds government stakes in big financial institutions, will coordinate such tasks as it seeks to strengthen state financial capital, parent firm China Investment Corp. said in a Monday readout of its annual work meeting. Huijin will also “enrich, improve and upgrade” its equity management tools, it said without providing details.