Hong Kong sets up investment company using HKMA funds
Analysts draw parallels between the new company and Singapore’s sovereign wealth fund Temasek
The Hong Kong government is creating a new investment company to support “strategic industries”, taking the capital for the new entity from funds managed by the Hong Kong Monetary Authority (HKMA).
Chief executive John Lee announced the move in his maiden policy address today (October 19). “I have asked the financial secretary to set up a new Hong Kong Investment Corporation Limited (HKIC) to further optimise the use of fiscal reserves for promoting the development of industries and the economy
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