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Pension Fund Council Signs Overseas Investment Agreements

China's National Council for Social Security Fund signed overseas investment partnerships in Beijing Wednesday with 10 international investment management companies.

Council Chairman Xiang Huaicheng said overseas investment will expand investment channels, reduce investment risks and add value for the Social Security Fund.

According to the 2005 annual report released by the SSF, it had total assets worth 211.79 billion yuan (US$26.4 billion) by the end of 2005, up 24 percent year on year.

Under the interim regulations, overseas investment should account for no more than 20 percent of the total managed by the council.

Founded in 2000, the SSF is entrusted by the Chinese government to run the pension fund for most of the country's state-owned companies.

(Xinhua News Agency November 30, 2006)

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