A top Canadian pension fund has put the brakes on its investment in China, making it the latest western investor to pull back from the country amid rising geopolitical tensions, reports the Financial Times. Caisse de dépôt et placement du Québec (CDPQ), the $295 billion global investment group, has stopped making private deals in China and is closing its Shanghai office, according to people familiar with the matter.
The fund—which manages money on behalf of pension and insurance plans—is following other large investors in dialling back their activity in the world’s second-largest economy. Singapore’s sovereign wealth fund GIC has slowed the pace of its direct investments in China, while Ontario Teachers’ Pension Plan said in January that it had paused future direct investments in the country.
CDPQ is closing its Shanghai office later this year and is now leading its regional investment efforts from Singapore. It still has interests in China, including Hong Kong-based supply chain compliance solutions business Qima.
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