China pension fund to double in size by 2010

China’s national pension fund said Monday that it would double in size to over US$143 billion by the end of 2010, state media reported. The fund will reportedly target investments in finance, transport and energy sectors. Dai Xianglong, chairman of the National Council for Social Security Fund, said the strategic asset allocation of the fund would remain unchanged in 2008, and that the fund would follow a "prudent, long-term and value-oriented investment strategy." At the end of 2007, the fund’s market value was US$73.7 billion. It reported a full-year operating profit of 43.2% as a result of rising stock prices.