China welfare fund looks abroad

China's national welfare fund may start investing overseas, Reuters reported. Top fund officials said Thursday that the fund, which has assets of US$29 billion invested in financial instruments like bank deposits, bonds and trust funds, may start looking at European markets as a potential destination. Overseas investments will include stocks and bonds, said Xiang Huaicheng, head of the National Social Security Fund, during a financial forum. The amount to be invested would depend on market conditions with no fixed quota. In June, state media quoted Xiang as saying the fund may invest between US$500-900 million outside the mainland by the end of the year, according to Reuters.