Top Chinese lender Industrial and Commercial Bank of China (ICBC) and global investment bank Credit Suisse First Boston (CSFB) have set up China's first bank-run fund management company, a move approved by Beijing on a trial basis to boost China's weak capital markets, state media reported. ICBC, CSFB and China Ocean Shipping Co have a respective 55%, 25% and 20% stake in the new Beijing-based firm.
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