NSSF Chairman: Gov't should accelerate fund JV approvals

The chairman of China’s National Social Security Fund called on the government to quicken approvals of fund management joint ventures in order to attract overseas talent to develop the fund industry, Reuters reported. Dai Xianglong said that China needed talent rather than capital to develop its investment fund industry. He also said the government should develop Tianjin to attract Chinese private equity funds. The NSSF will invest in two Chinese private equity funds, having gained approval to put 10% of its assets into the sector. The NSSF had US$72.23 billion under management at the end of last year. It aims to double that amount by 2010.