CIC to back Japan-China industrial cooperation fund

The Japan-China industrial cooperation fund will raise JPY100-200 billion ($890 million to $1.79 billion), Bloomberg reported, citing a Nomura spokesman. Nomura is one of the Japanese signatories alongside Daiwa Securities, Mitsubishi UFJ Financial Group, and Sumitomo Mitsui Financial Group. The fund also has the scope to invest in companies from China and other countries, according to a statement.

The initiative was announced as Japanese Prime Minister Shinzo Abe made his first official visit to Beijing since taking office for the second time in 2012. Japan and China are in the process of rebuilding a relationship that broke down about five years ago due to tensions over the Senkaku Islands – otherwise known as the Diaoyu Islands – which are claimed by both countries.

Abe was accompanied by a delegation of 500 business leaders and 50 cooperation agreements were signed during the three-day visit. They included the revival of a RMB200 billion ($30 billion) currency swap program, a deal for closer collaboration on financial services oversight, and infrastructure projects in third countries.

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• Topics
• Greater China
• North Asia
• Growth
• Fundraising
• China
• Japan
• CIC