"This year, we will pick at least three to five private equities in which to invest," said Dai Xianglong, chairman of the National Council for Social Security Fund (SSF) at the 2009 Boao Forum for Asia in south China's island province of Hainan on Sunday.
![China's Social Security Fund to invest in private equities [CFP]](http://images.china.cn/attachement/jpg/site1007/20090420/00016c8b5de90b564fc74c.jpg "China's Social Security Fund to invest in private equities [CFP]") |
| China's Social Security Fund to invest in private equities [CFP] |
To date, nearly 100 Chinese and foreign companies have contacted SSF about private equity and 20 companies were seeking to raise funds, Dai told a breakout session focusing on the opportunities for private equity and venture capital.
According to Dai's description, SSF would hire intermediate agencies to help select private equities. Small-and-medium enterprises and businesses engaged in the service industry would be the major targets.
Besides Chinese funds, Dai was also interested in investing in overseas market. China now has a social security fund of 1.50 trillion yuan and an old-age pension fund of 1 trillion yuan. "We can't save all the money in banks," Dai said.
In recent years China has made a major breakthrough in the development of private equity and venture capital. With the economic situation in a downturn, private equity would have a great opportunity to expand because more companies would have a pressing need for money.
(China.org.cn by Chen Xia, April 20, 2009)
