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China's official pension funds will likely be allowed to buy stocks: Xinhua

[SHANGHAI] China plans to allow official pension funds to invest in stocks, two central government authorities said in a draft regulation released on Monday, according to state news agency Xinhua.

The Ministry of Human Resources and Social Security and Ministry of Finance said the draft rules would be open for public consultation until July 13.

On Sunday, two industry sources with direct knowledge told Reuters that China's cabinet had approved plans for the manager of the country's biggest pension fund to manage pension funds worth about 2 trillion yuan (S$433 billion) for local authorities.