China ‘National Team’ Fund Makes $50 Billion From Stock Rescue

A unit of China’s sovereign wealth fund has reaped paper gains of more than $50 billion buying local exchange-traded funds, highlighting the scale of government support for the country’s stock market, according to Bloomberg Intelligence.

Central Huijin Investment Ltd., an arm of China Investment Corp. and one of the funds that form part of the so-called National Team, started aggressively investing in the nation’s ETFs in 2023 and held $180 billion of such assets at the end of August, filings show. That’s helped to stabilize domestic equities and also reaped substantial gains as stocks rose to multi-year highs.