SINGAPORE, July 8 (Reuters): Singapore sovereign investor Temasek Holdings wants to increase its holdings in China's financial services and technology sectors, banking on the long-term growth prospects of the world's second largest economy.
Temasek Holdings Pte Ltd, which has two-thirds of its assets in Singapore, China and Australia, poured S$24 billion ($19.27 billion) into new investments in the financial year ending March, a 20 per cent increase from the previous year and the largest amount since the 2008 global financial crisis.
The increase coincided with slower growth in its portfolio, which was hurt by weakness in Asian stocks and banks such as Standard Chartered.
"China's economic reforms will present opportunities for long-term investors such as Temasek," China head Wu Yibing told reporters as the state investor outlined its investment strategy and outlook for the current financial year.
He said Temasek would continue to invest in Chinese banks, which he called a "good proxy for long term growth for the Chinese economy". Temasek is ranked as the world's tenth biggest state-backed fund by the Sovereign Wealth Fund Institute.
In addition to banks, Wu said the Temasek was interested in China's healthcare, resources and technology sectors, especially mobile Internet. The state investor owns a stake in Chinese e-commerce giant Alibaba Group Holding Ltd.
The World Bank expects China's economy to grow 7.6 per cent this year, as a recovery takes hold after a series of government stimulus measures.
S\\\'pore investor Temasek to fortify presence in China
FE Team | Published: July 09, 2014 00:00:00 | Updated: November 30, 2026 06:01:00
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