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Recognising Robust Indian Growth, Chinese State-Run Bank Launches Investment Fund For India
Chinese investors would soon be able to invest into India through the fund. (VCG/VCG via Getty Images)
The Industrial and Commercial Bank of China (ICBC), a Chinese-state run bank has launched an India-dedicated investment fund at the prospects of the Indian economy registering double-digit growth in the future, Economic Times has reported.
This is reportedly the first publicly offered fund in China for investment in India.
The fund, named ICBC Credit Suisse India Market Fund will be used to "invest in exchange-traded funds listed on more than 20 exchanges in Europe and the US that are based on the Indian market.”
“Now, investing in the Indian market means an investor can enjoy double-digit economic growth,” state-run Global Times has said in its report on the fund.
The fund represents good news for the Indian economy, both in terms of international outlook as well as more investment into the country. The move has come barely two weeks after an informal summit between Prime Minister Narendra Modi and Chinese President Xi Jinping.
"As the most important emerging market overseas, the Indian stock market's long-term trend must be positive. For Chinese investors, the current moment offers the best opportunity to get started in Indian stocks," the Global Times said.
Several sectors are specified in the fund for potential investment, with financial industry representing the biggest proportion followed by information technology, alternative consumption and energy among others.
Global Times has also said that continuing reform, macroeconomic improvement and enhanced profitability have made the Indian market one of the best performing markets in the world and that foreign investors recognise India’s economic strength.
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