"China to Consolidate Three Asset Managers into China Investment Corp"

China plans to merge three major asset management companies - China Cinda Asset Management, China Orient Asset Management, and China Great Wall Asset Management - into the sovereign wealth fund China Investment Corp (CIC) as part of a financial reform plan. This move aligns with the government's commitment to separate its roles as regulator and shareholder of state-owned financial institutions, aiming to curb risk in the nation's financial industry amid economic challenges. The Ministry of Finance, the largest shareholder of the three AMCs, is driving this consolidation, while another troubled asset manager, China Huarong, was excluded from the merger.