Norway's Wealth Fund Closes China Office, Shifts Focus to Singapore
Originally Published 2 years ago — by CNN
Norges Bank Investment Management (NBIM), the operator of Norway's $1.4 trillion sovereign wealth fund, is closing its Shanghai office and shifting its operations to Singapore, signaling a trend of global companies diversifying away from China. The closure is driven by operational considerations and does not impact the fund's investments or strategy in China. This move follows similar actions by other international investors amid growing uncertainty in doing business in China. China's economy is facing challenges, including a real estate slump and record unemployment, while Beijing's crackdown on Western firms and expanded espionage laws have further unnerved foreign businesses.