Singapore sovereign wealth fund boss cites China 'bubble' risk

(Oct 30): Singapore’s sovereign wealth fund boss named credit excesses and the property market as two of the biggest challenges facing China.

The “credit excesses built up since the global financial crisis need to be reduced and the potential property market bubble needs to be contained,” Lim Chow Kiat, the chief executive officer of GIC, said at a forum in Beijing. “Progress has been made, but problems remain large, especially in ensuring that growth is not derailed.”

Key tasks for the nation include the ongoing shift from investment to consumption, improving corporate governance, controlling pollution, and reducing poverty, he said. “Any one of these is no easy task for such a large and diverse economy that is also aging rapidly,” Lim said.

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