China to pursue private equity, despite losses

Jesse Wang, vice chairman of the People's Bank of China's investment arm Central Huijin, defended the central bank's investment in Blackstone and said he would continue to recommend investment in private equity funds.

Central Huijin invested $3 billion in Blackstone shares, which have fallen nearly one-third from $35.74 to $23.45 since the June IPO.

Speaking at a forum in Shenzhen over the weekend, Wang said: "The company [Blackstone] is currently excellent in terms of both quality and earnin

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