Temasek eyes increased investment in China's new economy

BEIJING — Singapore investment firm Temasek Holdings will increase investment in China's new economic sectors as the company is optimistic about China's ongoing economic transition, a senior official of the company told Xinhua.

"Our long-term bullish view on China's economic development remains intact," Wu Yibing, Temasek's joint head of China, said Thursday, calling China a market of "absolute importance" for Temasek outside Singapore.

By the end of March, up to 25 percent, or nearly $50 billion of Temasek's global investment portfolio has flown into the Chinese market, according to the company's latest report.

The amount is the second highest among all investment destinations only after Singapore, and higher than the combined volume of the company's investment in Europe and the United States.

"China's economy is going through a major transition, which has brought about a number of very attractive sectors including high-tech, non-banking finance, life science and consumption," said Wu.

Investment into these industries has witnessed better performance than the overall investment portfolio, as they have directly benefited from China's economic transition, as well as global technological innovation and a large and growing middle class, he said.

Over the past financial year ending on March 31, Temasek has invested in a number of Chinese companies such as the country's leading online travel agency Ctrip, Alibaba-affiliated local service platform Koubei and ZTO Express, one of the top five Chinese couriers.