REPRESENTATIVES of the sovereign wealth funds of China, Australia, Russia and other governments defended the funds against criticism they use their investments for political ends, saying yesterday that they are a force for global stability. At the end of a two-day meeting, representatives to the International Forum of Sovereign Wealth Funds said such funds should [...]

GOLDMAN Sachs set up its first yuan-denominated private-equity fund in Beijing yesterday, signaling the United States investment bank’s long-term commitment to China, according to a source familiar with the deal. The 5 billion yuan (US$769 million) fund will mainly invest in restructuring projects of state-owned companies and firms in emerging industries in cities on the [...]

BUDGET hotel operator 7 Days Inn Group, China’s second-largest by chain size, yesterday reported a “better-than-expected” net revenue rise of 39.2 percent year on year in the first quarter of this year as it continued to expand rapidly across the country. Net revenue in the three-month period totaled 421 million yuan (US$64.2 million), the Guangzhou-based [...]