China

EU, China leaders seal long-awaited investment deal

BRUSSELS (AP) — Top European Union officials and Chinese President Xi Jinping concluded a business investment deal Wednesday that will open big opportunities to European companies, but has the potential to irk the new American administration.

Amid concerns about the human rights situation in China, the EU said the seven-year-long negotiations were concluded “in principle” during a videoconference involving Xi, European Commission president Ursula von der Leyen and EU Council president Charles Michel.

German Chancellor Angela Merkel — whose country holds the rotating presidency of the EU — and French president Emmanuel Macron also took part in the discussions with the Chinese president, the EU said.

“We are open for business but we are attached to reciprocity, level playing field and values,” von der Leyen said.

The videoconference launched a ratification process that will take several months as the text of the agreement still needs to be legally reviewed and

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Senior Executives Quit China Wealth Fund Over Pay, Opportunities

(Bloomberg) — China’s sovereign wealth fund is losing senior-level talent at one of the worst possible times.

Three of China Investment Corp.’s top executives have resigned since April, leaving the $941 billion fund without some of its most experienced managers during a period of historic volatility in global markets. The departures add to a steady exodus in recent years that has included at least 17 team heads and managing directors.

Conversations with former and current managers point to shrinking opportunities, sliding compensation competitiveness and rising restrictions, all of which erode CIC’s attractiveness as a government-owned institution trying to operate as a market-based investor. The departures have now become significant enough that they threaten to hurt the fund’s returns, according to Li Jie, head of the foreign reserves research center at Beijing’s Central University of Finance and Economics.

“There’s no doubt that CIC’s appeal to talent in the market has been

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