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Vol 5 (AAC) No 4

Published 1st February 2012


Capitalists and communists

The Beijing government and China International Fund may be separate entities but the multiple links between the two become clearer with each new project. Two of the CIF’s general managers are former diplomats. Ju Lizhao, the current CIF director resident in Angola, is a former diplomat and high-ranking member of the People’s Liberation Army. In addition, the state-owned Bank of China has lent money to the CIF and its affiliates, with the loans backed by oil contracts. This contravenes a Beijing directive that bars state-owned enterprises from association with the CIF.

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