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Expand chart
Adapted from Deloitte; Chart: Axios Visuals

The Chinese government is set to eliminate restrictions on foreign ownership of fund management firms in 2020, opening up major opportunities for U.S. and other global firms to capture potentially trillions of dollars in new assets, according to new research from Deloitte.

Why it matters: The Chinese government has been taking steps in recent years to liberalize its capital markets and attract investment.

  • If those efforts continue, and China's economic growth doesn't slow significantly, the country's public investments should more than double in the next four years, Deloitte's study finds.

What's happening: China is facing a retirement crisis, Deloitte analysts argue, and is looking to replicate many aspects of U.S. retirement accounts like IRAs and 401(k)s to help counter the "savings gap" in its state-run Basic Pension System for Enterprise Employees, which could be depleted by 2035.

  • "Chinese authorities appear to be looking to shift more responsibilities for securing retirement income to employers and individuals."

The big picture: Much of the money invested in China is handled by so-called mom and pop retail investors, and Deloitte estimates the total banking and investment assets they hold will reach $30.2 trillion by 2023.

The intrigue: The growth of Chinese public investment plans is very tied to China's GDP growth. Given the divergent possibilities in the next few years, analysts see the possible inflows to public funds diverging by literally trillions of dollars.

  • "In the 'extreme bear case' of 0% GDP growth, the forecast predicts that public fund AUM will decrease slightly, standing at $1.7 trillion in 2023," analysts write in the report.
  • On the other hand, if China’s GDP averages 6% growth through 2023, public fund AUM is expected to grow to $3.9 trillion.

Go deeper:

Go deeper

Venezuela suspends talks with opposition after Maduro ally extradited to U.S.

Venezuelan President Nicolás Maduro in Caracas, Venezuela, in June. Photo: Gaby Oraa/Bloomberg via Getty Images

A key ally of Venezuela's President Nicolás Maduro was extradited from Cape Verde to the U.S. Saturday to face money laundering charges in Florida, Bloomberg first reported.

Why it matters: Venezuela's government called off negotiations with opposition officials that were scheduled for Sunday in Mexico in response to the extradition of Alex Saab, a Colombian businessman and financial fixer for Maduro.

4 hours ago - Health

5 times as many police officers have died from COVID as from guns since pandemic began

Photo: Genaro Molina / Los Angeles Times via Getty Images

COVID-19 is the leading cause of death for police officers even though members of law enforcement were among the first to be eligible to receive the vaccine, CNN reports, citing data from the Officer Down Memorial Page.

Why it matters: Nearly 476 police officers have died of COVID-19 since the pandemic started, compared to the 93 deaths as a result of gunfire in the same time period, according to ODMP and CNN.

Virginia energy giant quietly boosts McAuliffe

Former Virginia Gov. Terry McAuliffe speaks during a campaign rally on Oct. 15 in Henrico, Virginia. Photo: Win McNamee/Getty Images

Virginia Democrat Terry McAuliffe has sworn off money from the Richmond company Dominion Energy. But the utility has found more subtle ways to back McAuliffe's gubernatorial bid, records show.

Driving the news: Dominion's political action committee has donated $200,000 to a murky political group called Accountability Virginia PAC, a group with ties to prominent Democrats that's been running ads attacking Republican candidate Glenn Youngkin from the right.

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