Beijing’s relationship with the China International Fund is much clearer than it likes to admit. When the Hong Kong-registered CIF signed multibillion-dollar deals with pariah regimes in Guinea and Zimbabwe in 2009, officials of China’s Ministry of Foreign Affairs strenuously insisted that CIF and its Singapore-based sister organisation, China Sonangol, were private businesses that had nothing to do with the government (AAC Vol 2 No 12). At the same time, CIF was placing multimillion-dollar orders for train equipment with China’s state-owned enterprises....
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