A state-run Chinese bank named ICBC Credit Suisse India Market Fund, has launched the country's first India-dedicated publicly offered investment fund, saying the Indian market offers the best opportunity for Chinese investors due to the prospects of double-digit growth.
The fund, will "invest in exchange-traded funds listed on more than 20 exchanges in Europe and the US that are based on the Indian market", according to the state-owned bank, which said it would be "China's first publicly offered fund for investing in India".
It is China's first publicly offered fund for investing in India, state-run Global Times reported.
Liu Weilin, a fund manager with ICBC Credit Suisse Asset Management Company said, "It will invest in the future of the Indian economy and track the distribution of the industrial structure across the Indian market," in an article in the State-run Global Times.
While explaining terms of the sectors that the fund will focus on Liu said, "Specifically, in terms of the major industries weighted distribution of the index, the financial industry will account for the highest proportion, followed by information technology, alternative consumption, energy, essential consumption, raw materials, medicine, healthcare and other industries."