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China launched a fifth state-owned asset management company (AMC), China Galaxy Asset Management Co., on Dec. 11 to deal with non-performing assets in the securities sector, the Financial News reported citing the China Banking and Insurance Regulatory Commission. The four other AMCs, set up 20 years ago, primarily deal with non-performing loans at state banks. China also allowed the first foreign-owned AMC, Oaktree (Beijing) Investment Management Co. to register on Feb. 18, according to the report.