With long-term investment horizons, life insurance companies in developed economies are important investors in the stock market, as well as in the private placement markets for debt and equity securities issued by small- and medium-sized enterprises.

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The drafters seemed to have forgotten that securities include debt as well as equity, and that debt is often issued outside the issuer's home country.

ECONOMIST: Laborious efforts towards a single market

In other words, purchases of U.S. Treasury securities by China accounted for just over 14 percent of the new debt issued by the U.S. government during that period.

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