For all the talk of China’s promised market reforms and economic rebalancing, it is increasingly proving to be more about spreading risk within the vast network of state-backed enterprises, rather than taking it out altogether. In Beijing’s latest risk-sharing maneuver, state-owned energy giant and one of the world’s largest refiners, China Petroleum and Chemical Corp., better-known as Sinopec, on Monday said it was selling half its stake in a major pipeline project for $3.3 billion to state-owned insurance giant China Life Insurance , and SDIC Communications, a subsidiary of one of the largest state-backed investment platforms. The purpose of “introducing external investors” is to help with corporate governance and further “market-oriented reforms,” Sinopec said. Chinese leaders have continued to put pressure on state-owned enterprises to clean up their acts. Sinopec called the deal a “win-win” situation, despite the capital injection equating to a more than 20% premium above the […]