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Reporters' Log

CIC sees 'good opportunity' for international investment

By (Xinhua)
Updated: 2009-03-11 17:13

It's now a "good opportunity" for the China Investment Corp (CIC), China's sovereign wealth fund, to make international investment, said a top CIC official Wednesday.

Related readings:  CIC to increase investment in all classifications  CIC to increase holdings in China's 'Big 3' banks  CIC fund seen making 5% profit  Sovereign fund eyes stake in CITIC arm

"To some extent, the current international situation gives the CIC a good opportunity," said the CIC deputy general manager Wang Jianxi, who is also a member of the National Committee of the Chinese People's Political Consultative Conference (CPPCC), the top political advisory body.

"The major concern is when and how we should take actions," said Wang during a panel discussion of the CPPCC National Committee's annual session.

As a "passive financial investor", the CIC will stick to its initial purpose of increasing the investment proceeds of China's foreign exchange reserves and "adjust its investment strategies according to market conditions", said Wang.

"Like most sovereign wealth funds in the world, we're restricted by many factors and can not invest wherever there's a market opportunity," he said when talking about the CIC's future investment direction. "The business scope of the CIC is just international investment."

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