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March 13, 2010

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CIC overseas investments see double-digit yields

China Investment Corp, the country's US$300 billion sovereign wealth fund, reaped double-digit returns from investments in its overseas portfolio last year, a senior executive said yesterday.

"CIC started operations in 2008 when the global market was greatly dampened by the financial crisis," Jesse Wang, its executive vice president, said in Beijing. "So we slowed our investment pace at that time."

But when the market began recovering last year, CIC accelerated its investment which netted double-digit returns, Wang said.

He said CIC will make flexible investment this year as global equity markets haven't shown any signs of a stable recovery trend, adding: "We set a target every year."

He noted that CIC saw good opportunities in private equity investments this year as many companies are undervalued after the financial crisis and many PE investors don't have that much money to invest.

CIC bought US$9.6 billion worth of shares in 84 companies listed in the United States.


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