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Investment a means of support
Source: Bloomberg News |
November 25, 2011, Friday
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Print Edition
Print Edition
CHINA'S sovereign wealth fund may give "indirect" support to Europe through normal investment processes without being the nation's main route for any aid, Jesse Wang, executive vice president of China Investment Corp, said yesterday.
The fund "would not be the main channel" if the Chinese government participates in efforts to tackle the sovereign debt crisis, Wang said. "However, if during such a process there are good investment opportunities in Europe and if CIC's investment helped the destination company or country to recover and developed the economy, that would be an indirect support to Europe."
European leaders are looking to China, the holder of the world's largest foreign exchange reserves at US$3.2 trillion, as a source of funds as the region's crisis threatens to trigger a global slump.
Wang said: "As a commercial entity, CIC is seeking reasonable returns with controllable risks." He cited an investment in Paris-based GDF Suez, Europe's largest natural gas network operator, as an example.
The fund "would not be the main channel" if the Chinese government participates in efforts to tackle the sovereign debt crisis, Wang said. "However, if during such a process there are good investment opportunities in Europe and if CIC's investment helped the destination company or country to recover and developed the economy, that would be an indirect support to Europe."
European leaders are looking to China, the holder of the world's largest foreign exchange reserves at US$3.2 trillion, as a source of funds as the region's crisis threatens to trigger a global slump.
Wang said: "As a commercial entity, CIC is seeking reasonable returns with controllable risks." He cited an investment in Paris-based GDF Suez, Europe's largest natural gas network operator, as an example.
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