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July 23, 2016

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China’s sovereign wealth fund assets surge to over US$810b

CHINA Investment Corp, the country’s sovereign wealth fund, said yesterday that its total assets had grown to over US$810 billion at the end of 2015, from US$200 billion of registered capital in 2007 when it was founded.

The annual growth rate of the company’s state-owned capital reached 15.3 percent over the eight years, according to the company’s 2015 annual report released yesterday.

This is the first time the wholly state-owned company, also one of the world’s largest sovereign wealth funds, to disclose the cumulative growth rate of its state-owned capital since its inception.

Headquartered in Beijing, CIC was established as a vehicle to diversify China’s foreign exchange holdings and seek maximum returns for its shareholders within acceptable risk tolerance.

The government injected US$49 billion in extra funding to CIC in 2011.

In 2015, a challenging year for CIC and the global economy, the company prudently coped with challenges by exploring new business opportunities and refining its corporate governance, thereby renewing progress in overseas investment and management, Ding Xuedong, chairman and CEO of CIC, was quoted by the report as saying.

In CIC’s overseas investment portfolio, public equity took up 47.47 percent, fixed income 14.44 percent, absolute return 12.67 percent, long-term assets 22.16 percent, and cash products 3.26 percent, according to the report.

Due to volatility in global financial markets and foreign exchange losses triggered by an appreciating US dollar, CIC’s overseas investments generated a US dollar-denominated net return of negative 2.96 percent in 2015, said CIC, adding that it had enjoyed a net cumulative annual return of 4.58 percent in overseas investments.

CIC also said it raised investments in assets that generate stable returns such as real estate and infrastructure last year.


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