Total assets of China Investment Corp. (CIC), the nation’s sovereign wealth fund, surpassed $900 billion in August.
The figure is more than triple the original capital of $249 billion when the fund was founded a decade ago. It has become the world’s second largest sovereign wealth fund, only after the Government Pension Fund of Norway, whose assets reached $1 trillion in September.
CIC has generated an annual return of 14.35 percent, with that from overseas investment at 5.51 percent.
“Compared with other financial institutions, our biggest advantage is that we are backed by the Chinese market,” CIC’s General Manager, Tu Guangshao, said.
By the end of 2016, almost half of CIC’s overseas investment was in public equities, followed by alternative assets, fixed income instruments, cash and other vehicles. Around two thirds of the investment was externally managed.
Tu said CIC’s growth in the next 10 years will depend on its efforts to invest in China’s economic transfor- mation and push forward its global march.
“CIC will devote itself to serving as a bridge linking businesses and markets at home and abroad,” Tu said.