CIC sets its sights on ma­jor global role

China Daily (Canada) - - NEWS CAPSULE -

China In­vest­ment Cor­po­ra­tion is ex­pected to be­come the world’s largest sov­er­eign wealth fund in two years with as­sets to­tal­ing $1 tril­lion un­der man­age­ment by that time, ac­cord­ing to its chair­man.

“We have laid solid foun­da­tions in the past nine years, and we will stick to our orig­i­nal aim of be­com­ing a world-lead­ing and re­spectable sov­er­eign wealth fund,” Ding Xue­dong, chair­man and CEO of China In­vest­ment Cor­po­ra­tion, told Econ­omy & Nation Weekly. “CIC’s as­sets un­der man­age­ment will ex­ceed $1 tril­lion in two years based on this growth.”

China In­vest­ment Cor­po­ra­tion had as­sets to­tal­ing more than $810 bil­lion un­der man­age­ment by the end of 2015, and its an­nu­al­ized growth rate of state-owned cap­i­tal reached 15.3 per­cent since CIC’s in­cep­tion, ac­cord­ing to CIC’s fi­nan­cial re­port of 2015.

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