Mar. 5, 2012 (China Knowledge) - China Investment Corp, the country's sovereign wealth fund, has received about US$30 billion of capital injection from the Chinese government, sources reported.
CIC got the new funding at the end of last year from the State Administration of Foreign Exchange
, a deputy-ministerial level national bureau directly under the State Council
, confirmed by CIC Executive Vice President Jesse Wang at the National Committee of the Chinese People's Political Consultative Conference.
Wang added that the fund will target emerging markets for longer-term growth prospects in the next five to ten years.
Reports also said that CIC has also received a US$50-billion injection from the People's Bank of China
in succession starting from the beginning of this year. But CIC has yet commented on the news.
Founded in 2007, CIC was initially handed a US$200 billion slice of China's foreign-exchange reserves to invest in low-risk investments, such as U.S. Treasurys, in the past few years but has been acquired to inject into higher-risk assets, including private equity and hedge funds.
As of Dec. 31, 2010, CIC had US$410 billion in assets, the latest year for which figures are available.