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{{Short description|Chinese sovereign wealth fund}}
{{Use American English|date=January 2019}}{{Use mdy dates|date=March 2011}}
{{Infobox company
{{Infobox company
|name = China Investment Corporation
| name = China Investment Corporation
|logo = China Investment Corporation.jpg
| logo = PRC China Investment Corporation logo.svg
| image = New Poly Plaza (20200425093330).jpg
|type = [[Sovereign wealth fund]]
| image_caption = Headquarters at [[New Beijing Poly Plaza]]
|genre =
| native_name = 中国投资有限责任公司
|foundation = Beijing, [[China]] (2007)
| native_name_lang = zh-cn
|founder =
| type = [[Sovereign wealth fund]]
|location_city = Beijing
| genre =
|location_country = [[China]]
| foundation = {{start date and age|2007}}
|location =
| founder =
|locations =
| location_city = [[Beijing]]
|area_served =
| location_country = China
|key_people = [[Ding Xuedong]] <small>(Chairman and CEO)</small> <br />
| location =
[[Li Keping]] <small>([[Vice Chairman]], President and [[Chief Investment Officer|CIO]])</small>
| locations =
|industry = [[Institutional investor|Investment service]]
| area_served =
|products =
| key_people = [[Peng Chun]] <small>(Chairman and CEO)</small> <br />
|services =
[[Ju Weimin]] <small>([[Vice Chairman]], President and [[Chief Investment Officer|CIO]])</small>
|revenue =
| industry = [[Institutional investor|Investment service]]
|operating_income = {{profit}} US$ 118.012 &nbsp;billion (2019)<ref name="CIC2017"/>
| products =
|net_income = {{profit}} US$ 110.313 &nbsp;billion (2019)<ref name="CIC2017"/>
| services =
|assets = {{profit}} US$ 1.2 &nbsp;trillon (2019)<ref name="CIC2017"/>
| revenue =
|equity = {{profit}} US$ 946.934 &nbsp;billion (2019)<ref name="CIC2017"/>
| operating_income = {{profit}} US$ 118.012 &nbsp;billion (2019)<ref name=CIC2017>[https://www.ifswf.org/sites/default/files/annual-reports/CIC%202017.pdf China Investment Corporation Annual Report 2017]</ref>
|owner =
| net_income = {{profit}} US$ 110.313 &nbsp;billion (2019)<ref name="CIC2017"/>
|num_employees = 689 (2019)<ref name="china-inv.cn">http://www.china-inv.cn/wps/wcm/connect/62e332fc-8ddd-4eb9-b21c-b5cc3585e82a/CICAnnualReport2015.pdf?MOD=AJPERES&CACHEID=62e332fc-8ddd-4eb9-b21c-b5cc3585e82a</ref>
| aum = {{increase}} [[CNY]]5.58 [[trillion]] (2021) [[US$]]{{To USD|5.58|China}} [[trillion]]<ref>{{cite web|url=http://www.china-inv.cn/chinainven/Media/2022-11/1002063.shtml|title=CIC Released Annual Report 2021|page=in paragraph 4|website=www.china-inv.cn|date=December 31, 2021}}</ref>
|parent =
| assets = {{profit}} US$ 1,350 &nbsp;billon (2023)
|divisions =
| equity = {{profit}} US$ 946.934 &nbsp;billion (2019)<ref name="CIC2017"/>
|subsid = [[Central Huijin Investment]]
| owner =
|caption =
| num_employees = 689 (2019)<ref name="china-inv.cn">http://www.china-inv.cn/wps/wcm/connect/62e332fc-8ddd-4eb9-b21c-b5cc3585e82a/CICAnnualReport2015.pdf?MOD=AJPERES&CACHEID=62e332fc-8ddd-4eb9-b21c-b5cc3585e82a {{Bare URL PDF|date=March 2022}}</ref>
|homepage = [http://www.china-inv.cn/ www.china-inv.cn]
| parent =
|footnotes =
| divisions =
|intl =
| subsid = [[Central Huijin Investment]]
| caption =
| homepage = {{Official URL}}
| footnotes =
}}
}}


'''China Investment Corporation''' ('''CIC''') is a [[sovereign wealth fund]] responsible for managing part of the [[China|People's Republic of China]]'s [[foreign exchange reserves]]. CIC was established in 2007 with approximately US$200&nbsp;billion of [[assets under management]]. At the end of 2017, the CIC had over US$941 billion in assets under management.<ref name=CIC2017>[https://www.ifswf.org/sites/default/files/annual-reports/CIC%202017.pdf China Investment Corporation Annual Report 2017]</ref> It is China's largest largest sovereign wealth fund, reportedly managing an asset pool worth north of $1 trillion.<ref>{{Cite web|date=2020-09-25|title=China Investment Corp. posts 17.4% gain on overseas portfolio|url=https://www.pionline.com/sovereign-wealth-funds/china-investment-corp-posts-174-gain-overseas-portfolio|access-date=2021-04-15|website=Pensions & Investments|language=en}}</ref>
'''China Investment Corporation''' ('''CIC''') is a [[sovereign wealth fund]] that manages part of [[Foreign-exchange reserves of China|China's foreign exchange reserves]]. China's largest [[Sovereign funds of China|sovereign fund]], CIC was established in 2007 with about US$200&nbsp;billion of [[assets under management]], a number that grew to US$1.2 trillion in 2021<ref>{{Cite web |last=MENAFN |title=Visualizing The World's Largest Sovereign Wealth Funds |url=https://menafn.com/1103180189/Visualizing-The-Worlds-Largest-Sovereign-Wealth-Funds |access-date=2023-06-21 |website=menafn.com |language=en}}</ref> and US$1.3 trillion in December 2024.<ref>{{Cite web |title=China Investment Corporation (CIC) - Sovereign Wealth Fund, China - SWFI |url=https://www.swfinstitute.org/profile/598cdaa50124e9fd2d05ac89 |access-date=2023-06-21 |website=www.swfinstitute.org}}</ref>


==History==
As of 2007, the People's Republic of China had US$1.4&nbsp;trillion in [[currency reserves]].<ref name="ATimes-2007-10-02"/> That year, the China Investment Corporation was established with the intent of using these reserves for the benefit of the state by investing abroad in investments that are higher risk and higher reward than government bonds.<ref name=":32">{{Cite book |last=Liu |first=Zongyuan Zoe |title=Sovereign Funds: How the Communist Party of China Finances its Global Ambitions |publisher=The Belknap Press of [[Harvard University Press]] |year=2023 |isbn=9780674271913 |pages= |doi=10.2307/jj.2915805 |jstor=jj.2915805|s2cid=259402050 }}</ref>{{Rp|page=14}}


CIC's funding resulted from the state use of [[Leverage (finance)|leverage]] and is therefore unlike most non-Chinese [[Sovereign wealth fund|sovereign funds]], which tend to be funded through state revenue from national resources like oil.<ref name=":32" />{{Rp|page=95}} CIC was capitalized as follows: (1) the Ministry of Finance issued bonds, (2) the [[Ministry of Finance of the People's Republic of China|Ministry of Finance]] used the proceeds of the bond issuance to buy foreign exchange reserves from the [[People's Bank of China]], and (3) these reserves were used to fund CIC.<ref name=":32" />{{Rp|page=29}}


The state-owned [[Central Huijin Investment|Central Huijin Investment Corporation]] was merged into CIC as a wholly owned subsidiary,<ref name="ATimes-2007-10-02">China Business: [https://web.archive.org/web/20071011111122/http://atimes.com/atimes/China_Business/IJ02Cb01.html "China's trillion-dollar kitty is ready"], ''[[Asia Times]]'', October 2, 2007.</ref> a process that was completed in 2008.<ref name=":32" />{{Rp|page=36}} To acquire Central Huijin from the [[State Administration of Foreign Exchange]], CIC paid $67 billion of its initial $200 billion capital.<ref name=":32" />{{Rp|page=136}} Central Huijin manages more than two-thirds of CIC's assets.<ref name=":32" />{{Rp|page=87}}


In 2008, CIC joined the [[International Forum of Sovereign Wealth Funds]]<ref name="IFSWF001">{{cite web |author=International Forum of Sovereign Wealth Funds |title=IFSWF Our members |url=http://www.ifswf.org/members |url-status=dead |archive-url=https://web.archive.org/web/20160927094338/http://www.ifswf.org/members |archive-date=September 27, 2016 |access-date=24 September 2016 |df=mdy-all}}</ref> and signed up to the [[Santiago Principles]] on best practice in managing sovereign wealth funds.<ref name="IFSWF004">{{cite web |author=International Forum of Sovereign Wealth Funds |title=IFSWF Santiago Principles |url=http://www.ifswf.org/santiago-principles-landing/santiago-principles |access-date=27 September 2016}}</ref> CIC also sought to improve its credibility by assembling an international advisory council of important individuals from the West.<ref name=":32" />{{Rp|page=199}}


CIC's early foreign investment activities resulted in losses, as it significantly invested in the United States financial sector just before the [[2007–2008 financial crisis|2007-2008 global financial crisis]].<ref name=":32" />{{Rp|pages=109-111}} As a result, it shifted its focus in 2009 to prioritize investments in natural resources.<ref name=":32" />{{Rp|page=110}} It also replaced its previous asset-class based divisions with new divisions organized based on strategic priorities: Public Market Investments, Tactical Investments, Private Market Investments, and Special Investments.<ref name=":32" />{{Rp|page=110}}


In 2009, the [[Ministry of Finance of the People's Republic of China|Ministry of Finance]] converted its ownership of $200 billion of CIC's debt into [[Equity (finance)|equity]], a result which relieved CIC of interest payments on the special treasury bonds that had initially capitalized it and instead resulted in CIC paying an annual dividend to the Ministry of Finance.<ref name=":32" />{{Rp|pages=110-111}}


In 2010, CIC established a new subsidiary, CIC International (Hong Kong) Co in Hong Kong and appointed [[Lawrence Lau]] as its chairman.<ref>{{cite news |date=October 19, 2010 |title=CIC launches Hong Kong subsidiary |work=[[Financial Times]] |url=http://www.ft.com/cms/s/0/90f5bb38-dba0-11df-a1df-00144feabdc0.html#axzz1CXu8eoKq |url-access=subscription |access-date=March 8, 2011}}</ref>


In 2011, CIC established its first foreign office in [[Toronto]], Canada.<ref>{{Cite news |author=Canada |date=January 12, 2011 |title=China's sovereign wealth fund sets up shop in Toronto |publisher=Theglobeandmail.com |url=https://www.theglobeandmail.com/report-on-business/chinas-sovereign-wealth-fund-sets-up-shop-in-toronto/article1867917/ |access-date=March 8, 2011}}</ref>


=== Chairman Ding Xuedong's tenure ===
In July 2013, the [[Communist Party of China|Communist Party]] appointed [[Ding Xuedong]] as CIC's chairman.<ref name=":32" />{{Rp|page=112}} Ding oversaw a restructuring of CIC and an increased focus on internal discipline.<ref name=":32" />{{Rp|pages=112-113}} He required senior executives and over 400 CIC employees to submit [[Self-criticism (Marxism–Leninism)|self-criticisms]] in which they detailed their errors, apologized, and pledged not to repeat those errors.<ref name=":32" />{{Rp|page=112}}


Under Ding's tenure, an audit begun under predecessor [[Lou Jiwei]] was concluded.<ref name=":32" />{{Rp|page=113}} The audit found that CIC's early losses were primarily due to dereliction of duty by key personnel, inadequate due diligence, inadequate post-investment management, and a general lack of professionalism.<ref name=":32" />{{Rp|page=113}} Amid the [[Anti-corruption campaign under Xi Jinping|nationwide anti-corruption campaign]] in 2015, CIC launched an internal investigation in which 495 personnel from CIC and its subsidiaries were disciplined.<ref name=":32" />{{Rp|page=113}}


CIC's investment strategy changed during Ding's tenure, with an increased focus on the agricultural sector, including industries such as irrigation and animal feed, which other institutional investors have tended to overlook.<ref name=":32" />{{Rp|page=113}} Other points of emphasis during Ding's time as CIC Chair included technology, real estate, and infrastructure investments.<ref name=":32" />{{Rp|page=113}}


In 2014, CIC contributed some of the initial capital for the [[Silk Road Fund]].<ref name=":0">{{Cite book |last=Lin |first=Shuanglin |title=China's Public Finance: Reforms, Challenges, and Options |publisher=[[Cambridge University Press]] |year=2022 |isbn=978-1-009-09902-8 |edition= |location=New York, NY}}</ref>{{Rp|page=221}}


In January 2015, CIC made its Special Investments Division into a separate, wholly-owned subsidiary called CIC Capital.<ref name=":32" />{{Rp|page=114}} This move was intended to support the [[Belt and Road Initiative]] including by conducting [[foreign direct investment]] and by supporting [[state-owned enterprises of China]] engaged in mergers and acquisitions in economic sectors prioritized by the state.<ref name=":32" />{{Rp|page=114}}


During Ding's tenure, CIC closed its Toronto office, moving its foreign office presence to New York.<ref name=":32" />{{Rp|page=114}}


The Communist Party viewed Ding's tenure at CIC as a success and in February 2017 promoted Ding to secretary general of the [[State Council of the People's Republic of China|State Council]].<ref name=":32" />{{Rp|page=116}}


=== Vice Chairman Tu Guangshao's tenure ===
CIC Vice Chairman and general manager Tu Guangshao led CIC for a two-year period following Ding's promotion to the State Council.<ref name=":32" />{{Rp|pages=116-117}} CIC did not have a Chairman during this period.<ref name=":32" />{{Rp|page=117}}


Tu supervised CIC's continued process of aligning its investments with the priorities of the Belt and Road Initiative.<ref name=":32" />{{Rp|page=116}} Responding to Western countries' hostility to Chinese state-led investment, Tu established a strategy of CIC partnering with well-established Western institutions including [[Goldman Sachs]] to form cooperation funds that could better satisfy the requirements of foreign direct investment screening processes.<ref name=":32" />{{Rp|page=116}}


=== Chairman Peng Chun's tenure ===
In April 2019, [[Peng Chun]] was appointed CIC's Chairman.<ref name=":32" />{{Rp|page=117}}


Peng has continued former Vice Chairman Tu Guangshao's cooperation fund strategy.<ref name=":32" />{{Rp|page=118}} In 2020, CIC formed the France-China Cooperation Fund, the China-Italy Industrial Cooperation Fund, the UK-China Cooperation Fund, and the Japan-China Industrial Cooperation Fund.<ref name=":32" />{{Rp|page=118}}


Under Peng's leadership, CIC unwound its 2015 spinoff of CIC Capital as a separate subsidiary.<ref name=":32" />{{Rp|page=118}}


=== Notable individual investments ===
In May 2007, CIC bought a $3 billion stake (constituting 9.9% of nonvoting shares) in the [[The Blackstone Group|Blackstone Group]], shortly before Blackstone's public listing.<ref name=":32" />{{Rp|page=108}} CIC left the relationship in February 2018 via Beijing Wonderful Investments.<ref name=":32" />{{Rp|page=108}}


In September 2013, the fund acquired a 12.5% stake in [[Russia]]n [[potash]] fertiliser company [[Uralkali]] for a rumoured $2 billion.<ref>{{cite web| title=China gets 12.5 percent stake in Russia's Uralkali| author=Polina Devitt| publisher=PUBLISHER| url=https://www.reuters.com/article/us-russia-uralkali-cic-idUSBRE98N05E20130924| date=24 September 2013}}</ref>


In March 2014, CIC acquired a $40 million stake in iKang Health Group.<ref>{{cite web| title=China's Sovereign Fund to Acquire $40 Million Stake in iKang| work=Sovereign Wealth Fund Institute| url=https://www.swfinstitute.org/news/16032/chinas-sovereign-fund-to-acquire-40-million-stake-in-ikang| date=27 March 2014| access-date=July 15, 2014}}</ref> In October 2015, the CIC provided capital in a deal between Carnival Corporation and China State Shipbuilding Corporation<ref>{{cite web| title=CIC Backs Carnival Cruise Joint Venture| work=Sovereign Wealth Fund Institute| url=https://www.swfinstitute.org/news/36041/cic-backs-carnival-cruise-joint-venture| date=22 October 2015| access-date=25 October 2015}}</ref>


In October 2015, [[CSSC Carnival Cruise Shipping]], a joint venture between the CIC, the [[China State Shipbuilding Corporation]], and [[Carnival Corporation & plc]], was founded, with operations expected to commence in 2019.<ref>{{cite web | url=https://www.reuters.com/article/china-britain-carnivl/china-firms-carnival-corp-form-jv-to-launch-chinese-cruise-line-idUSL3N12L4RN20151021 | title=China firms, Carnival Corp form JV to launch Chinese cruise line | publisher=Reuters | date=21 October 2015 | access-date=8 November 2018}}</ref><ref>{{cite web | url=https://www.cruiseindustrynews.com/cruise-news/19913-costa-atlantica-and-mediterranea-to-transfer-to-chinese-brand.html | title=Costa Atlantica and Mediterranea Sold to New Chinese Brand | publisher=Cruise Industry News | date=6 November 2018 | access-date=8 November 2018}}</ref>


In January 2017, acquired a 45% stake in the office skyscraper [[1211 Avenue of the Americas]], [[New York City]], which valued the building at $2.3 billion.<ref>{{cite web|last1=Katz|first1=Rayna|title=Chinese Buyer Snaps Up Chunk Of Midtown Office Bldg.|url=http://www.globest.com//sites/raynakatz/2017/01/04/chinese-buyer-snaps-up-chunk-of-midtown-office-bldg/|publisher=globest.com}}</ref> In November 2017, CIC purchased [[Logicor]], a European warehouse company, from [[The Blackstone Group]] L.P. for $13.49 billion.<ref>{{Cite web |title=CIC completes €12.3bn acquisition of Logicor |url=https://www.egi.co.uk/news/cic-completes-e12-3bn-acquisition-of-logicor/ |access-date=2021-04-15 |website=www.egi.co.uk}}</ref> Other companies were also bidding for Logicor.<ref name=wsj-pgrant>{{cite news |last=Grant |first=Peter |date=May 31, 2017 |title=China's CIC in Advanced Talks to Buy European Warehouse Company from Blackstone |url=https://www.wsj.com/articles/chinas-cic-in-advanced-talks-to-buy-european-warehouse-company-from-blackstone-1496246060 | work=[[The Wall Street Journal]] |location=New York City, New York |access-date=June 1, 2017 }}</ref>


== Impact ==
In addition to its pursuit of financial returns, CIC's investments are also intended to promote China's national interests.<ref name=":32" />{{Rp|page=29}} For example, its investments in natural resources both support China's development and support the Communist Party's strategic priorities.<ref name=":32" />{{Rp|pages=146-147}}


Having entered the global market in 2007 shortly before the global financial crisis, CIC's initial performance was lackluster.<ref name=":32" />{{Rp|page=14}} This created a political opportunity for the [[State Administration of Foreign Exchange]] in 2013 to expand the sovereign funds under its jurisdiction.<ref name=":32" />{{Rp|page=14}}


CIC is among the worldwide sovereign funds whose investments tend to prompt other institutional investors to perceive investing alongside the fund as comparatively more safe.<ref name=":32" />{{Rp|page=9}}


CIC has been described as a [[Unicorn (finance)|unicorn]]-maker for its role in fueling the growth of Chinese tech sector through its early support of [[Alibaba Group|Alibaba]] and [[DiDi]].<ref name=":32" />{{Rp|page=129}} It has also provided important funding to companies in [[Semiconductor industry in China|China's semiconductor industry]].<ref name=":32" />{{Rp|page=147}}






















































































































































==History==
As of 2007, the People's Republic of China has US$1.4&nbsp;trillion in [[currency reserves]],<ref name="ATimes-2007-10-02"/> while this had grown by 2013 to US$3.44 trillion.<ref name=swf>[http://www.swfinstitute.org/swfs/china-investment-corporation/ China Investment Corporation Profile]. Sovereign Wealth Fund Institute. July 2, 2008. Retrieved August 27, 2013.</ref> The China Investment Corporation was established with the intent of utilizing these reserves for the benefit of the state, modeled according to [[Temasek Holdings]] of Singapore. The state-owned [[Central Huijin Investment|Central Huijin Investment Corporation]] was merged into the new company as a wholly owned subsidiary company.<ref name="ATimes-2007-10-02">China Business: [https://web.archive.org/web/20071011111122/http://atimes.com/atimes/China_Business/IJ02Cb01.html "China's trillion-dollar kitty is ready"], ''[[Asia Times]]'', October 2, 2007.</ref>

In May 2007 it was reported that CIC was to buy a $3 billion stake in the [[The Blackstone Group|Blackstone Group]].<ref>[https://www.nytimes.com/2007/05/20/business/worldbusiness/20cnd-yuan.html?mcubz=0 "China to Buy $3 Billion Stake in Blackstone"], ''[[The New York Times]]'', MAY 20, 2007.</ref>

Special [[national debt]] bonds were issued to create the capital that the CIC needed. 1,550.35&nbsp;billion yuan ($207.91&nbsp;billion) was issued in this bond sale. The bond process was completed in December 2007. According to [[Lou Jiwei]], the CIC needs to make a profit of 300&nbsp;million [[Renminbi|Yuan]] every day just to pay the [[interest]] on the bonds and operation costs. The CIC paid its first interest on the bonds in February 2008 where it paid 12.9&nbsp;billion yuan.<ref>{{Cite news |first=Li |last=Liming |title=Day of Reckoning for China's Sovereign Fund |url=http://www.eeo.com.cn/ens/finance_investment/2008/01/31/92109.html |work=Economic Observer |date=January 31, 2008 }}</ref>

In 2008, CIC joined the [[International Forum of Sovereign Wealth Funds]]<ref name="IFSWF001">{{cite web |url=http://www.ifswf.org/members |title=IFSWF Our members |author=International Forum of Sovereign Wealth Funds |access-date=24 September 2016 |url-status=dead |archive-url=https://web.archive.org/web/20160927094338/http://www.ifswf.org/members |archive-date=September 27, 2016 |df=mdy-all }}</ref> and signed up to the [[Santiago Principles]] on best practice in managing sovereign wealth funds.<ref name="IFSWF004">{{cite web |url= http://www.ifswf.org/santiago-principles-landing/santiago-principles |title=IFSWF Santiago Principles |author=International Forum of Sovereign Wealth Funds |access-date=27 September 2016}}</ref>

In 2010, CIC established a new subsidiary, CIC International (Hong Kong) Co in Hong Kong and appointed [[Lawrence Lau]] as its chairman.<ref>{{cite news|url=http://www.ft.com/cms/s/0/90f5bb38-dba0-11df-a1df-00144feabdc0.html#axzz1CXu8eoKq |title=CIC launches Hong Kong subsidiary |work=Financial Times |date=October 19, 2010 |access-date=March 8, 2011}}</ref>

In 2011, CIC established its first foreign office in [[Toronto]], choosing it over financial centres such as New York or London as its first office. Felix Chee will be the chief representative officer<ref>{{Cite news|author=Canada |url=https://www.theglobeandmail.com/report-on-business/chinas-sovereign-wealth-fund-sets-up-shop-in-toronto/article1867917/ |title=China's sovereign wealth fund sets up shop in Toronto |publisher=Theglobeandmail.com |date= January 12, 2011|access-date=March 8, 2011}}</ref>

In September 2013, the fund acquire a 12.5% stake in [[Russia]]n [[potash]] fertiliser company [[Uralkali]] for a rumoured $2 billion.<ref>{{cite web| title=China gets 12.5 percent stake in Russia's Uralkali| author=Polina Devitt| publisher=PUBLISHER| url=https://www.reuters.com/article/us-russia-uralkali-cic-idUSBRE98N05E20130924| date=24 September 2013}}</ref>

In March 2014, the CIC acquired a $40 million stake in iKang Health Group.<ref>{{cite web| title=China's Sovereign Fund to Acquire $40 Million Stake in iKang| work=Sovereign Wealth Fund Institute| url=https://www.swfinstitute.org/news/16032/chinas-sovereign-fund-to-acquire-40-million-stake-in-ikang| date=27 March 2014| access-date=July 15, 2014}}</ref> In October 2015, the CIC provided capital in a deal between Carnival Corporation and China State Shipbuilding Corporation<ref>{{cite web| title=CIC Backs Carnival Cruise Joint Venture| work=Sovereign Wealth Fund Institute| url=https://www.swfinstitute.org/news/36041/cic-backs-carnival-cruise-joint-venture| date=22 October 2015| access-date=25 October 2015}}</ref>

In October 2015, [[CSSC Carnival Cruise Shipping]], a joint venture between the CIC, the [[China State Shipbuilding Corporation]], and [[Carnival Corporation & plc]], was founded, with operations expected to commence in 2019.<ref>{{cite web | url=https://www.reuters.com/article/china-britain-carnivl/china-firms-carnival-corp-form-jv-to-launch-chinese-cruise-line-idUSL3N12L4RN20151021 | title=China firms, Carnival Corp form JV to launch Chinese cruise line | publisher=Reuters | date=21 October 2015 | access-date=8 November 2018}}</ref><ref>{{cite web | url=https://www.cruiseindustrynews.com/cruise-news/19913-costa-atlantica-and-mediterranea-to-transfer-to-chinese-brand.html | title=Costa Atlantica and Mediterranea Sold to New Chinese Brand | publisher=Cruise Industry News | date=6 November 2018 | access-date=8 November 2018}}</ref>

In January 2017, acquired a 45% stake in the office skyscraper [[1211 Avenue of the Americas]], [[New York City]], which valued the building at $2.3 billion.<ref>{{cite web|last1=Katz|first1=Rayna|title=Chinese Buyer Snaps Up Chunk Of Midtown Office Bldg.|url=http://www.globest.com//sites/raynakatz/2017/01/04/chinese-buyer-snaps-up-chunk-of-midtown-office-bldg/|publisher=globest.com}}</ref> In November 2017, China Investment Corp. purchased [[Logicor]], a European warehouse company, from [[The Blackstone Group]] L.P. for $13.49 billion.<ref>{{Cite web|url=https://www.egi.co.uk/news/cic-completes-e12-3bn-acquisition-of-logicor/|access-date=2021-04-15|website=www.egi.co.uk}}</ref> Other companies were also bidding for Logicor.<ref name=wsj-pgrant>{{cite news |last=Grant |first=Peter |date=May 31, 2017 |title=China's CIC in Advanced Talks to Buy European Warehouse Company from Blackstone |url=https://www.wsj.com/articles/chinas-cic-in-advanced-talks-to-buy-european-warehouse-company-from-blackstone-1496246060 | work=[[The Wall Street Journal]] |location=New York City, New York |access-date=June 1, 2017 }}</ref>


==Governance==
==Governance==
The management and board of the China Investment Corporation ultimately reports to the [[State Council of the People's Republic of China]]. The China Investment Corporation is seen as being "firmly entrenched" in the political establishment as the composition of its board of directors implies "considerable influence on the part of China’s Ministry of Finance."<ref>[https://web.archive.org/web/20080827163003/http://oxfordir.files.wordpress.com/2008/07/swf001.pdf A Review of Chinese-Language Literature on Sovereign Wealth Funds]. - Oxford International Review. - (Adobe Acrobat *.PDF document)</ref>
The management and board of the China Investment Corporation ultimately reports to the [[State Council of the People's Republic of China]]. The China Investment Corporation is seen as being "firmly entrenched" in the political establishment as the composition of its board of directors implies "considerable influence on the part of China’s Ministry of Finance."<ref>[https://web.archive.org/web/20080827163003/http://oxfordir.files.wordpress.com/2008/07/swf001.pdf A Review of Chinese-Language Literature on Sovereign Wealth Funds]. - Oxford International Review. - (Adobe Acrobat *.PDF document)</ref>


===Board of Directors===
===Board of directors===
*Chairman & CEO - [[Ding Xuedong]]<ref>{{cite news|title=China appoints Ding Xuedong as new CIC chairman -sources|newspaper=Reuters|url=https://www.reuters.com/article/cic-chairman-idUSL3N0F42ON20130628|access-date=17 June 2014|date=28 June 2013}}</ref>
The Board of Directors is composed of the members listed below:<ref>{{Cite web |title=China Investment Corporation |url=http://www.china-inv.cn/chinainven/Governance/Board_of_Directors.shtml |access-date=2023-07-14 |website=www.china-inv.cn}}</ref>
*Vice Chairman, President & CIO - [[Li Keping]]
*Chairman & CEO - [[Peng Chun]]
*Executive Director, Executive Vice President & COO - [[Zhang Hongli]]
*Vice Chairman, President & CIO - [[Ju Weimin]]
*Non-Executive Director - [[Zhang Xiaoqiang]]
*Executive Director, Executive Vice President & COO - [[Shen Rujun]]
*Non-Executive Director - [[Li Yong (politician)|Li Yong]]
*Non-Executive Director - Lin Nianxiu
*Non-Executive Director - [[Fu Ziying]]
*Non-Executive Director - Xu Hongcai
*Non-Executive Director - [[Liu Shiyu]]
*Non-Executive Director - [[Ren Hongbin]]
*Non-Executive Director - [[Hu Xiaolian]]
*Non-Executive Director - [[Lui Guiping]]
*Independent Director - [[Liu Zhongli]]
*Non-Executive Director - [[Lu Lei]]
*Independent Director - [[Wang Chunzheng]]
*Independent Director - [[Li Jiange]]
*Employee Director - [[Li Xin (businessman)|Li Xin]]
*Independent Director - [[Bai Chong'en]]
*Employee Director - Zhang Geping


===Board of Supervisors===
===Board of Supervisors===
The Board of Supervisors is composed of the members listed below:<ref>{{Cite web |title=China Investment Corporation |url=http://www.china-inv.cn/chinainven/Governance/Board_of_Supervisors.shtml |access-date=2023-07-14 |website=www.china-inv.cn}}</ref>
*Chairman of Board of Supervisors - [[Guo Haoda]]
*Supervisor - [[Linghu An]]
*Supervisor - [[Qin Boyong]]
*Supervisor - [[Wang Huaqing]]
*Supervisor - [[Xiao Yuanqi]]
*Supervisor - [[Fan Fuchun]]
*Supervisor - [[Yan Qingmin]]
*Employee Supervisor - [[Cui Guangqing]]
*Employee Supervisor - [[Cui Guangqing]]


===Executive committee===
===Executive committee===
The Executive Committee is composed of the members listed below:<ref>{{Cite web |title=China Investment Corporation |url=http://www.china-inv.cn/chinainven/Governance/Leadership_And_Executive_Committee.shtml |access-date=2023-07-14 |website=www.china-inv.cn}}</ref>
*Chairman & CEO - [[Ding Xuedong]]
*Vice Chairman, President & CIO - Li Keping
*Chairman & CEO - [[Peng Chun]]
*Vice Chairman, President & CIO - [[Ju Weimin]]
*Chairman of Board of Supervisors - Guo Haoda
*Chairman of Board of Supervisors - [[Hu Hao]]
*Executive Director, Executive Vice President & COO - Zhang Hongli
*Executive Vice President - [[Peng Chun]]
*Executive Director, Executive Vice President & COO - [[Shen Rujun]]
*Executive Vice President & Deputy CIO - [[Guo Xiangjun]]
*Executive Vice President & Deputy COO - [[Fan Yifei]]- left CIC, announcement 12 March 2015<ref>{{cite web|url=http://www.china-inv.cn/wps/portal/!ut/p/a1/pVNNc5swEP0rzcFHVQsIJB8pdhzcQD2xPQ5cGAHCVmoLApR-_PpiuTM9WXanOu1q3pN2973FKX7FqeKD3PNe1oofz3nqZTF4YAVrWELkP4LPYB59cZbhJnRGQHIdsNhQE__zIzHy7QWx7-MHC_-J0GcAIMyGcPbpaUanEUDo3eLvcIrTQvVNf8BJcZCKI6mGD03d9vw4gUN9EplQEziJUnIdNa3ouqwVR8E70emriqufshLy_FbD96IUndwrnRWyxAmjrHCIA8glFkOEeRRNc7tAAkRhAfVy4tE_ncCV48MtJZKRT68BAnDw-lzQLoiyVYgT65yoLjNSMo1uxSDrb91qbGwtf4mPDi1ontsVcp3cQoQSG-WECuSwkrl0yqxq7Cax9A_BZmxrAobBRvNZ6OtopQf78new95c4lnZnWfZFcYMpAmoGaFMbABfXaoDJlhpgUNso58bzLnL-g7-Wd6yyfHt_T_1xIWrVix89fv3vjdjdcuWuFaoULW5O2-32xN6qZ7cZYneI0deXeRXHKM3Zd__h4TeLBAxa/dl5/d5/L3dHQSEvUUtRZy9nQSEh/|title=China Investment Corporation}}</ref>
*Executive Vice President & Deputy CIO - [[Xie Ping]]
*Executive Vice President & Deputy CIO - [[Qi Bin]]
*Executive Vice President & CRO - [[Wang Jianxi]]
*Chief Inspector - [[Pan Yuehan]]
*Executive Vice President & CSO - [[Zhao Haiying]]
*Member of the Executive Committee - [[Liang Xiang]]
*Executive Vice President & CRO - [[Liu Haoling]]
*Member of the Executive Committee - [[Bao Jianmin]]
*Member of the Executive Committee - [[Liu Yanbin]]
*Member of the Executive Committee - [[Xu Zhinbin]]


=== International Advisory Council ===
=== International Advisory Council ===
The International Advisory Council is composed of the members listed below:<ref>{{Cite web |title=China Investment Corporation |url=http://www.china-inv.cn/chinainven/Governance/InternationalAdvisoryCouncil.shtml |access-date=2023-07-14 |website=www.china-inv.cn}}</ref>
; Asia
; Asia
* [[Zeng Peiyan]] (China)
* [[Zhou Xiaochuan|Zhou Xiaochun]] (China)
* [[Shaukat Aziz]] (Pakistan)
* [[Shaukat Aziz]] (Pakistan)
* [[Justin Yifu Lin]] (China)
* [[Justin Yifu Lin]] (China)
* [[Frederick Ma]] (Hong Kong, China)
* [[Frederick Ma]] (Hong Kong, China)
* [[Yingyi Qian]] (China)
* [[Andrew Sheng]] (Malaysia)
* [[Andrew Sheng]] (Malaysia)
* [[Joseph Yam]] (Hong Kong, China)


; Africa
; Africa
Line 282: Line 157:


; Americas
; Americas
* [[David F. Denison|David Denison]] (Canada)
* [[Merit Janow|Merit E. Janow]] (United States of America)
* [[Jorge Paulo Lemann]] (Brazil)
* [[John J. Mack]] (United States of America)
* [[John L. Thornton]] (United States of America)
* [[John L. Thornton]] (United States of America)
* Andrónico Luksic (Chile)


; Europe
; Europe
* [[Knut N. Kjaer]] (Norway)
* [[Jean Lemierre]] (France)
* [[Jean Lemierre]] (France)
* [[Gerhard Schröder]] (Germany)
* Lord Sassoon (United Kingdom)


; Secretariat
; Oceania
* Chen Jia
* Peter Howard Costello (Australia)


==Subsidiaries and minority interests==
==Subsidiaries and minority interests==
* GDF Suez Exploration & Production International SA (30%; joint venture with [[Engie]])<ref>{{cite web|url=https://www.engie.com/wp-content/uploads/2015/03/gdf-suez-management-report-and-annual-consolidated-financial-statements-2014.pdf|title=2014 Management report and annual consolidated financial statements|date=26 February 2015|access-date=21 February 2016|publisher=GDF Suez}}</ref><ref>{{cite web|url=http://www.engie.com/en/journalists/press-releases/engie-china-investment-corporation-signed-mou/|title=ENGIE and China Investment Corporation (CIC) signed MOU|date=30 June 2015|access-date=21 February 2016|publisher=Engie }}</ref>
* GDF Suez Exploration & Production International S.A. (30%; joint venture with [[Engie]])<ref>{{cite web|url=https://www.engie.com/wp-content/uploads/2015/03/gdf-suez-management-report-and-annual-consolidated-financial-statements-2014.pdf|title=2014 Management report and annual consolidated financial statements|date=26 February 2015|access-date=21 February 2016|publisher=GDF Suez}}</ref><ref>{{cite web|url=http://www.engie.com/en/journalists/press-releases/engie-china-investment-corporation-signed-mou/|title=ENGIE and China Investment Corporation (CIC) signed MOU|date=30 June 2015|access-date=21 February 2016|publisher=Engie }}</ref>


== See also ==
== See also ==
Line 309: Line 182:


==External links==
==External links==
*{{Official website}}
*[http://www.china-inv.cn/ China Investment Corporation Website]
{{Economy of China}}
*[https://www.swfinstitute.org/profile/598cdaa50124e9fd2d05ac89 Sovereign Wealth Fund Institute - China Investment Corporation]

{{authority control}}
{{authority control}}


Line 320: Line 192:
[[Category:Companies based in Beijing]]
[[Category:Companies based in Beijing]]
[[Category:Financial services companies established in 2008]]
[[Category:Financial services companies established in 2008]]
[[Category:2007 in Beijing]]

Latest revision as of 17:36, 31 December 2024

China Investment Corporation
Native name
中国投资有限责任公司
Company typeSovereign wealth fund
IndustryInvestment service
Founded2007; 18 years ago (2007)
Headquarters
Beijing
,
China
Key people
Peng Chun (Chairman and CEO)
Ju Weimin (Vice Chairman, President and CIO)
Increase US$ 118.012  billion (2019)[1]
Increase US$ 110.313  billion (2019)[1]
AUMIncrease CNY5.58 trillion (2021) US$0.87 trillion[2]
Total assetsIncrease US$ 1,350  billon (2023)
Total equityIncrease US$ 946.934  billion (2019)[1]
Number of employees
689 (2019)[3]
SubsidiariesCentral Huijin Investment
Websitewww.china-inv.cn/en/ Edit this at Wikidata

China Investment Corporation (CIC) is a sovereign wealth fund that manages part of China's foreign exchange reserves. China's largest sovereign fund, CIC was established in 2007 with about US$200 billion of assets under management, a number that grew to US$1.2 trillion in 2021[4] and US$1.3 trillion in December 2024.[5]

History

[edit]

As of 2007, the People's Republic of China had US$1.4 trillion in currency reserves.[6] That year, the China Investment Corporation was established with the intent of using these reserves for the benefit of the state by investing abroad in investments that are higher risk and higher reward than government bonds.[7]: 14 

CIC's funding resulted from the state use of leverage and is therefore unlike most non-Chinese sovereign funds, which tend to be funded through state revenue from national resources like oil.[7]: 95  CIC was capitalized as follows: (1) the Ministry of Finance issued bonds, (2) the Ministry of Finance used the proceeds of the bond issuance to buy foreign exchange reserves from the People's Bank of China, and (3) these reserves were used to fund CIC.[7]: 29 

The state-owned Central Huijin Investment Corporation was merged into CIC as a wholly owned subsidiary,[6] a process that was completed in 2008.[7]: 36  To acquire Central Huijin from the State Administration of Foreign Exchange, CIC paid $67 billion of its initial $200 billion capital.[7]: 136  Central Huijin manages more than two-thirds of CIC's assets.[7]: 87 

In 2008, CIC joined the International Forum of Sovereign Wealth Funds[8] and signed up to the Santiago Principles on best practice in managing sovereign wealth funds.[9] CIC also sought to improve its credibility by assembling an international advisory council of important individuals from the West.[7]: 199 

CIC's early foreign investment activities resulted in losses, as it significantly invested in the United States financial sector just before the 2007-2008 global financial crisis.[7]: 109–111  As a result, it shifted its focus in 2009 to prioritize investments in natural resources.[7]: 110  It also replaced its previous asset-class based divisions with new divisions organized based on strategic priorities: Public Market Investments, Tactical Investments, Private Market Investments, and Special Investments.[7]: 110 

In 2009, the Ministry of Finance converted its ownership of $200 billion of CIC's debt into equity, a result which relieved CIC of interest payments on the special treasury bonds that had initially capitalized it and instead resulted in CIC paying an annual dividend to the Ministry of Finance.[7]: 110–111 

In 2010, CIC established a new subsidiary, CIC International (Hong Kong) Co in Hong Kong and appointed Lawrence Lau as its chairman.[10]

In 2011, CIC established its first foreign office in Toronto, Canada.[11]

Chairman Ding Xuedong's tenure

[edit]

In July 2013, the Communist Party appointed Ding Xuedong as CIC's chairman.[7]: 112  Ding oversaw a restructuring of CIC and an increased focus on internal discipline.[7]: 112–113  He required senior executives and over 400 CIC employees to submit self-criticisms in which they detailed their errors, apologized, and pledged not to repeat those errors.[7]: 112 

Under Ding's tenure, an audit begun under predecessor Lou Jiwei was concluded.[7]: 113  The audit found that CIC's early losses were primarily due to dereliction of duty by key personnel, inadequate due diligence, inadequate post-investment management, and a general lack of professionalism.[7]: 113  Amid the nationwide anti-corruption campaign in 2015, CIC launched an internal investigation in which 495 personnel from CIC and its subsidiaries were disciplined.[7]: 113 

CIC's investment strategy changed during Ding's tenure, with an increased focus on the agricultural sector, including industries such as irrigation and animal feed, which other institutional investors have tended to overlook.[7]: 113  Other points of emphasis during Ding's time as CIC Chair included technology, real estate, and infrastructure investments.[7]: 113 

In 2014, CIC contributed some of the initial capital for the Silk Road Fund.[12]: 221 

In January 2015, CIC made its Special Investments Division into a separate, wholly-owned subsidiary called CIC Capital.[7]: 114  This move was intended to support the Belt and Road Initiative including by conducting foreign direct investment and by supporting state-owned enterprises of China engaged in mergers and acquisitions in economic sectors prioritized by the state.[7]: 114 

During Ding's tenure, CIC closed its Toronto office, moving its foreign office presence to New York.[7]: 114 

The Communist Party viewed Ding's tenure at CIC as a success and in February 2017 promoted Ding to secretary general of the State Council.[7]: 116 

Vice Chairman Tu Guangshao's tenure

[edit]

CIC Vice Chairman and general manager Tu Guangshao led CIC for a two-year period following Ding's promotion to the State Council.[7]: 116–117  CIC did not have a Chairman during this period.[7]: 117 

Tu supervised CIC's continued process of aligning its investments with the priorities of the Belt and Road Initiative.[7]: 116  Responding to Western countries' hostility to Chinese state-led investment, Tu established a strategy of CIC partnering with well-established Western institutions including Goldman Sachs to form cooperation funds that could better satisfy the requirements of foreign direct investment screening processes.[7]: 116 

Chairman Peng Chun's tenure

[edit]

In April 2019, Peng Chun was appointed CIC's Chairman.[7]: 117 

Peng has continued former Vice Chairman Tu Guangshao's cooperation fund strategy.[7]: 118  In 2020, CIC formed the France-China Cooperation Fund, the China-Italy Industrial Cooperation Fund, the UK-China Cooperation Fund, and the Japan-China Industrial Cooperation Fund.[7]: 118 

Under Peng's leadership, CIC unwound its 2015 spinoff of CIC Capital as a separate subsidiary.[7]: 118 

Notable individual investments

[edit]

In May 2007, CIC bought a $3 billion stake (constituting 9.9% of nonvoting shares) in the Blackstone Group, shortly before Blackstone's public listing.[7]: 108  CIC left the relationship in February 2018 via Beijing Wonderful Investments.[7]: 108 

In September 2013, the fund acquired a 12.5% stake in Russian potash fertiliser company Uralkali for a rumoured $2 billion.[13]

In March 2014, CIC acquired a $40 million stake in iKang Health Group.[14] In October 2015, the CIC provided capital in a deal between Carnival Corporation and China State Shipbuilding Corporation[15]

In October 2015, CSSC Carnival Cruise Shipping, a joint venture between the CIC, the China State Shipbuilding Corporation, and Carnival Corporation & plc, was founded, with operations expected to commence in 2019.[16][17]

In January 2017, acquired a 45% stake in the office skyscraper 1211 Avenue of the Americas, New York City, which valued the building at $2.3 billion.[18] In November 2017, CIC purchased Logicor, a European warehouse company, from The Blackstone Group L.P. for $13.49 billion.[19] Other companies were also bidding for Logicor.[20]

Impact

[edit]

In addition to its pursuit of financial returns, CIC's investments are also intended to promote China's national interests.[7]: 29  For example, its investments in natural resources both support China's development and support the Communist Party's strategic priorities.[7]: 146–147 

Having entered the global market in 2007 shortly before the global financial crisis, CIC's initial performance was lackluster.[7]: 14  This created a political opportunity for the State Administration of Foreign Exchange in 2013 to expand the sovereign funds under its jurisdiction.[7]: 14 

CIC is among the worldwide sovereign funds whose investments tend to prompt other institutional investors to perceive investing alongside the fund as comparatively more safe.[7]: 9 

CIC has been described as a unicorn-maker for its role in fueling the growth of Chinese tech sector through its early support of Alibaba and DiDi.[7]: 129  It has also provided important funding to companies in China's semiconductor industry.[7]: 147 

Governance

[edit]

The management and board of the China Investment Corporation ultimately reports to the State Council of the People's Republic of China. The China Investment Corporation is seen as being "firmly entrenched" in the political establishment as the composition of its board of directors implies "considerable influence on the part of China’s Ministry of Finance."[21]

Board of directors

[edit]

The Board of Directors is composed of the members listed below:[22]

  • Chairman & CEO - Peng Chun
  • Vice Chairman, President & CIO - Ju Weimin
  • Executive Director, Executive Vice President & COO - Shen Rujun
  • Non-Executive Director - Lin Nianxiu
  • Non-Executive Director - Xu Hongcai
  • Non-Executive Director - Ren Hongbin
  • Non-Executive Director - Lui Guiping
  • Non-Executive Director - Lu Lei
  • Independent Director - Li Jiange
  • Independent Director - Bai Chong'en
  • Employee Director - Zhang Geping

Board of Supervisors

[edit]

The Board of Supervisors is composed of the members listed below:[23]

Executive committee

[edit]

The Executive Committee is composed of the members listed below:[24]

International Advisory Council

[edit]

The International Advisory Council is composed of the members listed below:[25]

Asia
Africa
Americas
Europe
Secretariat
  • Chen Jia

Subsidiaries and minority interests

[edit]
  • GDF Suez Exploration & Production International S.A. (30%; joint venture with Engie)[26][27]

See also

[edit]

References

[edit]
  1. ^ a b c China Investment Corporation Annual Report 2017
  2. ^ "CIC Released Annual Report 2021". www.china-inv.cn. December 31, 2021. p. in paragraph 4.
  3. ^ http://www.china-inv.cn/wps/wcm/connect/62e332fc-8ddd-4eb9-b21c-b5cc3585e82a/CICAnnualReport2015.pdf?MOD=AJPERES&CACHEID=62e332fc-8ddd-4eb9-b21c-b5cc3585e82a [bare URL PDF]
  4. ^ MENAFN. "Visualizing The World's Largest Sovereign Wealth Funds". menafn.com. Retrieved June 21, 2023.
  5. ^ "China Investment Corporation (CIC) - Sovereign Wealth Fund, China - SWFI". www.swfinstitute.org. Retrieved June 21, 2023.
  6. ^ a b China Business: "China's trillion-dollar kitty is ready", Asia Times, October 2, 2007.
  7. ^ a b c d e f g h i j k l m n o p q r s t u v w x y z aa ab ac ad ae af ag ah ai aj ak al am an Liu, Zongyuan Zoe (2023). Sovereign Funds: How the Communist Party of China Finances its Global Ambitions. The Belknap Press of Harvard University Press. doi:10.2307/jj.2915805. ISBN 9780674271913. JSTOR jj.2915805. S2CID 259402050.
  8. ^ International Forum of Sovereign Wealth Funds. "IFSWF Our members". Archived from the original on September 27, 2016. Retrieved September 24, 2016.
  9. ^ International Forum of Sovereign Wealth Funds. "IFSWF Santiago Principles". Retrieved September 27, 2016.
  10. ^ "CIC launches Hong Kong subsidiary". Financial Times. October 19, 2010. Retrieved March 8, 2011.
  11. ^ Canada (January 12, 2011). "China's sovereign wealth fund sets up shop in Toronto". Theglobeandmail.com. Retrieved March 8, 2011.
  12. ^ Lin, Shuanglin (2022). China's Public Finance: Reforms, Challenges, and Options. New York, NY: Cambridge University Press. ISBN 978-1-009-09902-8.
  13. ^ Polina Devitt (September 24, 2013). "China gets 12.5 percent stake in Russia's Uralkali". PUBLISHER.
  14. ^ "China's Sovereign Fund to Acquire $40 Million Stake in iKang". Sovereign Wealth Fund Institute. March 27, 2014. Retrieved July 15, 2014.
  15. ^ "CIC Backs Carnival Cruise Joint Venture". Sovereign Wealth Fund Institute. October 22, 2015. Retrieved October 25, 2015.
  16. ^ "China firms, Carnival Corp form JV to launch Chinese cruise line". Reuters. October 21, 2015. Retrieved November 8, 2018.
  17. ^ "Costa Atlantica and Mediterranea Sold to New Chinese Brand". Cruise Industry News. November 6, 2018. Retrieved November 8, 2018.
  18. ^ Katz, Rayna. "Chinese Buyer Snaps Up Chunk Of Midtown Office Bldg". globest.com.
  19. ^ "CIC completes €12.3bn acquisition of Logicor". www.egi.co.uk. Retrieved April 15, 2021.
  20. ^ Grant, Peter (May 31, 2017). "China's CIC in Advanced Talks to Buy European Warehouse Company from Blackstone". The Wall Street Journal. New York City, New York. Retrieved June 1, 2017.
  21. ^ A Review of Chinese-Language Literature on Sovereign Wealth Funds. - Oxford International Review. - (Adobe Acrobat *.PDF document)
  22. ^ "China Investment Corporation". www.china-inv.cn. Retrieved July 14, 2023.
  23. ^ "China Investment Corporation". www.china-inv.cn. Retrieved July 14, 2023.
  24. ^ "China Investment Corporation". www.china-inv.cn. Retrieved July 14, 2023.
  25. ^ "China Investment Corporation". www.china-inv.cn. Retrieved July 14, 2023.
  26. ^ "2014 Management report and annual consolidated financial statements" (PDF). GDF Suez. February 26, 2015. Retrieved February 21, 2016.
  27. ^ "ENGIE and China Investment Corporation (CIC) signed MOU". Engie. June 30, 2015. Retrieved February 21, 2016.
[edit]
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