CIC Launches Overseas Direct Investment Fund

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China’s sovereign wealth fund, China Investment Corporation (CIC), has created a new direct investment arm with US$5 billion in seed capital to help Chinese companies invest overseas, according to statements made by a senior government official quoted by Chinese media.

Gu Dawei, a director in charge of overseas investment at China’s National Development and Reform Commission, implied during a press conference yesterday in Beijing that the new investment entity could eventually be as large as over US$40 billion.

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