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China's sovereign wealth fund getting decent returns

China Investment Corporation (CIC),the nation's sovereign wealth fund, has invested half of its 110-billion-U.S. dollar available capital in the overseas market and has gained decent returns from it so far, China Daily reported Thursday.

The newspaper said, citing the CIC chairman Lou Jiwei, that the company had reaped not bad returns from its investment so far this year but was not able to guarantee those returns would still be good by year-end as this depended on various factors.

The nation's 200-billion-U.S. dollar fund, which has been on a bumpy road since it was established over two years ago, stepped up its overseas investments from the second quarter of the year when the global financial market started stabilizing and investor sentiment bounced back.

It mainly invested in publicly traded assets through experienced external fund managers this year, and also made some direct investments in the mining, energy and real estate sectors, according to Lou.

As some fundamental problems of the global financial market remained unresolved, the CIC chairman said he could not rule out the possibility of a "second dip" in the global economy.

Like many other sovereign wealth funds across the world, CIC, which manages part of the nation's colossal foreign exchange reserves, has seen part of its investments sour during the global financial tsunami.

 Source : Xinhua  Editor: Ivy
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