BEIJING: China Investment Corp (CIC), the country's $300 billion sovereign wealth fund, raked in a return of around 11.3 percent on its overseas investment last year, a company executive said on Tuesday.
"The return on our overseas investment in 2010, based on the market value of our portfolios at the beginning of last year, is around 11.3 percent," the executive, who declined to be named, told AFP. She said the figure was a preliminary estimate and could be revised when the company releases its annual report in August. She declined to give further details. CIC was set up in 2007 to invest some of China's massive foreign exchange reserves; the world's largest at $2.847 trillion at the end of 2010, partly to gain better returns. The reserves are mainly parked in safe but low-yielding instruments such as US Treasury bonds, but amid the global crisis CIC has tried to diversify its investments and be more aggressive to improve returns. The company has submitted a plan to the State Council, or cabinet, seeking a government cash injection of up to $20 billion, state media reported last week.
"We are communicating with relevant authorities" on the issue, the executive told AFP.
"We have not got any notice on a final decision," she said, refusing to comment on the size of the cash injection.
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