ASIAdocument.write(“” + m[today.getMonth()+1]+ ” “+ today.getDate()+”, ” + theYear + ” “);HOMECHINAWORLDBUSINESSLIFESTYLECULTURETRAVELSPORTSOPINIONREGIONALFORUMNEWSPAPERChina Daily PDFChina Daily E-paperChina Daily Global PDFChina Daily Global E-paperBusiness /CompaniesEconomyPolicy WatchChina DataCompaniesMarketsIndustriesViewMotoringTechGreen ChinaChina ExpoCIC sets its sights on major global roleBy Cai Xiao and Fang Wenyu(China Daily)Updated:2016-09-06 07:43Comments Print Mail Large Medium SmallDing Xuedong, chairman and CEO of China Investment Corporation. [Photo provided to China Daily]China Investment Corporation is expected to become the worlds largest sovereign wealth fund in two years with assets totaling $1 trillion under management by that time, according to its chairman.”We have laid solid foundations in the past nine years, and we will stick to our original aim of becoming a world leading and respectable sovereign wealth fund,” Ding Xuedong, chairman and CEO of China Investment Corporation, told Economy & Nation Weekly.China Investment Corporation had assets totaling more than $810 billion under management by the end of 2015, and its annualized growth rate of State-owned capital reached 15.3 percent since CICs inception, according to CICs financial report of 2015.”CICs assets under management will exceed $1 trillion in two years based on this growth,” said Ding.Niu Huayong, dean of the Business School at Beijing Foreign Studies University, said it is within expectations that China Investment Corporation will grow into the worlds largest sovereign wealth fund.”China Investment Corporation has done a great job and an important reason is that their leaders of the sovereign wealth fund are ambitious,” said Niu.Li Shuguang, a law professor at China University of Political Science and Law, said different from other countries, the amount of Chinas State-owned capital is very huge and the nations sovereign wealth fund is very strong.”As the global economy remains volatile, CIC is also transforming its strategy, investment areas and corporate governance,” said Li.Li suggested that with stronger investment capability, CIC can even further diversify its investment portfolio.Ding said CIC will pay attention to alternative investments, referring to investments in asset classes other than stocks, bonds and cash, in the future and set up a sustainable development mechanism to prevent risks. Previously, CIC mainly invested in public equity and fixed income.CICs financial report for 2015 showed that due to volatilities in international financial markets and foreign exchange losses triggered by an appreciating US dollar, CICs overseas investments generated a dollar-denominated net return of-2.96 percent in 2015 and a net cumulative annualized return of 4.58 percent since CICs inception.”We are diversifying our investment,” said Ding. “CIC is increasing investments in alternative investment including private equity, hedge funds, real estate and infrastructure to achieve steady investment returns and seek opportunities in emerging industries.”Ding said it is cooperating with excellent private equity investors to co-invest and to strengthen its capabilities in direct investment.CIC is also expanding real estate investment in developed countries, after setting up an independent real estate investment department in 2015 which made nine deals last year.Li Xiang contributed to this story.0Related StoriesCIC sets its sights on major global roleCIC leads Vale talks to secure iron ore suppliesChinas top sovereign wealth fund quadruples in total assets in 8 yearsFund return hit by commodities, strong dollarChina sovereign fund seeks control of Yum ChinaPhotoHangzhou summit in motionSix firsts at this years G20 SummitLincoln starts pre-sales of ContinentalFive proposals to shore up global economic growth: XiItalian PM visits Xixi park of Alibaba GroupB20 summit concludes in HangzhouChina Economy By NumbersChina Economy by Numbers – Dec China Economy by Numbers – Nov NewsmakerCEO Q&A – Ton Büchner of AkzoNobel Chinese buyers circle soccer super agent Stellar GroupMost ViewedTodays Top NewsBMWs new breed of luxury cars: strong, powerful, clean and greenG20 summit concludes in Chinas HangzhouTech tycoons support Xis innovation visioniFLYTEK to boost AI investmentsXinjiang electric supplier follows Belt and RoadCBRC pushes green financePSA eyes new start in ChengduTV makers pin hopes on AR techHot TopicsFiat SpA Peugeot SA Taxi app Internet finance Housing price Disneyland WeChatEditors PicksTop 10 saving countries in the world Top 5 smart home applications attracting Chinese consumers Top 10 least affordable provincial-level regions in China Top 10 FDI sources for Chinese mainland in Jan-April Specials2016 Summer DavosWorld Robot Conference 2015Made in China – fight against counterfeit goods…| About China Daily | Advertise on Site | Contact Us | Job Offer | Expat Employment |Copyright 1995 -var oTime = new Date();
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