Special Report: 17th CPC National
Congress
BEIJING, Oct. 16 (Xinhua) -- China Investment Corporate Ltd. (CIC), the
country's state forex investment company set up to make better use of its huge
foreign exchange reserve, will invest in all markets worldwide except those with
the settlement of exchange in Renminbi, board chairman Lou Jiwei said here
Tuesday.
Lou, a delegate to the 17th National Congress of the Communist Party of
China (CPC), made the remarks on the sidelines of the congress.
"The company will operate in a completely commercial way. Some media
reports said that China has political considerations behind the company, I think
that is an unnecessary worry," Lou said.
The company that was inaugurated late last month has a board of directors
and a supervisory committee, which ensures its commercial operation, Lou said.
It is now working on corporate regulations and building up its team,
according to Lou.
The company will communicate with international financial institutions,
multinational organizations and supervisory institutions in related countries,
he said.
The registered capital of 200 billion U.S. dollars of the corporate all
comes from the forex reserve of the country, which will be obtained with the
issuance of 1.55 trillion yuan special treasury bonds by the Ministry of
Finance.
China's foreign exchange reserve reached 1.43 trillion U.S. dollars by the
end of September, up 45.1 percent year-on-year, according to the People's Bank
of China.
In May, the new company, still in preparation, made its first investment in
non-voting shares, valued at 3 billion U.S. dollars, in the U.S. private equity
firm, the Blackstone Group.
