China Investment Corp. (CIC), the country's sovereign wealth fund, plans to participate in the bid for Russian state-owned assets, Executive Vice President Wang Jianxi said recently.

"We want to participate in the privatization," said Wang during a visit in Moscow. The privatization is expected to raise US$50 billion.

The Russian government is currently under active talks with potential bidders.

According to Wang, besides the energy sector, CIC is also interested in agriculture, finance and electric power industries. The sovereign wealth fund is also looking at companies that give 5 to 6 percent of their net profit as dividends. "If it is a small company with little risk, a 5-to-6 percent is also acceptable," added Wang.

CIC thinks developed markets are intensively regulated and is shifting its investment focus on emerging markets, Wang noted. "We have no geopolitical goals or strategic purposes. But we are profit-driven," said Wang.

Russian Finance Minister Alexei Kudrin said last month that Russia plans to sell US$10 billion worth of assets per year for about five years. Some of Russia's key companies will be auctioned.

China's business press carried the story above on Friday. China.org.cn has not checked the stories and does not vouch for their accuracy.