China Investment Corporation Deputy General Manager Wang Jianxi said Wednesday that CIC's investment and losses in Japanese companies have been largely exaggerated by the media and are far less than reported figures.

Earlier this month, the 21st Century Business Herald carried reports saying CIC suffered huge losses from its 522.2-billion-yen (about 40.4 billion yuan) investment in 10 major Japanese companies. The newspaper also said the sovereign wealth fund had invested 35.9 billion yen (about 2.935 billion yuan) in Tokyo Electric Power Co., whose share prices dropped about 40 percent after Japan's earthquake.

CIC's investment in the 10 Japanese companies is far less than 522.2 billion yen and its stake in Tokyo Electric Power Co. is also much smaller than the reported 35.9 billion yen, Wang said. However, he declined to disclose more details concerning CIC's investments in Japan.

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