China Investment Corporation (CIC), the country's US$200 million sovereign fund, is now facing more investment opportunities overseas, especially in Europe, said Lou Jiwei, Chairman and CEO of CIC.
Last year, a lot of Chinese companies suffered from widespread protectionism, Lou said. For example, the European Union required Chinese companies to invest no more than 10% of the total stakes or to give up the rights of voting. "We couldn't say yes to that," Lou said, adding humorously that protectionism saved CIC from making investment losses in Europe.
However, investment conditions have improved a lot for CIC amid the ongoing financial crisis. "Some countries, especially some EU members have started to welcome our investment," said Lou.
Lou reiterated that the sovereign fund will continue to adopt a "prudent and decisive" investment strategy this year.
For more details, please read the Chinese full coverage at:
http://paper.cnstock.com/html/2009-04/20/content_68622960.htm
(China.org.cn April 20, 2009)
