The new China Investment Corporation (CIC), with registered
capital of 200 billion U.S. dollars, would invest just 60 to 70
billion U.S. dollars abroad, said Chinese Premier Wen Jiabao in Beijing on Friday.
Wen said 60 billion U.S. dollars of the fund's registered
capital had been injected into commercial banks to support their
reforms. He spoke to reporters after meeting with British Prime
Minister Gordon Brown, who arrived in China this morning for a
three-day visit.
"The amount of capital to be invested abroad is not as large,
since we will continue to push forward the reform of other
state-owned commercial banks, which would require further capital
injections from CIC," said Wen.
He said that the establishment and operation of the sovereign
fund was free from government interference.
Brown said that his government welcomed the creation of the fund
and its potential for investing in the United Kingdom.
(Xinhua News Agency January 18, 2008)
