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China's sovereign fund in 'no hurry to invest overseas'

By Hao Zhou (chinadaily.com.cn)
Updated: 2008-12-17 19:28

In the face of the global financial crisis, China Investment Corporation (CIC), the country's sovereign fund, has no interest in an imminent overseas expansion, said Wang Jianxi, CIC deputy general manager.

Wang was quoted by China Business News that right now, in major developed countries around the world, risks are high and policy trends uncertain.

Sovereign funds are also facing some special obstacles and are denied access to invest in such things as crude oils and strategic minerals.

Wang also noted that developed countries tend to regard sovereignty funds as controlled by foreign governments and therefore likely to cause more problems when they come to compete with private capital.

Amid the global financial crisis, many other sovereign funds have left the overseas market and turned to invest domestically. However, CIC, which manages $200 billion of China's foreign exchange reserves, is not allowed to invest in the domestic market, Wang said.

But Wang did not say what investment strategy CIC is to follow in the current market conditions.