"CIC Capital will follow CIC's investment principles as a long-term financial investor that invests on a commercial basis and is entitled to invest globally with a focus on such sectors as infrastructure and agriculture," according to a statement.

The new subsidiary has initial funds for investment of $5 billion, all of which came from CIC.

Ding said earlier that its overseas direct investment business will complement the Asian Infrastructure Investment Bank and the $40 billion Silk Road Fund. All these lenders and investors will support the country's initiatives known as the Silk Road Economic Belt and 21st Century Maritime Silk Road.

"Unlike those two financial institutions, as a sovereign wealth fund, CIC Capital will focus on long-term investment projects to achieve sustainable business growth."

Another subsidiary, Central Huijin Investment Ltd, holds large stakes in major State-owned financial enterprises in China. By the end of last year, it had 65.52 percent of the equity in the Bank of China Ltd, 57.25 percent of China Construction Bank Corp and 47.63 percent of the China Development Bank, the policy bank, the report showed.