By Xinhua
Beijing : China Investment Corporate Ltd. (CIC), the country’s long-awaited state forex investment company set up to make better use of its huge foreign exchange reserve, was inaugurated on Saturday.
The CIC, with a registered capital of 200 billion U.S. dollars, is a solely state-owned company, according to the company sources.
Lou Jiwei, current deputy secretary-general of the State Council, was appointed the CIC’s board chairman, while Gao Xiqing, now vice chairman of the National Council for Social Security Fund,was designated the general manager, the sources said.
Hu Huaibang, Commissioner of Discipline Inspection with the China Banking Regulatory Commission, took the post as chief supervisor, said the sources.
The company, to be operated in a completely commercial way despite its governmental backup, will mainly pursue combined investment in overseas financial markets.
“It will deal with its forex investment business independently by persisting in the principle of separating government functions from company management,” the sources said.
The company will try to maximize the proceeds via long-term investments within a range of acceptable risks, said the sources.