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Beijing To Overhaul $300B CIC

Beijing is planning to reorganize the $300 billion sovereign wealth fund China Investment Corp.

Beijing is planning to reorganize the $300 billion sovereign wealth fund China Investment Corp. (CIC), Reuters reports, citing China Business News. CIC’s domestic arm Central Huijin Investment may be sold to allow the unit to come under the purview of a proposed new financial regulator.

The government, which was initially planning to create a new entity CIC International that will concentrate on the fund’s overseas investments, has submitted a proposal to China’s State Council for the same. The central bank will put nearly $15.68 billion of new funds into CIC International. CIC will retain a controlling stake in both of its units.

Click here for the story from Reuters.

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