Sovereign wealth fund China Investment Corp. (CIC) has received the approval from China’s cabinet for separation from its wholly owned unit Central Huijin Investment, MarketWatch reports. Following the move, the government will set up a new entity CIC International, to be owned jointly by CIC, the finance ministry and the central bank. CIC held assets worth $410 billion at the end of last year
The new company will be established to concentrate on overseas investment. CIC will also retain a controlling stake in Central Huijin, which owns large stakes in state-run banks.
Click here for the story from MarketWatch.
