CIC said to be slowing down investment
07-01-2009
The Shanghai Securities News has reported that the country's sovereign wealth fund will hold back from investing further at the moment due to the global financial crisis. The Vice Executive President of the China Investment Corporation, Zhang Hongli, told the newspaper that the company, which manages US$200 billion of the country's foreign exchange reserve, had slowed its investment plans since September. The Corporation has lost nearly US$4 billion from the stakes it bought in Morgan Stanley and Blackstone in 2007.
