Wealth fund CIC targets emerging economies

BEIJING - China Investment Corporation (CIC), the nation's sovereign wealth fund, is planning to further expand its overseas investment in developing economies, said Lou Jiwei, the company's chairman.

Lou said that the rate of return from CIC's investments in 2010 was almost the same as the 11.7 percent figure posted in 2009, and higher than the average rate of China's other big investment companies. However, Lou declined to reveal the exact figure until the publication of CIC's annual report, although the release date has yet to be publicly announced.

Lou said that the company's board of directors intends to raise more funds and accelerate the pace of expansion in overseas investment, especially in developing markets.