Sovereign fund CIC's overseas investments swing into the black

China's sovereign wealth fund China Investment Corp on Tuesday posted a 6.22 percent return on its overseas investments last year, reversing a loss in the previous year.

The investment gain, compared with the negative 2.96 percent return in 2015, was boosted by a rally in the stock markets in the US and Europe, as well as active adjustment of CIC's investment portfolio, Li Wenping, managing director of CIC's department of finance, told reporters at a news conference.

The $813.5 billion sovereign wealth fund reported a total net profit of $75.3 billion last year, up from $73.9 billion in the previous year, according to its 2016 annual report released on Tuesday.