Source: CCTV.com
11-08-2007 11:06
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China's Vice Minister of Finance Li Yong has disclosed plans for the China Investment Corporation, or CIC, dispelling rumors that China will try to buy out European and American companies in large numbers.
On Wednesday, Li said a third of CIC's capital would be used to buy Central Huijin, the investment arm of the central bank. Central Huijin controls China's major state-owned commercial banks. Another third would go towards replenishing the capital of the Agricultural Bank of China and China Development Bank. And the remainder would be invested in the global financial markets.
Li also said the CIC's investment in world financial markets would be realized in a gradual and cautious way.
Editor:Xiong Qu
