Why was CIC established?Learn More
CIC was incorporated in September 29, 2007. It was established as a vehicle to diversify China's foreign exchange holdings and seek maximum returns for its shareholder within acceptable risk tolerance.
Where did CIC's original registered capital come from?Learn More
CIC was initially capitalized with $200 billion in reserves purchased from the People's Bank of China in exchange for RMB1,550 billion in sovereign bonds issued by the Ministry of Finance. The state has injected a total of $49 billion into China Investment Corporation International Co., Ltd. (CIC International), a wholly owned subsidiary of CIC.
What CIC does?Learn More
CIC is mandated to make overseas investments and equity investments in financial institutions in China. CIC’s overseas investment activities, undertaken by CIC International and CIC Capital, include public equity and bond investments; hedge fund and multi-asset investments; industry-wide private equity and private credit investments; direct investments and fund investments in sectors such as real estate, infrastructure, resources and energy, and agriculture; and the management of bilateral and multilateral funds.
Central Huijin undertakes equity investments in state-owned financial institutions in China. Without interfering in the day-to-day operations of its portfolio companies, Central Huijin exercises its rights and performs its obligations as a shareholder to the extent of its capital contribution.
Strict firewalls separate the overseas investment activities of CIC International and CIC Capital and the domestic equity management operations of Central Huijin.
What are CIC's overseas investment principles?Learn More
CIC is committed to its role as a prudent, professional, and responsible investor operating globally with a good reputation. The principles that underlie CIC's investment activities are: CIC invests on a commercial basis. Its objective is to seek maximum returns for its shareholder within acceptable risk tolerance. CIC is a responsible investor, abiding by the laws and regulations of China and of recipient countries and regions and conscientiously fulfilling its corporate social responsibilities. CIC is a financial investor and does not seek control of the companies in its portfolio. CIC pursues investments based on in-depth research within an asset allocation framework to ensure a prudent and disciplined approach in both decision-making and investment activities.
How does CIC structure its overseas investment portfolio?Learn More
CIC invests in a wide range of financial products globally, including public equity, fixed income, alternative assets, cash products and others. Public equity refers to equity investment in listed companies. Fixed income refers to bonds, including sovereign and corporate bonds. Alternatives assets include hedge funds, multi-asset investments, industry-wide private equity, private credit, real estate, infrastructure, and resources/commodities. Cash products and others include cash, overnight deposits, US Treasury bills, etc..
What is CIC's investment decision-making process?Learn More
CIC seeks to continuously optimize its management tools and decision-making standards and processes. We have developed a sound, disciplined, and efficient investment decision-making framework that gives due consideration to quality, efficiency, and compliance. This decision-making framework underpins our ability to make well-structured, professional, and effective overseas investments.
At present, investment decisions at different levels and for different asset classes are implemented by four committees: the Asset Allocation and Investment Policy Committee, the Public Market Investment Committee, the Private Market Investment Committee and the Dynamic Asset Allocation Committee. CIC has issued pertinent rules in order to further enhance the efficiency and quality of decision-making and clarify the authority and accountability in relation to investment management.
Pursuant to guidelines set by the Board of Directors and the Executive Committee, the Asset Allocation and Investment Policy Committee, the Public Market Investment Committee, the Private Market Investment Committee, and the Dynamic Asset Allocation Committee formulate investment strategies, policies, and performance and risk targets, and also devise or revise investment management systems and procedures accordingly. These committees convene regularly (and on an ad hoc basis when necessary) to review investment proposals and take independent investment decisions.
To further improve the efficiency and quality of investment decisions, the company expanded its team of dedicated investment committee members and has continued to fine-tune relevant working procedures. Dedicated members participate throughout the entire investment decision process, leveraging their strengths as independent and dedicated professionals with a holistic view and evaluation expertise.
How does CIC evaluate and manage investment risks?Learn More
The objective of risk management is to put in place effective policies, mechanisms, systems, and processes for investment and operations to maximize the returns for the shareholder within an acceptable risk tolerance.
CIC advocates comprehensive risk management. The company further enhanced its risk governance framework by establishing a Risk Management Committee under the Board of Directors. This initiative strengthened the role of the board in providing guidance, coordination, and supervision on material risk management matters. The company also put in place a Comprehensive Risk Management Committee under the Executive Committee and three subcommittees to further boost risk management capabilities in their respective areas.
CIC rigorously enforces its "three lines of defense". The first line of defense consists of each department takes direct responsibility for the risk management of its own business. The second line of defense consists of the Department of Risk Management leads the company's overall risk management efforts and works in concert with the relevant departments to develop and fine-tune the company's risk management policies, systems, and processes. The third line of defense consists of the Audit Department reviews and evaluates the effectiveness of the risk management system and acts as the supervisor of risk management activities.
CIC has put in place a comprehensive risk management system that addresses eleven types of risk, including market risk, credit risk, operational risk, liquidity risk, and country risk. To ensure the orderly operation of investment activities within our risk tolerances, the company continues to enrich its risk management toolkits for all portfolio tiers, including the total portfolio, asset classes, and strategies/ deals, and has strengthened oversight of the feedback mechanism.
How does CIC evaluate investment performance?Learn More
CIC is a long-term institutional investor with a 10-year investment horizon that applies annualized rolling returns as its key performance metric.
Does CIC have overseas branches?Learn More
CIC has two overseas branches—China Investment Corporation International (Hong Kong) Co., Ltd. and CIC Representative Office in New York.
How is CIC's global outreach?Learn More
As a responsible global institutional investor and a valuable partner, CIC has always exercised prudence and professionalism, establishing an international profile as a sovereign wealth fund that operates on international, market-oriented and professional basis.
As a charter member of the International Forum of Sovereign Wealth Funds (IFSWF), CIC has implemented Generally Accepted Principles and Practices — the Santiago Principles in good faith and actively participated in the IFSWF. CIC is committed to facilitating the wider acceptance of the Santiago Principles, engaging in investment and risk management cooperation among sovereign wealth funds, and contributing to the improvement of the global investment environment.
From the outset, CIC has fostered a high degree of transparency, a practice appreciated by recipient countries or regions and business partners. Through its official website, WeChat account, annual reports, spokesperson, press releases, and other channels, CIC discloses key operational and management information on corporate governance, investment strategies and philosophies, major investment activities, sustainable development, executive personnel changes, investment performance, and so on.
What is in CIC's annual report? When is the report released?Learn More
CIC has started to release annual reports since 2009. These reports contain information on CIC's corporate overview, culture and core values, governance, investment and risk management, human resources, global outreach and financial statements.
How can I join CIC? Does CIC provide career opportunities for foreign citizens?Learn More
As a global investment institution, CIC encourages individual career advancement. CIC welcomes talent with diverse cultural backgrounds from all over the world to bring wisdom, passion and creativity to the firm. In return, CIC provides challenging career opportunities in different regions. CIC provides equal opportunities for all applicants, regardless of nationality. Apply now.