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China's sovereign wealth fund beats return targets
From:ChinaDaily   |  2020-09-25 18:21

The overseas investment of China's sovereign wealth fund achieved an annualized cumulative net return of 6.6 percent from 2010 to 2019, beating its 10-year performance target by 92 basis points, China Investment Corp said on Friday.

The net return rate of overseas investment for last year came in at 17.41 percent, with investment return amounting to $42.2 billion, the CIC said in its annual report for 2019 released on Friday.

"With strong implementation of the company's Five-Year Strategic Plan, the CIC successfully achieved all operational targets for the year," said Peng Chun, chairman and CEO of the company.

Peng said the company will continue to operate on an international, market-driven and professional basis and deepen cooperation with its partners for common progress, stressing the importance of global cooperation in the face of the COVID-19 global pandemic.

Although the pandemic has deteriorated the global investment environment, the CIC managed to achieve a better-than-benchmark performance in overseas investment the first half of this year as it swiftly shifted into an emergency management mode, the company said.

CIC also actively performed its social responsibility overseas amid the pandemic, providing medical supplies and personal protective equipment to its partners and inviting Chinese medical experts to share their experience in fighting the pandemic.

As of the end of 2019, total assets of the CIC surpassed the milestone of $1 trillion, reaching $1.05 trillion with net assets of $946.9 billion.

CIC's overseas portfolio currently consists of public equity, fixed income, alternative investments and cash products, respectively taking up 38.9, 17.7, 42.2 and 1.2 percent of the total, the company said.

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