China sovereign wealth fund returns to profit in overseas investment
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China's sovereign wealth fund China Investment Corporation (CIC) said Tuesday that its overseas investment returned to profit in 2016 despite uncertainties in the global investment environment.

CIC posted a U.S. dollar-denominated net return of 6.22 percent in overseas investment last year, compared with a loss of 2.96 percent in 2015.

The year 2016 was an extraordinary year for the fund, CIC Vice Chairman and President Tu Guangshao said in its annual report.

Facing a complex global landscape fraught with uncertainties, CIC achieved encouraging results through internationalized, market-oriented and professional operations, Tu said.

The fund has seen a net cumulative annualized return of 4.76 percent in overseas investment since its establishment, according to the report.

Its total assets had grown to 813.5 billion dollars by the end of last year.

In CIC's overseas investment portfolio, public equity, fixed income, alternative assets and cash products accounted for 45.87 percent, 15.01 percent, 37.24 percent and 1.88 percent, respectively.

For 2017, Tu cautioned that the global investment environment presented high volatility, citing rising uncertainties in global politics and policies.

"Global growth for 2017 should pick up speed, but the downside risks cannot be overlooked," he said.

Headquartered in Beijing, CIC was established as a vehicle to diversify China's foreign exchange holdings and seek maximum returns for its shareholders within acceptable risk tolerance.

China's forex reserves stood at 3.057 trillion dollars at the end of June.

CIC invests overseas through two subsidiaries: CIC International and CIC Capital.

Author： 　　　Source：xinhua　　　 Editor：Yang Fan