China Investment Corporation halves funding request to $100 Billion

According to Reuters, “China Investment Corp (CIC), the country’s $300 billion sovereign wealth fund, has cut by half, to $100 billion, the amount of new funding it is seeking from the government, according to domestic media.

An earlier proposal by CIC to the finance ministry for $200 billion in additional funding was not approved, the China Business News said, citing an unnamed source.

Media reports early this year and late last year said that CIC was seeking an additional $200 billion in cash to manage. The fund completed most of its investments for its initial funding in 2009, leaving relatively little cash on hand, but whether it would receive new funding was up to the central government to decide, Executive Vice President Jesse Wang said last month.”
read more: Reuters



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