CIC has no intention to buy European bonds

By Yan Pei
0 Comment(s)Print E-mail, September 26, 2011
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China Investment Corporation's general manager Gao Xiqing said over the weekend that his company had no intention to invest in European bonds. [File photo]

China Investment Corporation (CIC), the country's sovereign wealth fund, needs to protect its own interests first and has no intention to buy European bonds, the fund's general manager said over the weekend, reported Monday.

"You all heard that our premier said China is willing to support Europe," Gao Xiqing said, speaking at an annual meeting of the International Monetary Fund in Washington, D.C. "But as a company, CIC's mandate from the government is to maintain a certain amount of profit. We cannot just go to Europe and save someone; we need to protect ourselves."

Word had spread before the meeting that the BRICS nations – Brazil, Russia, India, China and South Africa – would help the eurozone overcome the debt crisis. Later, the five countries confirmed they will consider offering support to the eurozone via cooperation with international institutions.

But neither European nations, the IMF nor BRICS nations showed interest in support efforts at the press briefing after the IMF's annual meeting.

Sharon Bowles told that the European Union (EU) still count on forces inside the eurozone as the main solution to the debt crisis.

"Of course, the BRIC nations have offered some support to Europe, and we welcome them to buy European bonds," she said. "But the main force to solve the crisis must come from within the eurozone and the EU."

China's business press carried the story above on Monday.

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