China Investment Corporation (CIC) is planning to open its first overseas office in London at the invitation of the British government, according to the March 20 edition of the Oriental Morning Post. Recruitment of overseas staff will complete next month.

"The sub-prime crisis has created a demand for Chinese capital," said Shen Minggao, chief economist with Citibank China.

Less than a year ago, western countries were wary of investment from China, especially in the form of sovereign wealth funds. But with the tightening of liquidity, these funds are now regarded as a crucial source of capital.

CIC could not be reached for comment.

For more details, please read the full story in Chinese (http://www.dfdaily.com/node2/node27/node119/userobject1ai63464.shtml).

(China.org.cn March 20, 2008)