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Premier: Sovereign fund to invest only 1/3 of its capital abroad
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The new China Investment Corporation (CIC), with registered capital of 200 billion U.S. dollars, would invest just 60 to 70 billion U.S. dollars abroad, said Chinese Premier Wen Jiabao in Beijing on Friday.


Wen said 60 billion U.S. dollars of the fund's registered capital had been injected into commercial banks to support their reforms. He spoke to reporters after meeting with British Prime Minister Gordon Brown, who arrived in China this morning for a three-day visit.


"The amount of capital to be invested abroad is not as large, since we will continue to push forward the reform of other state-owned commercial banks, which would require further capital injections from CIC," said Wen.


He said that the establishment and operation of the sovereign fund was free from government interference.


Brown said that his government welcomed the creation of the fund and its potential for investing in the United Kingdom.


(Xinhua News Agency January 18, 2008)

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