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Reporters' Log

CIC to increase holdings in China's 'Big 3' banks

By Diao Ying and Zheng Lifei (chinadaily.com.cn)
Updated: 2009-03-04 13:34

China Investment Corporation (CIC), the country's $200 billion sovereign wealth fund, will continue to increase its holdings in the nation's three biggest State-owned banks, including their H shares, Wang Jianxi, CIC's vice-general manager said Wednesday on the sidelines of the ongoing annual sessions of the Chinese People's Political Consultative Conference (CPPCC).

Wang said CIC would continue to buy shares in Industrial and Commercial Bank of China, Bank of China and China Construction Bank, which will also include their H shares.

CIC will seek investment opportunities in consumer goods, manufacturing and resources companies this year, said Wang, who is also CIC's chief risk officer.

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