SovereignWealthFunds.comChina Investment Corporation
China Investment Corporation: what it invests in
Geography Domestic and global
China Investment Corporation: how big it is, and on what basis
In US dollars: about USD 1,567.3B. CIC reports in US dollars.
10-year net return 6.92% a year (to 2024, USD)
China Investment Corporation: what it publishes
Published 6 · Partly 4 · Not published 0
Our 10 item score. It measures what is public, not how well a fund is run.
- Transparency scoreS8
- 8.0 of 10
At a glance. China Investment Corporation (CIC) is China's sovereign wealth fund, set up in 2007 to invest part of the country's foreign exchange reserves. It reported total assets of USD 1.567 trillion and net assets of USD 1.370 trillion at the end of 2024. Overseas, it runs a global portfolio with about half in alternatives; at home, its arm Central Huijin holds the state's stakes in major banks and financial firms. S1
Key points
- Ten-year annualised net overseas return of 6.92 percent in US dollars to 2024, 61 basis points above its target; 6.39 percent a year since 2007. S3 S1
- Alternatives were 48.49 percent of the global portfolio at end 2024, public equity 34.65 percent, fixed income 15.53 percent and cash 1.33 percent. S1
- About 62.5 percent of the overseas portfolio is run by external managers and 37.5 percent in house. S1
- 2024 net profit was USD 140.6B, up from USD 107.9B in 2023. S1 S4
- Central Huijin oversaw CNY 6.87 trillion of state financial capital at end 2024 across direct stakes in 19 institutions, with seven more being transferred from 2025. S1 S3
- For 2026 to 2030 the Chairman plans more emerging market exposure, more in-house public market investing and more direct and co-investment in private markets. S5
Interesting facts
- Its USD 200B of start-up capital was raised by the Ministry of Finance selling CNY 1.55 trillion of special bonds, and about USD 67B of it went to buying Central Huijin. S1 S6
- Its first overseas deals in 2007 were a USD 3B stake in Blackstone before its IPO and USD 5.5B in Morgan Stanley. S6
- In 2024 its operating and management fees were only USD 546M against USD 150.9B of operating income. S1
Mandate and goals
CIC has two mandates: invest overseas on a commercial basis to diversify China's foreign exchange holdings and earn the best return within an accepted level of risk, and hold state equity in key Chinese financial institutions through Central Huijin without running them day to day. S1
- Diversify the investment of China's foreign exchange reserves. S1
- Seek the highest return for its shareholder within acceptable risk. S1
- Act as a financial investor that does not seek control of portfolio companies. S1
- Exercise the state's rights as shareholder in key financial institutions, to the extent of its capital contribution. S1
- Grow into a world-class and respected sovereign wealth fund, under the Strategic Plan 2023 to 2025 and Visionary Goals 2030. S1
- Return target: A 10-year annualised performance target; the 2015 to 2024 return beat it by 61 basis points. S3
How it invests
| Industries | Technology, Financial services, Healthcare and life sciences, Consumer and retail, Industrials and manufacturing, Real estate, Infrastructure and utilities, Agriculture and food security. Sector agnostic S1 |
|---|---|
| Asset classes | Public equities, Fixed income, Private equity, Private credit, Hedge funds and absolute return, Real estate, Infrastructure, Commodities and gold, Strategic state holdings S1 |
| Stages | Public markets, Buyout, Growth, Credit, Real estate, Infrastructure S1 |
| Geography | Domestic and global. Overseas book run from Beijing, Hong Kong, New York and London, with a Middle East platform; no country split is published. Central Huijin is wholly domestic S1 S5 |
| Direct / through funds / co-invest | Yes / Yes / Yes S1 S5 |
| Managed in house | 37.47 percent S1 S5 |
| Ticket size | No minimum or target ticket is published. S6 |
| Deal sizes seen | About USD 726M (Heathrow, 2012) to USD 13.49B (Logicor, 2017) in reported deals |
| External managers | 62.53 percent of the overseas portfolio was externally managed at end 2024, across public markets, hedge funds and private market funds S1 S9 |
| Co-investment programme | Builds co-investment partnerships with leading managers and peer sovereign funds; a founding member of the China-ASEAN Joint Investment Council in 2026 S1 S10 |
Asset mix: Alternative assets 48.49%, Public equity 34.65%, Fixed income 15.53%, Cash and other 1.33% (as of 2025-12-09) S1
Sector weights: Information technology 25.85%, Financials 16.41%, Consumer discretionary 11.85%, Health care 9.88%, Industrials 9.72%, Telecom services 9.26% (as of 2025-12-09) S1
Largest holdings: China Development Bank, ICBC, Agricultural Bank of China, Bank of China, China Construction Bank, China Everbright Group, CICC, China Galaxy Financial Holding (as of 2025-12-09) S1
Published criteria
- Invests on a commercial basis as a financial investor and does not seek control. S1
- Decisions rest on in-depth research within a three-layer framework: reference portfolio, policy portfolio and actual portfolio. S1
- Private market themes named in the 2024 report: energy transition, agriculture and the food value chain, specialty drug supply, real estate in high-growth regions and connectivity infrastructure. S1
- Bilateral funds back companies that can grow by tapping the Chinese market. S1
Past investments
| Year | Investment | Type | Sector | Stage | Amount | Stake |
|---|---|---|---|---|---|---|
| 2026 | China-ASEAN Joint Investment Council. Founding member of a sovereign investor council launched in Xiamen with GPF, INA, Khazanah and SOFAZ. S10 | Joint venture or partnership | Multi-sector | Not stated | Not published | |
| 2025 | US private equity fund interests. Sale of fund interests on the secondary market. S9 | Sale or exit | Multi-sector | Buyout | About USD 1B | |
| 2025 | Seven financial institutions moved to Central Huijin. Includes China Great Wall, China Orient and China Cinda asset managers and China Securities Finance. S1 | State asset transfer | Financial services | Not stated | Not published | |
| 2020 | Bilateral industrial cooperation funds. Four funds formed with partners in France, Italy, the UK and Japan. S6 | Fund commitment | Industrials and manufacturing | Growth | Not published | |
| 2017 | Logicor. Pan-European logistics property platform bought from Blackstone. S6 | Direct investment | Real estate | Real estate | USD 13.49B | |
| 2016 | 1221 Avenue of the Americas. Stake of 45 percent in a Manhattan office tower. S6 | Direct investment | Real estate | Real estate | USD 1B | 45% |
| 2013 | Uralkali. Stake of 12.5 percent in the potash producer. S6 | Direct investment | Agriculture and food security | Public markets | Not published | 12.5% |
| 2012 | Heathrow Airport Holdings. Stake of 10 percent in the London airport owner. S6 | Direct investment | Infrastructure and utilities | Infrastructure | USD 726M | 10% |
| 2010 | BTG Pactual. Part of a consortium investing in the Brazilian investment bank. S6 | Co-investment | Financial services | Growth | USD 1.8B (consortium) | |
| 2009 | Songbird Estates (Canary Wharf). Became a largest shareholder alongside Qatar Holding. S6 | Co-investment | Real estate | Real estate | Not published | |
| 2009 | CITIC Group. Stake of 40 percent. S6 | Direct investment | Financial services | Not stated | Not published | 40% |
| 2007 | Morgan Stanley. Investment in the US bank; a further USD 1.2B followed in 2009. S6 | Direct investment | Financial services | Public markets | USD 5.5B | |
| 2007 | Blackstone. Non-voting stake of 9.9 percent before the IPO. S6 | Direct investment | Financial services | Growth | USD 3B | 9.9% |
Case studies
Logicor: a pan-European logistics platform in one deal S6
- What: CIC bought the Logicor warehouse portfolio from Blackstone.
- When: 2017
- Size: USD 13.49B
- Why: Shows CIC's use of large direct real estate deals to diversify away from listed markets.
Central Huijin: the domestic anchor S1 S3
- What: Central Huijin holds the state's stakes in major banks, insurers and brokers, and took on seven more institutions from 2025.
- When: 2007 to 2025
- Size: CNY 6.87 trillion of state financial capital at end 2024
- Why: The state uses CIC to hold and steward its financial sector equity at arm's length from management.
- Outcome: Stakes in 19 institutions at end 2024, rising as transfers complete.
China-ASEAN Joint Investment Council S10
- What: CIC and four peer sovereign funds launched a council to channel joint investment into the region.
- When: September 2026
- Size: Not published
- Why: Matches the 2026 to 2030 plan to step up investment in emerging markets and partner with peers.
Investment process
The Board sets strategy, budget and senior appointments; the Executive Committee carries them out. Deals pass investment review, the asset committee, the allocation and policy committee and the Executive Committee. S1
| Committee | Role |
|---|---|
| Asset Allocation and Investment Policy Committee | Sets allocation and approves investments after the asset committees S1 |
| Public Market, Private Market and Dynamic Asset Allocation committees | Review deals and mandates in their asset class S1 |
| Comprehensive Risk Management Committee | Executive level risk oversight with three sub-committees S1 |
| Board committees | Strategy and Social Responsibility, Risk Management, Appointment and Remuneration, and Audit S1 |
- Origination by the asset class team within the policy portfolio. S1
- Review by investment review specialists. S1
- Approval by the relevant asset committee. S1
- Final approval by the Asset Allocation and Investment Policy Committee and the Executive Committee. S1
- Monitoring on 10-year annualised rolling returns. S1
How to approach: No open intake or application channel is published. The annual report lists addresses for the Beijing head office, CIC International in Hong Kong and offices in New York and London. S1
Size and returns
- Headline size: USD 1,567B (Total assets (balance sheet), as of 2025-12-09) S1 S3
- In US dollars: about USD 1,567.3B. CIC reports in US dollars.
- Net assets: USD 1,370B (Net assets or equity, as of 2025-12-09) S1
- State financial capital under Central Huijin: CNY 6.87 trillion (Fair value of state company holdings, as of 2025-12-09) S1
- Return, 10 years to 2024: 6.92 percent a year (net, USD, overseas portfolio only) S3
- Return, since inception to 2024: 6.39 percent a year S1
- Return, 10 years to 2023: 6.57 percent a year S4
- Return, 10 years to 2022: 6.43 percent a year S7
- Size over time (USD billion): 2021 1,350.9, 2022 1,239.9, 2023 1,332.1, 2024 1,567.3 S1 S7
Leadership
| Name | Title | Since |
|---|---|---|
| Zhang Qingsong | Chairman and Chief Executive Officer S8 | 2024-12 |
| Wu Wei | Vice Chairman and President S11 | 2026-08-21 |
| Liu Jinbo | Executive Director S8 | Not published |
| Guo Xiangjun | Executive Vice President, Chief Strategy Officer and Deputy Chief Investment Officer S8 | Not published |
| Zhang Shaoqing | Executive Vice President and Deputy Chief Investment Officer S8 | Not published |
| Liu Jiawang | Executive Vice President S8 | Not published |
| Chen Zhong | Executive Vice President S8 | Not published |
| Wu Yingchun | Executive Vice President and Chief Risk Officer S8 S12 | 2026-06 |
| Li Jiange | Independent Director S1 | Not published |
| Bai Chong'en | Independent Director S1 | Not published |
Governance and transparency
- Legal basis: Wholly state-owned company under China's Company Law, reporting ultimately to the State Council S1
- Oversight: Board of Directors, Board of Supervisors and Executive Committee; non-executive directors include senior officials of the Ministry of Finance, the central bank, SAFE and the NDRC S1
- Auditor: Independent auditor gave an unqualified opinion on 2024; the firm is not named S1
- Santiago Principles: IFSWF full member; says it has implemented the Santiago Principles in good faith and has published self-assessments for 2019, 2022 and 2025 S2 S13
- Firewalls separate the overseas arms from Central Huijin. S1
- Three lines of defence covering twelve risk categories, from market and credit risk to geopolitical and climate risk. S1
- International Advisory Council of 14 experts, set up in July 2009, meets yearly. S1
Transparency score: 8.0 of 10 (band 4 of 5). Our own 10-item rubric; see the methodology page.
History
| Date | Event |
|---|---|
| 2007-09 | Incorporated with USD 200B; acquires Central Huijin; first deals in Blackstone and Morgan Stanley. S6 |
| 2008 | Joins the group that became IFSWF and signs up to the Santiago Principles. S6 |
| 2009-07 | International Advisory Council founded. S1 |
| 2015-01 | CIC Capital set up for direct and co-investment. S6 |
| 2020 | Four bilateral industrial cooperation funds formed. S6 |
| 2024-12 | Zhang Qingsong becomes Chairman and CEO; London office registered. S6 |
| 2025 | Seven more financial institutions begin moving to Central Huijin. S1 |
| 2025-12-09 | 2024 annual report released. S3 |
| 2026-08-21 | Wu Wei appointed Vice Chairman and President. S11 |
| 2026-09-08 | China-ASEAN Joint Investment Council launched in Xiamen. S10 |
For family offices
CIC has no programme for private or family capital. Outside partners reach it through manager mandates, co-investment and peer sovereign fund platforms. S1 S15
- Appoints external managers for most of its overseas book, across public markets, hedge funds and private market funds. S1
- Co-invests with leading private market managers and peer sovereign funds. S1 S10
- Sovereign-anchored platforms such as Galaxy Orientis, a China-ASEAN private equity programme run by CGS International. S15
Reports
- Annual Report 2024: https://www.china-inv.cn/chinainven/xhtml/Media/2024EN.pdf S1
- Annual Report 2023: https://www.china-inv.cn/chinainven/xhtml/Media/2023EN.pdf S4
- Annual reports archive: https://www.china-inv.cn/chinainven/Media/Annual_Report.shtml S14
Common questions
How big is CIC?
Total assets of USD 1.567 trillion and net assets of USD 1.370 trillion at 31 December 2024, the latest published figures. S1
Who runs CIC?
Zhang Qingsong is Chairman and CEO. Wu Wei became Vice Chairman and President on 21 August 2026. S8 S11
What returns has CIC made?
6.92 percent a year net in US dollars over the ten years to 2024, and 6.39 percent a year since 2007. S3
What is Central Huijin?
CIC's domestic arm. It holds the state's stakes in major Chinese banks, insurers and brokers, and oversaw CNY 6.87 trillion of state financial capital at end 2024. S1
Can I pitch CIC?
No application channel is published. Most overseas assets are run by external managers, which is the main route for outside firms. S1
Related profiles
- GIC Private Limited Singapore · About USD 1.16T, estimate
- SAFE Investment Company China · About USD 1T, estimate
- Hong Kong Monetary Authority Exchange Fund Hong Kong SAR, China · HKD 4,463.6B
- Korea Investment Corporation South Korea · USD 232.0B
- National Investment Corporation of the National Bank of Kazakhstan Kazakhstan · USD 3.4B
- Government Pension Investment Fund (GPIF) Japan · JPY 293.6T
All sovereign wealth funds in Asia · All reserve investment corporations · All funds in China
Sources
- S1CIC, Annual Report 2024
- S2IFSWF, Our members
- S3CIC, release on the 2024 annual report (Chinese)
- S4CIC, Annual Report 2023
- S5Interview with the Chairman, Financial Times Chinese edition via Tencent News, 13 February 2026
- S6China Investment Corporation, Wikipedia
- S7CIC, Annual Report 2022
- S8CIC, Leadership and Executive Committee
- S9Private Equity Wire, secondary sale of US private equity interests, 14 April 2026
- S10Yonhap press release, China-ASEAN Joint Investment Council, 16 September 2026
- S11CIC, release on the appointment of Wu Wei, 21 August 2026
- S12Yicai, CIC leadership changes, 9 June 2026
- S13CIC, Santiago Principles release, December 2025
- S14CIC, Annual reports archive
- S15PR Newswire, Galaxy Orientis China-ASEAN platform, April 2026
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