State investment arm considers buying blue chips
28 August 2007
The group preparing the fund for investing China's foreign exchange reserves abroad has held talks with State-Owned Assets Supervision and Administration Commission over potentially investing in overseas companies owned by 16 national-level state-owned enterprises, CBN reported (in Chinese). The 16 firms are Fortune 500 companies, including CNPC and China Mobile. Dissenting voices inside the group have argued that investing in the central enterprises clashes with its investing principles, as the fund had been formed with investments in foreign companies in mind. The company's name, originally tipped as China Investment Corp, has not been finalized, as its original name is already in use by a Hong Kong-listed company.