Sovereign fund to step up pace of investment

China Investment Corporation (CIC), the nation's $200-billion sovereign wealth fund, will speed up the pace of investment across a broad range of sectors to capitalize on the long-term investment value created by the global financial crisis, the People's Daily reported yesterday, citing CIC Chairman Lou Jiwei.

CIC invested just $4.8 billion outside China last year as it kept its powder dry during the global financial crisis, when asset prices tumbled.

It held nearly 87.4 percent of its overseas investments in cash or cash equivalents last year, Lou said.