CIC To Boost Global Deals
中国投资有限责任公司(China Investment Corp., 简称：中投公司)今年计划加大全球投资，包括对欧洲的投资。中投公司董事长楼继伟周末称，2008年，由于面临欧洲金融保护主义者设置的障碍，中投公司在欧洲未投一分钱。中投公司董事长楼继伟上周六在博鳌亚洲论坛发言时，楼继伟甚至还感谢了欧洲的保护主义者，他们去年设置的障碍令中投避免了重大损失，并令中投没有在欧洲投资，当时如果投资，现在也是无利可图。楼继伟再次抱怨了西方政府为中投前往他们国家投资设置的障碍。一些外国政界人士担心中投公司带有政治和金融方面的双重动机。中投于2007年建立，主要任务是将中国外汇储备中的2,000亿美元用于投资。楼继伟没有提到具体国家或个人，但德国总理默克尔(Angela Merkel)和法国总统萨科齐(Nicolas Sarkozy)都曾对主权财富基金的投资表示过疑虑。但楼继伟说，今年情况发生了一些新的变化。他在博鳌亚洲论坛的一次会议上说，欧洲的主要国家都表示欢迎中投去投资，中投会积极考虑，因为我们也发现了很多机会。我们将谨慎同时也是坚定的，适度规模的开展投资，包括对欧洲的投资。楼继伟没有详细说明投资计划。中投2007年收购摩根士丹利(Morgan Stanley)和百仕通集团(Blackstone Group L.P.)股份的投资出现巨额帐面亏损。中投管理人员表示，去年虽然西方金融公司股价跳水，但他们却不愿对其投资。中投公司用于海外投资的资金据信大部分都投在了低风险资产上，这就意味着它并未因去年全球市场崩溃而蒙受太大损失。一些分析师认为，中投可能是2008年全球业绩最好的主权财富基金。楼继伟上个月在一本中国期刊发表文章称，中投2008年海外投资仅“少量亏损”，财务状况好于其他主权财富基金。楼继伟上周六取笑了那些据他说曾抵制中投公司前去投资的欧洲官员，暗示说，正是他们的阻碍令中投没有进行本来会赔钱的投资。他说，欧洲官员对中投在欧洲公司的持股比例以及能否获得投票权作出了种种限制。楼继伟说，欧洲官员曾要求我声明中投在一家公司的持股比例不会超过10%，或者不会寻求投票权。我说我不能接受。他们说欧洲不欢迎我。我说那好，欧洲不欢迎我，我就不去。所以我非常感谢金融保护主义者，是他们让中投去年在欧洲没投一分钱。楼继伟说，自去年底全球金融危机加剧以来，许多国家已对中投的投资持更为开放的态度。今年情况发生了一些新变化。欧洲对主权投资基金开始表示欢迎，也不再提出类似限制条件。他说，现在人们突然发现我们是“一支可爱的力量”。Jason Dean相关阅读中投去年对外整体投资出现少量帐面亏损 2009-03-30中投与澳政府及企业就投资问题举行会谈 2009-02-19中投公司增持三大国有银行股份 2009-01-16中投公司仍对投资美国持开放态度 2009-01-14亏损累累 亚洲主权财富基金还将沉默？ 2009-01-09
China Investment Corp. plans to expand its global investments this year, including in Europe, which, the sovereign wealth fund's chairman said at the weekend, it completely avoided in 2008 after facing barriers set up by 'financial protectionists.'Lou Jiwei, speaking to a meeting of regional business and political leaders here on Saturday, even thanked those Europeans whose resistance last year had shielded the fund, known as CIC, from sharp market losses and had kept it from making what would have been unprofitable investments.Mr. Lou reiterated Chinese complaints about such resistance from Western governments to the fund. Some foreign politicians worried that CIC, established in 2007 to invest $200 billion of China's foreign-exchange reserves, was motivated by political as well as financial factors. Mr. Lou didn't refer to any specific country or person, but among those who expressed qualms about sovereign-wealth-fund investments were German Chancellor Angela Merkel and French President Nicolas Sarkozy.But this year, Mr. Lou said, the environment has changed.'Key countries in Europe are now welcoming us. So we'll actively consider that, because we have also discovered some opportunities,' he said on a panel at the annual Boao Forum Asia, a regional political and business summit held on the southern island of Hainan. 'We will prudently, but also resolutely, expand our investment to an appropriate scale, including in Europe.' Mr. Lou didn't elaborate on the plans.CIC has suffered large paper losses on stakes it bought in 2007 in Morgan Stanley and Blackstone Group LP. Officials at CIC have said they were reluctant to invest last year in Western financial firms even as prices plunged. Much of the fund's money available for overseas investments is believed to be in relatively low-risk assets, meaning it avoided much of the damage done last year when global markets imploded.Some analysts have said that CIC might have been the world's best-performing sovereign-wealth fund in 2008. Mr. Lou wrote in a Chinese magazine last month that CIC booked only 'small losses' in its overseas investments in 2008 and had outperformed other sovereign funds.Mr. Lou on Saturday poked fun at the European officials he said resisted CIC, suggesting that their reluctance prevented his fund from making investments on which it would have lost money. He pointed to restrictions they demanded on the size of CIC's stakes in European companies, or on its ability to obtain voting rights in those companies.'Officials in Europe told me they wanted me to state clearly that we wouldn't take stakes of more than 10%, or ask for voting rights. I said I can't accept this. They said Europe doesn't welcome me, so I said fine, if Europe doesn't want me, I won't go,' Mr. Lou said. 'So I want to thank these financial protectionists, because as a result, we didn't invest a single cent in Europe.'Since the global financial crisis worsened late last year, however, countries have been more open to CIC investments, he said. 'There has been a change,' he said. 'Europe is now very welcoming to us and isn't talking about such conditions any more.' Now, he said, 'People suddenly look at us as a lovable force.'Jason Dean
China Investment Corp. plans to expand its global investments this year, including in Europe, which, the sovereign wealth fund's chairman said at the weekend, it completely avoided in 2008 after facing barriers set up by 'financial protectionists.'Lou Jiwei, speaking to a meeting of regional business and political leaders here on Saturday, even thanked those Europeans whose resistance last year had shielded the fund, known as CIC, from sharp market losses and had kept it from making what would have been unprofitable investments.Mr. Lou reiterated Chinese complaints about such resistance from Western governments to the fund. Some foreign politicians worried that CIC, established in 2007 to invest $200 billion of China's foreign-exchange reserves, was motivated by political as well as financial factors. Mr. Lou didn't refer to any specific country or person, but among those who expressed qualms about sovereign-wealth-fund investments were German Chancellor Angela Merkel and French President Nicolas Sarkozy.But this year, Mr. Lou said, the environment has changed.'Key countries in Europe are now welcoming us. So we'll actively consider that, because we have also discovered some opportunities,' he said on a panel at the annual Boao Forum Asia, a regional political and business summit held on the southern island of Hainan. 'We will prudently, but also resolutely, expand our investment to an appropriate scale, including in Europe.' Mr. Lou didn't elaborate on the plans.CIC has suffered large paper losses on stakes it bought in 2007 in Morgan Stanley and Blackstone Group LP. Officials at CIC have said they were reluctant to invest last year in Western financial firms even as prices plunged. Much of the fund's money available for overseas investments is believed to be in relatively low-risk assets, meaning it avoided much of the damage done last year when global markets imploded.Some analysts have said that CIC might have been the world's best-performing sovereign-wealth fund in 2008. Mr. Lou wrote in a Chinese magazine last month that CIC booked only 'small losses' in its overseas investments in 2008 and had outperformed other sovereign funds.Mr. Lou on Saturday poked fun at the European officials he said resisted CIC, suggesting that their reluctance prevented his fund from making investments on which it would have lost money. He pointed to restrictions they demanded on the size of CIC's stakes in European companies, or on its ability to obtain voting rights in those companies.'Officials in Europe told me they wanted me to state clearly that we wouldn't take stakes of more than 10%, or ask for voting rights. I said I can't accept this. They said Europe doesn't welcome me, so I said fine, if Europe doesn't want me, I won't go,' Mr. Lou said. 'So I want to thank these financial protectionists, because as a result, we didn't invest a single cent in Europe.'Since the global financial crisis worsened late last year, however, countries have been more open to CIC investments, he said. 'There has been a change,' he said. 'Europe is now very welcoming to us and isn't talking about such conditions any more.' Now, he said, 'People suddenly look at us as a lovable force.'Jason Dean