| China's sovereign wealth fund has launched a subsidiary to handle investment in overseas infrastructure projects as part of government efforts to expand business abroad to shore up growth. China Investment Corp. held a ceremony to launch its new subsidiary, CIC Capital Corp., on July 27. The subsidiary will focus on infrastructure, agricultural, forestry and fishery projects abroad.
CIC Capital, which showed the government it had capital of US$ 5 billion to get a business license, is the result of expanding an old CIC unit that oversaw infrastructure investment abroad, the company said. A slowing economy has prompted the government to be aggressive in looking for business opportunities for state-backed businesses in foreign countries since 2013...............................................Full Article: Source
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