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Frank Tang

China’s flagship sovereign wealth fund has moved three of its managing directors to new, subordinate roles, sources told the Post, with the heads of the fund’s fixed income, private equity and public relations departments all taking new non-managerial positions.
All have extensive overseas work experience, and none have reached the statutory retirement age. More reorganising could be on the horizon at China Investment Corporation (CIC), the sources said on condition of anonymity, including those managing the daily operations of US portfolios.
No reasons were given for the reshuffle, and the fund did not immediately reply to an emailed request for comment.
The rapid-fire reassignment of senior staff members raises questions over the status of the fund’s overseas operations, particularly in the US, where CIC could become a target of security screenings despite a recent bilateral trade truce.
CIC, which currently manages US$1.3 trillion in assets, is perhaps best known in the United States for its equity investments in Blackstone and Morgan Stanley in its early years, and a US$5 billion cooperation fund with Goldman Sachs established in 2017.
It set up a New York representative office 10 years ago, one of only two offices for the fund outside mainland China, with the other in Hong Kong.
CIC, founded in 2007 with US$200 billion in registered capital, faces rising challenges in its American operations as relations between the two countries sour under the second term of US President Donald Trump.
The Committee on Foreign Investment in the United States, an inter-agency body that reviews overseas inflows, has enhanced its scrutiny of Chinese investments, and the White House unveiled plans for the creation of a US sovereign wealth fund in February.
“One area where the US could take action, or where tense US-China relations might affect things, is CIC’s investments in American hedge, private equity and venture capital funds,” said Jean-Marc Blanchard, founding executive director of the Wong MNC Centre, an independent think tank based in the US state of California.
We have seen funds reluctant to accept ‘Chinese’ money, and the US could press for disclosure of CIC investments
Jean-Marc Blanchard, Wong MNC Centre
The Trump administration, which has fought pitched battles with China on several economic fronts this year, has publicly considered leveraging the US’ dominant role in the global financial system to stay ahead of Beijing in their broad rivalry. If implemented, some of these measures could target China’s sovereign funds.
While a one-year truce on trade escalations, solidified after a meeting between President Xi Jinping and Trump last month, has meant a temporary quelling of open conflict in some arenas, few believe the feud between the world’s two largest economies has come to an end – and that is having a chilling effect on investment, Blanchard said.
“We have seen funds reluctant to accept ‘Chinese’ money, and the US could press for disclosure of CIC investments, which might further increase their reluctance.”
The Chinese sovereign wealth fund has yet to release its financial statement for last year, which typically includes details about its overseas investment portfolio, its returns and its exposure to the US equity market.
Since CIC began issuing its annual report in 2009, the overview has typically arrived in July or August. While the 2024 report is not yet available, the fund may have changed its publishing schedule; the editions covering 2021, 2022 and 2023 were not made public until the last three months of the subsequent years.
The fund has been cautious in 2025, according to institutions that track its overseas investments, with CIC absent from the financing plans of some of its long-time US partners.
Its report for 2023 showed that US stocks accounted for 60.3 per cent of its overseas public equity holdings that year. It directly managed 36.5 per cent of its overseas portfolio, while the rest was handled through entrusted investment.
A majority of its assets are held under its subsidiary Central Huijin Investment, a firm which acts as a shareholder and stock trader on behalf of the state. The company holds a significant or majority stake in nearly all of China’s leading financial institutions.
Under the leadership of Zhang Qingsong, a former deputy governor of China’s central bank, the CIC vowed this year to optimise the structure of outbound investment and improve its own investment capabilities.
Its midyear work statement, released in early August, continued to highlight the optimisation of asset allocation and mentioned the need for risk control in overseas investment.


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China Investment Corporation has reassigned three department heads and delayed its 2024 report amid US pressure on foreign inflows


China Investment Corporation has reassigned three department heads and delayed its 2024 report amid US pressure on foreign inflows.


.css-1c6uqr6{color:inherit;font-weight:inherit;font-size:inherit;font-family:inherit;line-height:inherit;overflow-wrap:break-word;}China Investment Corporation has reassigned three department heads and delayed its 2024 report amid US pressure on foreign inflows

China Investment Corporation has reassigned three department heads and delayed its 2024 report amid US pressure on foreign inflows