Source: CCTV.com

03-22-2009 14:28

The chairman of China's sovereign wealth fund says there are long-term investment opportunities emerging from the current global financial crisis. But he says the fund will shy away from some riskier financial derivatives.

At the China Development Forum on Saturday, Lou Jiwei, the chairman of the China Investment Corporation, said the global economy is facing recession. And he added that it's not sustainable for the global financial system to rely too heavily on US dollar assets.

Lou Jiwei, Chairman of China Investment Corporation, said, "We see long-term investment opportunities and we see short-term price-value deviation. We will invest in a very prudent manner. We will no long touch those financial derivatives that are derived too far away from the real economy."

Founded in 2007, the China Investment Corporation is responsible for managing part of the country's 2 trillion US dollar foreign reserve, making it the fourth largest sovereign wealth fund in the world. It has bought 3 billion US dollar stakes of Blackstone Group, 5 billion Morgan Stanley stakes and 5.4 billion US dollar Primary Fund stakes.

 

Editor:Zheng Limin