SHANGHAI, Sept 1 Beijing plans to restructure
China Investment Corporation (CIC) , including spinning
off the sovereign wealth fund's domestic investment arm, Central
Huijin Investment Ltd, China Business News reported on Thursday,
without citing sources.
The proposal is said to have been submitted to China's State
Council by a few central government departments, including the
Ministry of Finance (MOF).
The government first plans to set up a new entity, CIC
International, which will concentrate on the fund's overseas
Huijin's accounts, which are currently included in CIC's
books, will be reported separately, China Business News said.
CIC will retain a controlling stake in both Huijin and CIC
The central bank will directly inject some 100 billion yuan
($15.68 billion) of fresh funds into CIC International but the
exact size of the capital injection has not yet been confirmed,
the newspaper said.
Under the plan, the MOF and the central bank will also
become direct stakeholders in CIC International.
($1 = 6.378 yuan)
(Reporting by Carrie Ho and Kazunori Takada; Editing by