BEIJING Nov 11 China's sovereign wealth fund
will focus more of its $482 billion firepower on Asia in twin
bids to beat a rise in protectionism in the West and boost
exposure to rapid regional growth, chairman and chief executive
Lou Jiwei said.
The man charged with stewardship of a slice of the world's
largest store of foreign wealth lauded the British approach to
overseas investment in public sector projects as one for the
world to follow and said the policy response to Europe's debt
crisis was a reason to stay underweight bonds and stocks there.
"There is a rise in protectionism in both trade and
investment in some Western countries," the China Investment
Corporation chief, speaking on the sidelines of the
Communist Party congress to choose a new leadership line-up,
told Reuters in a rare interview.
"As compared to other financial investors we feel that the
scrutiny on us is a little more strict, because of issues like
national security," Lou said, adding that while not a major
issue yet, he detected rising concern among foreign regulators
when CIC partnered with Chinese firms to make acquisitions.
Tensions between Beijing and Washington have recently
ratcheted higher thanks to a series of trade actions against
China by President Barack Obama, including his blocking of a
privately owned Chinese company from building wind turbines
close to a U.S. military site, and his challenge of Chinese auto
and auto-parts subsidies in a World Trade Organization case.