China’s $1 Trillion Sovereign Fund Posts 17% Gain on 2019 Stock Rally
- CIC says 2020 is fund’s ‘most testing year’ since inception
- Fund says returns in first half of 2020 beat benchmarks
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China’s $1 trillion sovereign wealth fund posted a 17.4% return on overseas investments last year as global stocks rallied, boosting its finances as it combats volatile markets amid the pandemic.
Net income, which also includes profits from holdings in the nation’s state banks, jumped 70% to $110.3 billion, according to China Investment Corp.’s 2019 annual report, posted on its website on Friday. The overseas return, reversing a loss in the previous year, was in line with an unaudited result of about 17% disclosed by Executive Vice President Zhao Haiying in an interview in May.