China unveils plan for its Investment Corporation

时间：2007-11-08 07:51:39

（单词翻译:单击）

Nov.8 - China's Vice1 Minister of Finance Li Yong disclosed plans for the China Investment Corporation (CIC) Wednesday, dispelling2 rumors3 that China would try to buy out European and American companies in large numbers.

 

Li said one third of CIC's capital would be used to purchase Central Huijin, which now controls China's major state-owned commercial banks; another third to replenish4 the capital of the Agricultural Bank of China and China Development Bank; and the remaining third to invest in global financial markets.

 

Li told the International Finance Forum5 in Beijing Wednesday that the CIC's investment in world financial markets would be realized gradually and in a cautious way.

 

The CIC would not buy into overseas airlines, telecommunications or oil companies.

 

"The CIC will make things more transparent6, and learn best practices from other sovereign wealth funds," said Li.

 

The CIC was launched in September to mitigate7 the risks in China's huge foreign exchange reserve.

 

It has 200 billion U.S. dollars in registered capital allocated8 from China's foreign exchange reserve. The Ministry9 of Finance issued 1.55 trillion yuan (208 billion U.S. dollars) worth of special treasury10 bonds to buy the forex reserve and inject the fund into the CIC.

 

By the end of September, China's forex reserve exceeded 1.43 trillion U.S. dollars, the highest in the world, up 45.1 percent year-on-year, according to the People's Bank of China.

 

In May, the new company, still in preparation, made its first investment in non-voting shares, valued at 3 billion U.S. dollars, in the U.S. private equity11 firm, the Blackstone Group.

 

A previous report said that a special department on private equity investment had been set up within the CIC which would also focus on equity investments and fixed-return investments.

 
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1 vice NU0zQ     
n.坏事；恶习；[pl.]台钳，老虎钳；adj.副的
参考例句：
  • He guarded himself against vice.他避免染上坏习惯。
  • They are sunk in the depth of vice.他们堕入了罪恶的深渊。
2 dispelling a117eb70862584fc23e0c906cb25e1a6     
v.驱散，赶跑( dispel的现在分词 )
参考例句：
  • He succeeded in dispelling our suspicious and won our confidence. 他终于消除了我们的怀疑，得到了我们的信任。 来自辞典例句
  • Truth is a torch, which can pierce the mist without dispelling it. 真理是一个火炬，不用驱散大雾，其火炬即能透过。 来自互联网
3 rumors 2170bcd55c0e3844ecb4ef13fef29b01     
n.传闻( rumor的名词复数 )；[古]名誉；咕哝；[古]喧嚷v.传闻( rumor的第三人称单数 )；[古]名誉；咕哝；[古]喧嚷
参考例句：
  • Rumors have it that the school was burned down. 有谣言说学校给烧掉了。 来自《简明英汉词典》
  • Rumors of a revolt were afloat. 叛变的谣言四起。 来自《简明英汉词典》
4 replenish kCAyV     
vt.补充；(把…)装满；(再)填满
参考例句：
  • I always replenish my food supply before it is depleted.我总是在我的食物吃完之前加以补充。
  • We have to import an extra 4 million tons of wheat to replenish our reserves.我们不得不额外进口四百万吨小麦以补充我们的储备。
5 forum cilx0     
n.论坛，讨论会
参考例句：
  • They're holding a forum on new ways of teaching history.他们正在举行历史教学讨论会。
  • The organisation would provide a forum where problems could be discussed.这个组织将提供一个可以讨论问题的平台。
6 transparent Smhwx     
adj.明显的，无疑的；透明的
参考例句：
  • The water is so transparent that we can see the fishes swimming.水清澈透明，可以看到鱼儿游来游去。
  • The window glass is transparent.窗玻璃是透明的。
7 mitigate EjRyf     
vt.（使）减轻，（使）缓和
参考例句：
  • The government is trying to mitigate the effects of inflation.政府正试图缓和通货膨胀的影响。
  • Governments should endeavour to mitigate distress.政府应努力缓解贫困问题。
8 allocated 01868918c8cec5bc8773e98ae11a0f54     
adj. 分配的 动词allocate的过去式和过去分词
参考例句：
  • The Ford Foundation allocated millions of dollars for cancer research. 福特基金会拨款数百万美元用于癌症研究。
  • More funds will now be allocated to charitable organizations. 现在会拨更多的资金给慈善组织。
9 ministry kD5x2     
n.(政府的)部；牧师
参考例句：
  • They sent a deputation to the ministry to complain.他们派了一个代表团到部里投诉。
  • We probed the Air Ministry statements.我们调查了空军部的记录。
10 treasury 7GeyP     
n.宝库；国库，金库；文库
参考例句：
  • The Treasury was opposed in principle to the proposals.财政部原则上反对这些提案。
  • This book is a treasury of useful information.这本书是有价值的信息宝库。
11 equity ji8zp     
n.公正，公平，（无固定利息的）股票
参考例句：
  • They shared the work of the house with equity.他们公平地分担家务。
  • To capture his equity,Murphy must either sell or refinance.要获得资产净值，墨菲必须出售或者重新融资。

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