Asia’s biggest state-owned investment company opens

China Investment Corp., the nation’s US$200 billion ($246 billion) sovereign wealth fund, has started operations as the Government seeks to boost returns on the world’s biggest foreign-exchange reserves.

The investment agency will come under the direct supervision of the nation’s cabinet, the State Council. Lou Jiwei, former vice finance minister, will act as director and Gao Xiqing, former deputy chairman at the National Council for Social Security Fund, will be general manager, according to information disclosed at an opening ceremony in Beijing at the weekend.

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