Share this on Twitter Share this on Facebook Share this on LinkedIn Share this on Sina Weibo Share this on Wechat Share this on LinkedIn China Investment Corp’s investments reach into energy and utilities, but also unexpected crevices, such as a $1-billion stake in a Manhattan skyscraper at 1221 Avenue of the Americas.Credit: Tdorante10, Creative Commons China Investment Corporation (CIC) is the world’s second largest sovereign wealth fund, with more than $1 trillion in assets, a global portfolio and control over a large investment vehicle at home called Central Huijin.CIC oversees Central Huijin, a major Chinese investor in state-owned enterprises (SOEs) that manages $686 billion. Historical conversion from the 4.78 trillion RMB cited in CIC’s 2019 annual report. Central Huijin has taken stakes in 18 SOEs since its formation in 2003. Although the Government Pension Fund of Norway, formed in 1990 to invest the state’s excess oil revenues, remains the world’s biggest sovereign wealth fund, CIC is closing on it for the top spot. The Beijing-based fund invests around the world, and has been taking stakes in technology firms and projects in countries associated with China’s Belt and Road Initiative. Like most sovereign wealth funds, CIC grew out of China’s emergence as a global financial power. Beijing set up the fund iSubscribe or register to read the rest. Registered users can access a limited amount of content for free.Subscribers get full access to: Exclusive longform investigative journalism, Q&As, news and analysis, and data on Chinese business elites and corporations. We publish China scoops you won't find anywhere else. A weekly curated reading list on China from David Barboza, Pulitzer Prize-winning former Shanghai correspondent for The New York Times. A daily roundup of China finance, business and economics headlines. We offer discounts for groups, institutions and students. Go to our Subscriptions page for details.