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 i