Beijing hands CIC sovereign wealth fund a further $50bn

　　China Investment Corp, the Chinese sovereign wealth fund, has received a further $50bn in capital from the government.

　　中国投资有限责任公司（CIC，简称中投）又从中国政府手中接过500亿美元资本。中投是中国的主权财富基金。

　　The move was disclosed in Beijing by CIC officials attending a forum for sovereign wealth and pension funds that meets twice a year.

　　该消息是在中投官员在北京参加一个主权财富基金和养老基金论坛时披露的。该论坛每年举行两次。

　　The $50bn increase is less than the $100bn-$200bn CIC had sought and the size of the injection suggests that Beijing intends to release money to the fund slowly over time to better monitor its performance.

　　此次500亿美元增资低于中投曾寻求得到的1000亿至2000亿美元，这似乎表明，中国政府打算分期分批慢慢向中投注资，以便更好地监督其业绩。

　　CIC manages more than $400bn, according to its 2010 annual report, which is the most recent. In 2010, it earned 11.7 per cent on money invested abroad.

　　中投2010年年报显示，该公司管理资产规模超过4000亿美元。2010年，中投海外投资的回报率达到11.7%。中投尚未发布2011年年报。

　　CIC was set up in 2007 with the dual mandate of putting its funds to work abroad and earning higher returns than money sitting in US Treasury securities. At that time, the current account surplus was more than 10 per cent of gross domestic product. It has since fallen to 2.8 per cent – a decline that makes the task of recycling dollars earned abroad less urgent. Also, as more of China’s trade is denominated in renminbi, there is less need for dollar reserves.

　　成立于2007年的中投有两个宗旨——用所持资金进行海外投资和赚取高于美国国债的回报。当时，中国的经常账户盈余超过国内生产总值(GDP)的10%。自那以来，中国经常账户盈余在GDP中所占比例已下降到2.8%，使得回流在海外赚到的美元的任务变得不那么紧迫。此外，由于中国对外贸易更多地以人民币结算，中国对美元储备的需求也有所降低。

　　The increase in CIC’s capital for investment comes at a time when its structure and mandate are the subject of debate.

　　中投获得新增投资资本之际，其结构和宗旨成为辩论主题。

　　Stung by setbacks in some of its investments abroad, CIC is looking to invest more in China, even though it was established to channel money out of the mainland. Many of its recent initiatives involve funds that have flexible mandates and can invest in China or other markets. It also has units that have indirectly made property investments in China and has asked to invest alongside international funds in their investments on the mainland, people familiar with the matter say.

　　在部分海外投资项目受挫的刺激下，中投正在想方设法增加对国内的投资，即便其宗旨是将资金引流到境外。中投近来采取了一些举措，其中包括成立宗旨灵活、可投资国内或其他市场的基金。知情人士表示，中投还设有间接投资国内房地产市场的部门，并已请求参与国际基金对中国的投资。

　　Meanwhile, its structure is complicated by the fact that Central Huijin, which holds stakes in large listed Chinese banks, also sits under the CIC umbrella. That means CIC is putting money into Chinese banks.

　　同时，中投的结构因为中央汇金也是其子公司的事实而变得复杂化。汇金持有中国各大上市银行的股份。这意味着，中投正把资金投入中国各银行。