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China Isn’t Monolithic, Sovereign Fund Chief Tells Globe & Mail

Oct. 20 (Bloomberg) -- The widespread perception that China Investment Corp., the country’s sovereign wealth fund, is linked with other Chinese companies in a global quest for natural resources is wrong, Gao Xiqing, CIC’s president, told the Globe & Mail.

It’s difficult for the $330 billion fund to team up with state-owned Chinese strategic investors because, while they want control of foreign raw-materials companies to guarantee supplies at low prices, CIC wants high prices, “because we need to make money,” the newspaper cited Xiqing as saying.

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To contact the editor responsible for this story: Alan Purkiss at apurkiss@bloomberg.net

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