The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.

All material subject to strictly enforced copyright laws. © 2022 Euromoney, a part of the Euromoney Institutional Investor PLC.

CIC’s annual report recalls a bygone era

What can we learn from the China Investment Corporation’s latest numbers, which cover the year prior to Covid?

Chris Wright on Asia 1920px.jpg

Sovereign wealth funds, with their long reporting time, tend to put out annual reports that reflect the rear-view mirror rather than the present reality. With China Investment Corporation, it looks more like ancient history.

CIC’s annual report is always a long way in arrears of its own numbers, usually seven months or so, but this time it took until September 25, 2020 for the Chinese sovereign fund to announce its numbers for the year to December 31, 2019. The result is like discovering a faded postcard from another time.

CIC reported a 17.4% return on its overseas investments in 2019, driven by a rally in global equity markets. As an overall institution – CIC has an odd subsidiary called Central Huijin that holds the country’s remaining stakes in the state banks, which don’t appear in the investment performance numbers but do appear in the profits – it recorded a 70% increase in net income, to $110.3 billion.

Ah, those were the days: when markets went steadily and predictably up, nobody had ever heard of Covid-19 and we all used to get on aircraft. Unlike the recent Temasek reports, this is perhaps a historical curiosity rather than a document that tells us much about the pandemic response from the largest institution in the country where that pandemic started.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree