China says wealth fund is apolitical

June 4, 2008 at 9:59 AM
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BEIJING, June 4 (UPI) -- The director of China's $200 billion sovereign wealth fund said its investments are not politically motivated, but transparency is a new concept for China.

"Our government has never been transparent for 5,000 years," Gao Xiqing, president and chief investment officer for the China Investment Corp., said Tuesday.

The CIC, which bought 9.9 percent in Morgan Stanley in 2007, is urged to invest internationally, then treated with suspicion when it does, Financial Times reported

Addressing the suspicions, Gao said: "We are regular people. We do not have horns growing out of our heads."

Gao also said the CIC would comply with "any law in any country," but would not divulge investment plans for fear it would set market dynamics against it.

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