China sovereign fund net profit surges in 2014

The headquarters of China Investment Corp in Beijing. [Photo/China Daily]

BEIJING -- China Investment Corporation (CIC), the sovereign wealth fund, reported a huge net profit increase in 2014 in the company's annual report, released Friday.

Net profits hit $89.1 billion last year, $2 billion more than the previous year.

CIC branches abroad reported a net investment profit margin of 5.47 percent in 2014, lower than the annual average rate of 5.66 percent registered since the founding of the company in 2007.

The company's total assets surpassed $740 billion, according to the report.

Ding Xuedong, CIC chairman and CEO, said the company intensified risk control, optimized its structure of investment combinations and promoted long-term investments during last year.

By the end of last year, open market stocks and long-term assets accounted for 44.1 percent and 26.2 percent separately of its overseas investment portfolio, said the company.

The CIC has three subsidiaries -- CIC International and Central Huijin Investment Ltd. and CIC Capital Corporation.