CIC releases annual report 2022

On December 1, 2023, China Investment Corporation (CIC) released the Annual Report 2022 (Annual Report) as approved by the Board of Directors.

The Annual Report disclosed CIC's financials, performance, overseas investment activities and domestic equity management as at December 31, 2022. It also elaborated on CIC's achievements in the past year on corporate governance, sustainable development, human resources, as well as global outreach.

Mr. PENG Chun, Chairman and CEO of CIC, observed in his opening message that 2022 marked the 15th anniversary of CIC. Since its inception in 2007, CIC has always stayed true to its identity as a long-term institutional investor that operates on an international, market-oriented, professional, and responsible basis. We have built up a robust investment management system and governance structure befitting a large international institutional investor. We have withstood challenges rarely witnessed in history and delivered long-term investment returns in excess of the performance targets set by the Board of Directors, with the annualized cumulative growth of state-owned capital under CIC's management since its inception reaching 12.67%. CIC has thus made positive contributions to preserving and enhancing the value of China's foreign exchange holdings and to advancing China's economic development. Our overseas investments have also helped promote international investment collaboration and global economic progress.

In 2022, undaunted by strong headwinds and unprecedented challenges, CIC maintained its strategic focus and capitalized on its advantages as a long-term institutional investor. We continued to refine our asset allocation and investment strategy, worked to enhance total portfolio resilience, intensified risk prevention and mitigation in critical areas, and delivered market-beating annual investment returns. As at December 31, 2022, the annualized cumulative 10-year net return on CIC's overseas investments stood at 6.43% in USD terms, which was relatively high among global peers and beat our long-term performance target set by the Board of Directors by 26 basis points. Despite adverse impacts by factors such as exchange rates, CIC's annual net profit proved a boost to its shareholder's equity value, and the company successfully accomplished its annual tasks including distribution of dividends to its shareholder.