With its purchase of a 17.2 per cent stake in Canadian miner Teck Resources, China's $200bn sovereign wealth fund is showing signs of getting its confidence and sense of strategy back.
China Investment Corporation was scarred badly by its first investment in 2007, a bold injection of $3bn into the initial public offering of the Blackstone Group in the US.
When the Blackstone share price started heading south, CIC was slammed by angry “netizens” in China and criticised internally by rival agencies in the Beijing bureaucracy. As the public face of China Inc, CIC also bore the brunt of foreign suspicion of Chinese state investment.
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