China sovereign fund to focus on Asia

China Investment Corporation, the country’s sovereign wealth fund, will invest more in Asia amid rising protectionism in the West, Reuters reported. “We would avoid investing in countries that do not welcome us. There are other places to invest,” said Lou Jiwei, the chairman and chief executive of the US$482 billion fund. Asia is the preferred alternative, given the rapid growth and development. Lou’s comments come after the US blocked a private Chinese company from constructing wind turbines close to a US military base and Canada delayed a decision on a CNOOC (CEO.NYSE, 0883.HKG, NC2A.FRA) bid for a domestic energy company amid national security concerns. Lou also cited British overseas investments in public sector projects as an example to follow.