China Investment Corp (CIC) will not buy into foreign oil, airline or telephone companies, AP reported. Vice finance minister Li Yong made the remarks yesterday at a conference in Beijing. A third of CIC's funds will be invested abroad, and another third will be used to buy Central Huijin, which controls state-owned banks. The rest of the funds would be spent on Agricultural Bank of China and China Development Bank. The bank acquisitions are likely to be profitable for CIC. These are the first public comments by Beijing on the investment strategy of CIC, China's US$200 billion sovereign wealth fund. However, Li's remarks were not confirmed by either the Finance Ministry or CIC.