CIC to open first foreign office in Toronto

China Investment Corp (CIC) has chosen Toronto for its first foreign representative office, representing the US$300 billion sovereign-wealth fund’s broader internationalization effort and Canada’s relative openness to Chinese investment, the Wall Street Journal reported. The office has been under construction since at least the middle of last year and will be opened soon, according to a person at CIC who is familiar with its plans. The selection of Toronto for its first foreign branch – rather than the much larger financial center of New York nearby – highlights the Chinese fund’s frustrations with the investment environment in the US and some other Western countries. CIC and other Chinese investors have complained of resistance from Western politicians and officials who are wary that their investment activities may be swayed by political considerations. CIC’s move into Canada comes amid Chinese financial institutions’ growing effort to expand their global footprint.