Sovereign-wealth fund China Investment Corp’s (CIC) board of supervisors chairman Jin Liqun said that CIC is making progress toward getting additional funds, the Wall Street Journal reported. Speaking during a three-day summit of sovereign-wealth funds, Jin spoke optimistically about finding a new funding mechanism despite widespread criticism over the poor performance of CIC’s investments, in particular overseas investments in the Blackstone Group and Morgan Stanley (MS.NYSE). CIC has not received additional capital from the Chinese government since its initial injection of US$200 billion in 2007. Part of the problem is that CIC currently also holds significant stakes in state-owned banks, which some say should be handled by a separate fund. In a speech to the summit, Chinese Vice Premier Li Keqiang endorsed CIC’s role in diversifying China’s US$3 trillion foreign exchange reserves.