On December 9, 2025, China Investment Corporation (CIC) released the Annual Report 2024 (Annual Report) as approved by the Board of Directors.

The Annual Report discloses CIC's financials, performance, overseas investment activities and domestic equity management as of December 31, 2024. It highlights the company's achievements over the past year in improving corporate governance, optimizing human resources, enhancing communication and cooperation, and fulfilling social responsibilities.

In his Message in the Annual Report, Chairman ZHANG Qingsong stated that 2024 was a pivotal year for CIC as we advanced the implementation of our strategic plan 2023-2025, building on past achievements to chart a course for future growth. Against the backdrop of an uncertain external environment and a global market where opportunities and challenges coexist, CIC adhered to its mandates and steadily implemented its strategic plan. We sought to balance development with security, continuously optimized our asset allocation and investment strategies, diligently fulfilled our role as a fiduciary of state-owned financial capital, and achieved new progress in our high-quality development.

According to the Annual Report, as of year-end 2024, CIC's total assets stood at US$1.57 trillion, with net assets of US$1.37 trillion.

CIC's annualized cumulative 10-year net return stood at 6.92% in USD terms, beating the 10-year performance target by 61 basis points. State-owned financial capital under Central Huijin’s stewardship reached CNY 6.87 trillion, an increase of 6.44% from the beginning of the year.

On corporate governance, we focused on enhancing governance effectiveness, comprehensively deepened our multi-tiered and multi-channel talent management system, and systematically strengthened company-wide coordination.

On overseas investment, we advanced proprietary capabilities across the entire investment process, put in place innovative investment platforms, and expanded the network of global offices.

On domestic equity management, we diligently fulfilled our role as a fiduciary of state-owned financial capital, facilitated the smooth integration of newly transferred group companies, and guided portfolio companies to advance the five pillars of the financial sector and enhance their core competitiveness.

On risk management, we reinforced holistic management and coordination, and proactively improved our capabilities in risk anticipation, response, and resolution. We continuously consolidated our comprehensive risk management system.

On social responsibility, we embedded the concept of green development across investment management and corporate operations, implemented our operational carbon neutrality initiatives, and actively supported rural revitalization.

On global outreach, leveraging our position at the forefront of international financial markets, we proactively integrated into China’s high-level opening up and actively promoted cross-border investment cooperation.

In September 2025, CIC celebrated its 18th anniversary. Looking ahead, CIC will adhere to its mandates, operating on an international, market-oriented, and professional basis as a responsible investor, and move steadily toward our goal of becoming a world-class sovereign wealth fund.

Please see CIC Annual Report 2024 for more information.