9月5日，“主权财富基金国际论坛”第四次会议在墨西哥城召开，论坛主席金立群出自即将迎来五周岁生日的中国投资有限责任公司（下称“中投公司”）。

On September 5,,"Sovereign wealth funds international BBS"The fourth meeting held in Mexico City,BBS chairman JinLiQun from five years old birthday is about to usher in the China investment co., LTD(said"cic").

　　作为中国唯一的主权财富基金——中投公司监事长，金立群获任论坛主席除了有国家实力的背书，很大程度上也体现出国际社会对中投公司的逐渐认可。

As China's only sovereign wealth funds - cic supervisors long,JinLiQun was appointed to superintend BBS chairman in addition to have the strength of a country's endorsement,To a great extent, also reflects the international society to cic recognized gradually.

　　当下，主权财富基金增长迅速，正逐渐成为国际金融市场和跨国投资的重要力量。根据国际货币基金组织的预测，2013年，全球主权财富基金管理的资产将达到3.4万亿至5.8万亿美元规模。

then,Sovereign wealth funds to the rapid growth,Is becoming the international financial market and an important force in international investment.According to the international monetary fund prediction,In 2013,,Global sovereign wealth fund management of the assets will reach $3.4 trillion to $5.8 trillion scale.

　　不过，尽管主权财富基金规模和影响力正在增强，但近年来，国际资本市场波诡云谲，百年一遇的金融危机对全球经济和金融市场造成巨大的冲击。作为中国唯一的主权财富基金——初始注册资金2000亿美元的中投公司，其资产配置和投资活动也遇到了严峻的挑战。

but,Although sovereign-wealth fund scale and influence are increasing,But in recent years,The international capital market character its cloud,Financial crisis on the global economic and financial market caused huge impact.As China's only sovereign wealth funds - initial registered capital of $200 billion of cic,The asset allocation and investment activities also met with severe challenges.

　　5年来，中投公司正是在这样的环境下负重出征并进行着自我进化。在此过程中，中投公司每一个细小的举动都牵动着国内外舆论敏感的神经，而其一贯低调审慎的行事风格，又给外界留下无限的想象。

Five years,Cic is in such an environment to load and the self evolution.In the process,Cic every small action all can affect the public opinion at home and abroad sensitive nerve,And it has always been low-key prudent style,To the outside world and leave infinite imagination.

　　“积极的少数投资者” "Positive minority investors"

　　国际社会对中投公司的接纳和认可来之不易。

The international society for cic acceptance and recognition don't come easy.

　　作为政府所拥有或控制的投资工具，主权财富基金并非新生事物。自科威特投资局（KIA）于1953年成立以来，主权财富基金的存在已有半个世纪。随着2007年中投公司和俄罗斯主权财富基金的成立和开展境外投资，欧美等国家保护主义势力抬头，对跨境资本心怀疑虑，认为他们不仅追求经济利益，还具有一定地缘政治目的，并因此对外来投资设置种种障碍，还希望通过制定国际经济规则对主权财富基金的行为和活动进行限制和约束。

As the government own or control of investment tools,Sovereign wealth funds are not new things.The investment from Kuwait(KIA)Since the establishment of 1953,The existence of sovereign wealth funds for half a century.With the 2007 cic and Russian sovereign wealth funds and the establishment of the development of overseas investment,Europe and the United States and other countries protectionism looked up,To cross-border capital have doubts,Think that they not only the pursuit of economic interests,Still has certain geopolitical purpose,And so on foreign investment set all kinds of difficulties,Also hope that through formulating the international economic rules for the sovereign wealth fund behavior and activity to restrict and constraint.

　　2007年10月17日，就在中投公司成立不到1个月的时间，西方七国集团首脑会议发布公报，要求国际社会尽快确立主权财富基金运营规范，并于当年的国际货币基金组织（IMF）和世界银行年会上授权IMF制定旨在规制和约束主权财富基金行为的所谓“最佳行为准则”。毋庸置疑，西方大国的矛头主要是指向中、俄两个新兴经济体。

October 17, 2007,Cic was founded in less than a month's time,Western group of seven summit communique issued,For the international community to establish as soon as possible sovereign wealth fund operation specification,And in the international monetary fund(IMF)And the world bank's annual meeting for authorized IMF to regulation and constraint sovereign wealth fund behavior of so-called"Best code of conduct".No doubt,Western powers were mainly in the point/Russia two emerging economies.

　　为缓解来自投资接受国的压力，同时也为争取更大的话语权，中投公司全程参加了主权财富基金国际工作组和主权财富基金《圣地亚哥原则》起草小组的工作，并联合其他新兴市场主权财富基金与美欧等西方大国进行平等对话，有效地赢得了规则的主导权。

In order to alleviate the pressure from investment recipient country,At the same time also to strive for greater voice,The cic attended the sovereign wealth fund international group and sovereign wealth funds[San Diego principle]Drafting group work,And the other emerging market sovereign wealth funds and the us and Europe and other western countries in equal dialogue,Effectively won the rules of the dominant right.

　　2008年10月， 《圣地亚哥原则》在美国华盛顿于IMF和世界银行年会期间正式颁布；在2011年5月于北京召开的第三次主权财富基金国际论坛年会上，中投公司监事长金立群当选为论坛主席。

In October 2008, [San Diego principle]In Washington in the IMF and the world bank during the annual meeting was formally promulgated;In May 2011 held in Beijing's third sovereign wealth fund international BBS annual meeting,Cic supervisors long JinLiQun was elected chairman of the BBS.

　　目前，在经合组织的推动下，一些投资接受国政府已采取措施来欢迎和吸引外国投资，并与包括主权财富基金在内的外国投资者建立了良好的互信和合作关系。然而，在另外一些国家，外国投资者、特别是主权财富基金的投资仍面临各种障碍和过于苛刻的监管约束。特别是当前全球经济复苏持续疲弱，贸易和投资保护主义有所抬头，这必然对全球投资环境造成影响，也会给中投公司这样的长期机构投资者造成很大压力。

At present,In the oecd's push down,Some investment recipient country the government has taken measures to welcome and attract foreign investment,And with including sovereign wealth funds, foreign investors to establish a good relationship of mutual trust and cooperation.however,In other countries,Foreign investors/Especially the sovereign wealth fund investment still faces all sorts of obstacles and too strict regulatory constraints.Especially in the current global economic recovery continued weakness,Trade and investment protectionism have looked up,This would impact global investment environment,Also can give cic such long-term institutional investors caused great pressure.

　　中投公司总经理高西庆对此指出：“在开展对外投资时，一方面要善用当地法律、税务、会计等专业顾问，避免犯不该犯的规。另一方面要特别讲究推进交易的方式方法，注重与监管机构畅通、无障碍的沟通，并且注重与投资接受国的立法、行政机构以及相关项目所涉及的行业和社会群体进行有效的政府关系、公共关系工作。”

Cic GaoXiQing general manager this points out:"In the development of foreign investments,On the one hand to make the best use of local laws/tax/Accounting professional consultants,Avoid making stupid gauge.On the other hand we should particularly exquisite propulsion trading methods,Pay attention to and regulators clear/Barrier-free communication,And pay attention to and investment recipient country legislation/Administrative institutions and related items involved in the industry and the social group for effective government relations/Public relations work."

　　在近5年的投资实践中，中投公司对100多个国家、70多个细分行业的“外资准入及监管政策”进行了归纳研究，并编制了投资政策指引，做到熟悉并切实遵守投资接受国和地区的法律法规与申报义务。与此同时，中投公司积极开展与国际金融机构和东道国监管机构的沟通宣传工作。不仅注意与全球财经界、有关国际组织、投资接受国政府与监管部门等各方面保持经常性接触与对话，还通过举办和参加各种中外高端国际会议和重大多、双边对话与磋商活动等，促进和维护公司利益，宣传公司投资政策与理念，推动全球金融稳定和资本与投资的跨境自由流动。

In the past five years of investment practice,Cic to more than 100 countries/More than 70 segments of the industry"Foreign investment access and regulatory policy"The inductive research,And of the investment policy guidelines,To be familiar with and to abide by the investment recipient country and regional laws and regulations with declare obligations.meanwhile,Cic active with international financial institutions and the host country regulators communication propaganda work.Not only pay attention to and global financial community/Relevant international organizations/Investment recipient country government and supervision department and so on various aspects maintain constant contact and dialogue,Also through the hold and take part in all kinds of Chinese and foreign high-end international conferences and more important/Bilateral dialogue and consultation activities,Promote and safeguard the interests of the company,Propaganda company investment policy and idea,Promote global financial stability and capital and investment cross-border free flow.

　　“《圣地亚哥原则》颁布四年以来，中投公司履行了该原则，开展商业化运作，追求财务回报，及时、透明地发布经审计的中投公司年报，取得了国际社会的广泛理解和认可。我们不寻求控制所投资的企业，但求做积极的持有少数股权的投资人。这个‘积极’是指帮助所投资企业实现价值增长，”中投公司董事长兼首席执行官楼继伟在接受媒体采访时表示。

"[San Diego principle]Promulgated since four years,Cic to perform the principle,To carry out commercial operation,Pursuit of financial returns,timely/Transparent publishing audited annual report cic,The international community has extensive understanding and recognition.We do not seek to control the investment of enterprise,But beg do positive with minority investors.this‘positive’Refers to help the investment enterprises realize the value growth,"Cic chairman and chief executive officer LouJiWei when being interviewed by the media said.

　　2012年4月，专门负责中投公司海外投资的中投国际有限责任公司通过全资子公司斥资约4.25亿美元，以私募配售的方式收购俄罗斯最大的黄金生产商普利斯约5%的股权，便是做“积极的少数投资者”的典型案例。

In April 2012,Special responsible for cic overseas investment for an international co., LTD. Is a wholly owned subsidiary of through spend about $425 million m,The way to private placement acquisition of Russia's largest gold producer pulis about 5% of the equity,Is do"Positive minority investors"The typical cases of.

　　5%的股权投资似乎不值得太多关注。殊不知，俄罗斯政府对类似金矿等“战略资产”实施严格的保护，外国资本特别是外国主权资本的渗透比例极低。中投公司的此次投资，无疑具有标志性的意义。

5% of the equity investment seems to be not worth too much attention.Little imagine,The Russian government to similar gold mine, etc"Strategic assets"Implement strict protection,Foreign capital especially foreign sovereign capital penetration ratio is extremely low.Cic's investment,No doubt landmark significance.

　　中央财经大学财政学院教授温来成在接受《财经国家周刊》记者采访时表示，“5%的股权投资比例并不高，（中投公司）更多的是出于‘走出去’开拓市场的需要，也体现了国有企业战略上的考虑。”

Central university of finance and economics institute of finance professor wen to into in accepting[Financial country weekly]A reporter to interview said,"5% of the equity investment ratio is not high,(cic)More is from‘Go out’To develop the market need,Also reflected the state-owned enterprise strategic consideration."

　　而中国外汇投资研究院院长谭雅玲更多从市场自身角度向《财经国家周刊》记者分析，“当前市场资本普遍集中于能源资源领域，中投某种意义上也属于普通的投资公司，也考虑市场热点。不能因为中投公司政府背景就简单理解为其投资行为一定暗含某种国家战略考虑。”

And China's foreign exchange investment research institute President TanYaLing more from the market's perspective to[Financial country weekly]Reporter analysis,"The current market capital common focus on energy resources field,With a certain sense also belong to common investment company,Also consider the market hot spot.Cannot because cic government background is simple to understand for its investment behavior must be implied a national strategic thinking."

　　捐赠基金模式 Donated fund mode

　　除了国际社会及投资接受国的认可，中投公司还需面对来自外部尤其是舆论界对其业绩的关注。

In addition to the international community and investment recipient country recognition,Cic still need to face comes from external especially the media attention to its performance.

　　谈及中投公司的业绩压力，楼继伟曾表示，“相比国外投资机构来说，中投公司有着自己的难处。中投公司的资金成本高，成立之初，每个工作日要求有3亿元人民币的盈利，才够覆盖当年成本开支及股东投资回报的要求”。

Cic talked about the performance of pressure,LouJiWei said,"Compared with foreign investment for institutions,Cic has its own difficulties.Cic capital cost is high,At the beginning of its establishment,Every working day required a 300 million yuan RMB profits,Just enough to cover the cost expenditure and the requirements of the shareholder's return on investment".

　　另一重压力则是来自外部的期许，谭雅玲在接受本刊记者采访时称，“毕竟，公众普遍认为，国家层面的投资就是最好的。政府背景留给公众的想象力丰富。”

Another heavy pressure is from external expectations,TanYaLing told this reporter interview said,"After all,consensus,The national level of investment is the best.The government background for the public's imagination."

　　中投公司内部人士对《财经国家周刊》记者表示，公司每年都要对外披露年报，直接导致外界过度关注其短期收益。报表披露的短期收益是一个时间节点上的反映，事实上，短期收益率是随时变化的，并不能取代长期的投资价值。

Cic of insiders[Financial country weekly]reporters,Each year, the company to foreign disclosure of annual report,Led directly to the outside excessive pay close attention to its short-term gains.Report disclosure short-term earnings is a time to reflect on node,In fact,Short-term rate of return is always changing,And can't take place of long-term investment value.

　　也正因为如此，通过资产配置实现长期目标和短期波动的协调，成为中投公司在投资策略上面临的最大难题。

Also because of this,Through the asset allocation to realize long-term goals and short-term fluctuations in coordination,Cic become in the investment strategy of the biggest problems.

　　据记者从中投公司了解到，对于中投公司这样的大型机构投资者来讲，资产配置是投资活动的重中之重，通常决定了投资组合风险和收益特征。从资产配置的国际经验看，传统模式采用60%配置于股票、40%配置于债券的“60/40”模式，以公开市场投资为主。该模式基于股票和债券的预期收益、风险特性及相关性，对投资组合进行优化，在既定的风险水平下实现收益最大化，或在既定的预期收益目标下追求投资组合风险最小。

According to the reporter learned from the investment company,For cic such large institutional investors speaking,Asset allocation is the top priority of the investment activities,Usually decide portfolio risk and income characteristics.From the asset allocation of international experience to look at,The traditional mode to use 60% allocation in stock/40% of the configuration in bonds"60/40"mode,To open market investment primarily.The model based on the stocks and bonds of the prospective earnings/Risk characteristics and correlation,To optimize the portfolio,Given the risk level, realizes the income maximization,Or given the expected earning goal pursued portfolio risk minimum.

　　上世纪80年代以来，投资者逐渐认识到市场上还存在着一些可以带来超额回报的资产，其超额回报来源于非传统意义上的一些特征，如资产的不可变现性、超长投资期和非透明的市场估值等因素。

Since the 1980 s,Investors come to realize the market also exists some can bring excess return assets,The excess returns from the non-traditional sense of some of the characteristics,Such as assets shall not BianXianXing/Long investment horizon and nontransparent market valuations factors.

　　以美国耶鲁大学和哈佛大学捐赠基金为代表的捐赠基金在传统资产配置模式的基础上，大量增加了私募基金、基础设施、房地产、对冲基金等另类资产，旨在通过高股权beta敞口获取经通胀调整后的长期实际收益，并基于资产的分散化来实现组合风险的分散化，大幅降低组合的波动性和下行风险。当前，“捐赠基金模式”已成为国际上大型基金的主流配置模式，另类资产的配置比例达到投资组合的30%左右。到2008年国际金融危机之前，“捐赠基金模式”取得了相对传统资产配置模式更加出色的回报率。

In the United States Yale university and Harvard University endowments as a representative of donated fund in the traditional asset allocation on the basis of the model of,A large number of private equity fund increased/infrastructure/Real estate/Hedge funds and alternative assets,Aims to obtain high equity beta open by inflation adjusted long-term real income,And based on assets decentralization to realize the combination of risk decentralization,Greatly reduced combination of volatility and downside risks.The current,"Donated fund mode"Has become the mainstream of the international large fund configuration mode,Alternative asset allocation portfolio reached 30%.To 2008 before the international financial crisis,"Donated fund mode"Made in comparison with the traditional asset allocation model better returns.

　　中投内部人士称，中投公司成立后，以“捐赠基金模式”为框架，结合公司自身特点和中国国情，制定了自己的多元化资产配置模式。作为长期投资者，中投公司投资另类资产方面有着比较优势，可以发挥自身投资周期长的优势，通过长期持有获取更高的投资收益。目前，中投公司的资产类别分为五类：现金、股票、固定收益、绝对收益和长期资产。其中，中投公司将泛行业直投、泛行业私募股权、资源能源、房地产和基础设施归为长期投资，并赋予了较高的配置比重。

With insiders say,After the establishment of cic,to"Donated fund mode"As a frame,According to the characteristics and China's national conditions,Develop their own diversified asset allocation model.As long-term investors,Cic alternative assets investment has comparative advantage,Can play their own investment cycle long advantage,Through the long-term holding get higher investment income.At present,Cic's asset class is divided into five categories:cash/stock/Fixed income/Absolute returns and long-term assets.the,Cic will flood industry straight investment/Extensive private equity industry/Of resource and energy/Real estate and infrastructure to for long-term investment,And give the high allocation proportion.

　　与此同时，中投公司在进行海外投资时也特别关注一些背靠中国因素的直接投资。中国是世界上发展最快的经济体,其持续、快速增长成为了全球许多公司收入与利润增长的动力与源泉，中投公司可以通过投资这些公司分享中国经济增长的成果。譬如，中投公司长期资产的配置中有较大比例的资源能源投资，希望通过增加投资获取对新兴市场，特别是中国经济持续发展的敞口。

meanwhile,Cic in overseas investment also pay special attention to some back China factors of direct investment.China is the world's fastest growing economies,Its continuing/Rapid growth become the global many corporate income and profit growth and source,Cic can through the investment companies share the results of economic growth in China.For example,Cic long-term assets configuration has a larger percentage of resource and energy investment,Hope that through increased investment in emerging market access,Especially China sustainable economic development of exposure.

　　截至2012年6月末，中投公司境外投资业务年化收益率达到3.9%，高于国际捐赠基金年化收益率的中值，在动荡的全球经济金融市场中，较好地实现了国家外汇资产的保值增值。

By the end of June 2012,Cic overseas investment business annualised yield up to 3.9%,Higher than international donated fund annualised rate of return in value,In the turbulent global economic and financial market,Have a better way to realize the value of the state foreign exchange assets.

　　投资策略演进 Investment strategy evolution

　　中投内部人士也坦言，成绩固然令人欣喜，但本次金融危机中资产配置模式暴露出来一些问题也不能忽视。“捐赠基金模式”框架下的绝大部分资产受增长因素驱动，与增长因素相关的资产贡献了90%以上的风险，看似多样化的资产配置，其风险实则高度集中。危机中不同资产类别之间和区域资产之间的相关性显著增加，一损俱损，投资组合在短期内出现较大波动，并面临较大的深度减值风险。此外，中投公司的长期资产配置比例较高，特别是有较多资源能源和金融等周期性行业的投资，这些资产的波动率要高于整个组合，增大了控制短期波动率的难度。

With insiders also said,Achievement is a joy,But the financial crisis in the asset allocation model exposed some problems also cannot ignore."Donated fund mode"Under the framework of most of the assets by growth factors drive,And growth factors related assets contributed more than 90% of the risk,Seemingly diversified asset allocation,The risk in high concentration.Crisis between different asset classes and the relationship between regional assets increased significantly,mine,Investment portfolio in the short term appear larger fluctuation,And faced with large depth impairment risk.In addition,Cic's long-term asset allocation proportion is higher,Especially have more energy and financial resources, such as periodic industry investment,These assets fluctuation rate than the whole combination,Increases the control the difficulty of short-term volatility.

　　当前，全球机构投资者都在探索更为有效的资产配置模式。其中，基于风险因素而非资产类别进行投资组合多元化的风险因子配置、风险平价配置受到了较多关注。

The current,Global investors are to explore more effective asset allocation model.the,Based on risk factors rather than asset classes in a portfolio diversification risk factor configuration/Risk parity configuration received more attention.

　　例如，有的机构将资产收益的主要驱动因素分为经济风险、实际利率、通胀、信用、流动性、政治风险六大类，并确定对六类因子的风险配置比例和对应的资产配置比例。丹麦养老基金、美国阿拉斯加州永久基金、加州公务员退休基金等机构正在积极实践这一模式。

For example,Some institutions will asset income of the main driving factor is divided into economic risks/Real interest rates/inflation/credit/liquidity/Political risk six big kinds,And sure to six kind of factor risk allocation proportion and the corresponding asset allocation proportion.Denmark pension funds/The United States Alaska the permanent fund/California civil service pension fund institution, etc are actively practice the model.

　　另一个探讨比较多的改进方向是在资产配置中引入政策组合，即根据中期（3年）经济形势和资产估值，结合长期资产投资进度对战略资产配置方案进行修正，形成的未来1-3年的组合构建目标，并在每年进行回顾，这种配置方式相对可以容纳较多长期资产。安大略教师基金、澳大利亚未来基金、加州公务员基金和德州教师基金等多家机构均采用了这一模式。

Another to explore more improvement direction in asset allocation is introduced into the policy mix,According to middle(Three years)Economic situation and asset valuation,Combined with long-term assets investment progress to strategic asset allocation scheme for correction,The future of the formation of 1-3 years of combined constructing target,And every year in review,This configuration mode relative can accommodate more long-term assets.Ontario teacher fund/Australia's future fund/California civil servants funds and Texas teacher fund, a number of other agencies have adopted the mode.

　　毋庸置疑，任何一种资产配置模式都需要接受时间的检验，需要经过不同的经济周期和市场环境才能充分体现其投资效果。今年2月，中投公司邀请德克萨斯州教师退休基金，加州公务员退休基金、新加坡投资管理局、加拿大退休金计划管理局等国际同业机构来华，就如何更好地进行资产配置、组合构建以及低流动性资产和对冲基金投资等问题进行了讨论。

No doubt,Any kind of asset allocation models need to accept the test of time,Need to pass different economic cycle and market environment to fully reflects its investment effect.February,Cic invited teachers Texas retirement fund,California civil service pension fund/Singapore investment administration/Canada pension plan administration and other international trade institutions in China,As to how to better asset allocation/Combination construct and illiquid assets and hedge fund investment were discussed.

　　此外，中投公司改进投资策略的一个重要方向是更多地从风险维度认识资产和开展配置。中投公司已经建立了多资产自营组合，实践风险平价配置模式，该组合建立以来运作情况良好。在长期资产中，中投公司增加了基础设施、房地产等稳定收益类资产的配置比例，以核心类实物资产投资为主，关注项目现金流质量。中投公司已在英国、澳大利亚等国家开展了基础设施投资，今年2月斥资2.76亿英镑购买了英国泰晤士水务公司8.68%的权益。

In addition,Cic improvement investment strategy is an important direction is more risk dimensions from knowledge assets and carry out configuration.Cic has established many assets operating combination,Practice risk parity configuration mode,This combination operation since its establishment in good condition.In the long-term assets,Cic increased infrastructure/Real estate stable income kind asset allocation proportion,With the core class physical assets investment primarily,Pay attention to the quality of project cash flow.Cic has set up a file in the UK/Australia and other countries carried out infrastructure investment,February spend £ 276 million to buy the British times water 8.68% of the company equity.

　　与此同时，中投公司于2011年初将投资周期延长至10年，其滚动年收益率作为评估投资绩效的重要指标。目前，中投公司基本实现了满仓运作。在投资区域方面也有所调整，中投公司相对降低了在北美与拉丁美洲的投资比例，增加了在亚太、欧洲及非洲的投资比例。

meanwhile,In early 2011, cic will investment cycle extended to 10 years,The rolling annual return of investment performance evaluation as an important index.At present,Cic basically achieved ManCang operation.In the investment area also have to be adjusted,Cic relative reduced in North America and Latin America the proportion of the investment,The increase in the Asia Pacific/The proportion of the investment in Europe and Africa.

　　针对投资规模不断扩大、投资产品日益丰富、投资策略日趋多元化等情况，中投公司进一步加强了风险管理体系建设，对风险管理职能进行整合，实现对市场风险、信用风险、集中度风险、流动性风险、操作风险等的统一管理，并对法律风险、声誉风险等进行了更加严格的控制。

According to investment scale expands unceasingly/Investment products has become increasingly rich and colorful/Investment strategy with each passing day diversity, etc,Cic further strengthening the risk management system construction,To risk management functions integration,Realize the market risk/Credit risk/Concentration risk/Liquidity risk/Operational risk of unified management,And the legal risk/Reputation risk and so on more strict control.

　　“从个案而言，做好尽职调查非常重要”，楼继伟在接受媒体采访时称，“此外，与当地基金或者联合投资人合作也是较好的风控举措，他们在当地具备较为熟悉的资源，或对某个专业及行业更有经验，共同投资，分散投资风险。”

"From the case,Do due diligence is very important",LouJiWei interviewed by the media said,"In addition,With the local funds or joint investors cooperation is also good wind control measures,They are more familiar with the local resources,Or in a professional and industry have more experience,Joint investment,Disperse investment risk."

　　自我进化 Self evolution

　　为更好地捕捉讯息万变的资本市场，中投公司自身也在进行着管理架构等方面的调整和变革。

To better capture the message get capital market,Cic is in itself a management structure of adjustment and change.

　　2011年9月，中投公司将原国际业务分拆至新成立的中投国际有限责任公司（以下简称“中投国际”），与中央汇金投资有限责任公司（以下简称“中央汇金公司”）并列为中投公司全资子公司，分别独立开展相关业务。

In September of 2011,Cic will YuanGuoJi business spin-off to new established an international co., LTD(Hereinafter referred to as"An international"),And the central huijin investment co., LTD(Hereinafter referred to as"The central huijin company")And cic listed as a wholly owned subsidiary,Independently carry out relevant business.

　　根据调整方案，中投国际完全继承了中投公司原有境外投资业务及其经营原则和运作模式，汇金公司则继续履行对国有重点金融机构进行股权投资，依法行使出资人权利并履行其义务等职责。

According to the adjustment scheme,An international fully inherited the original cic overseas investment business and its operating principle and operation mode,Huijin company is to continue to perform the important state-owned financial institutions equity investment,In the exercise of the right to investors and to perform its obligations and duties.

　　这次业务调整最重要的意义在于，中投公司的海外投资主体是旗下的独立子公司，不再受到中央汇金公司作为政府金融平台及银行控股公司定性的困扰。

The restructuring, the most important significance lies in,Cic of overseas investment main body is its independent subsidiary,No longer is the central huijin company as the government financial platform and bank holding company qualitative problems.

　　在中投公司作为资本金的2000亿美元中，包括此前央行通过中央汇金公司向国有银行注资的670亿美元。这部分由财政部通过发行特别国债，以债权换取央行在中央汇金公司的股权的形式，将中央汇金公司整体并入了中投公司。 中央汇金公司为中投公司的业绩贡献突出。2008年和2009年，中投公司的全球投资组合回报率为-2.1%和11.7%，而同期合并中央汇金公司业绩后的资本回报率立刻大增，分别为6.8%和12.9%，这一比例至2010年升至13.7%。

In the cic as the capital of $200 billion,Including after the central bank through the central huijin company of state-owned bank transfers to $67 billion.This part by issuing special bonds by the ministry of finance,In exchange for the central bank creditor's rights in the central huijin company in the form of equity,Will the central huijin company whole into cic. The central huijin company for cic performance outstanding contribution.In 2008 and 2009,Cic global portfolio returns for - 2.1% and 11.7%,Over the same period, the central huijin company merger after the performance of a return on capital immediately,Were 6.8% and 12.9% respectively,This proportion to 2010 to 13.7%.

　　中投公司在年报中称，“中央汇金公司设有独立的董事会、监事会和经营管理团队。中投公司的全球投资业务和中央汇金公司代表国家进行的国有金融机构的股权投资之间，实行严格的‘防火墙’措施。”

Cic said in the annual report,"The central huijin company has independent board of directors/The board of supervisors and management team.Cic's global investment business and central huijin company on behalf of the state of a state-owned financial institutions between equity investment,strict‘firewall’measures."

　　尽管如此，外界有关中投公司业绩倚重中央汇金公司的说法依然不绝。中投国际的设立，使得这一困扰得以消除：未来中投国际在海外上进行投资时，将不必再反复解释与中央汇金公司的关系，其商业性原则得以更为有效的发挥。

Even so,Outside the cic performance, rely on the central huijin company says still talking.The establishment of an international,Make this a trouble to eliminate:An international future in the overseas investments,Will no longer have repeated explanation and the relationship between the central huijin company,The commercial principle is more effective play.

　　更大的变革或许还在未来。最近一段时间，市场上对中央汇金公司未来是否独立以及是否归并金融国资委等问题的各种传言甚嚣尘上。

Greater change maybe in the future.A recent period of time,The market of the central huijin company's future is independent and whether merge financial problems such as the sasac all sorts of rumors narrative.

　　“中投公司目前所处的地位非常被动，账面亏损被人为写成巨亏，而盈利又被说成是汇金的贡献。如果汇金剥离出去，反倒是中投国际真正成熟的时刻。”一位熟悉中投公司的人士坦言。

"Cic now place very passive,The book was written losses for huge deficit,And profit and is said to be huijin contribution.If huijin stripping out,But an international is really ripe moment."A person familiar with cic said people.

　　让商业性原则在中投公司有效发挥还存在另外一个障碍，那就是董事会存在比较浓厚的行政色彩。中国人民银行、国家发改委、国务院国资委、商务部均有派出董事或监事的权力，公司11名董事中有10名是副部级以上的官员。

Let the commercial principle in cic effectively play there are another disorder,That is the board of directors is existing strong administrative color.The people's bank of China/The national development and reform commission/The sasac of the state council/The ministry of commerce are sent directors or supervisors of power,The company and the directors have 10 is deputy ministry class above officials.

　　“官员最擅长的是把握宏观经济形势，欠缺经济管理方面的经验。从市场的角度而言，招揽人才应侧重实践经验和经历”，谭雅玲也同时表示，“中投公司作为一个特殊的有‘中国特色’的投资机构，其发展中处于市场与行政的两难境地，我非常能理解。”

"Officials is the most adept at grasp the macro economic situation,Lack of economic management experience.From the market point of view,Attract talents should lay particular emphasis on practical experience and experience",TanYaLing also said,"Cic as a special have‘Chinese characteristics’Investment institutions,In the development in the market and the dilemma,I can pretty much understand."

　　从目前海外投资看，人才依然是瓶颈。中投公司也坦承，面对较大的人才竞争压力，公司已经致力于人力资源管理制度建设。

From the current overseas investment to see,Talent is still a bottleneck.Cic also admits,In the face of great talent competition pressure,The company has committed to the human resource management system construction.

　　5年来，中投公司通过主权财富基金的定位，国际化的投资平台和市场化的运作机制吸引了大批海外金融人才回国发展。截止2012年6月，中投公司海外投资部分共有员工405人，其中165人有海外工作经历，外籍华人44人，其中不乏在国际大型投行或基金工作多年、拥有丰富投资经验的顶尖人才。

Five years,Cic through the sovereign wealth fund orientation,International investment platform and market operation mechanism attracted a large number of overseas financial talent back to China development.By June 2012,Cic overseas investment part has 405 employees,165 of them have overseas working experience,Chinese of foreign nationality 44 people,There is no lack of among them in the international large investment Banks or fund for many years/Has rich experience in investment top talents.

　　但面对金融行业人才高度竞争的现实，要留住人才不光需要平台的支撑，中投还需要在企业文化和激励制度上更进一步。

But in the face of financial industry talents highly competitive real,To keep the talented not only need the support platform,An need in the enterprise culture and incentive system on further.

　　目前中投公司正致力于打造“中投团队”的企业文化，希望让不同文化背景下的员工能形成共同的价值观念和行为准则，提高对公司的信任感、忠诚度和凝聚力。

At present the company is devoting to build an"Team with"Enterprise culture,Hope to make under the different culture background staff can form the common values and behavior criterion,To improve the company's sense of trust/Loyalty and cohesion.

　　与此同时，中投公司还逐步建立了与公司发展战略相匹配、多层次、多维度的激励机制，充分发挥业绩奖金的激励约束作用，使之成为激励和留住骨干人才的有效手段。

meanwhile,Cic has gradually set up with the company development strategy phase matching/multi-level/Multidimensional incentive mechanism,Give full play to the performance bonus of incentive and constraint function,Make it become the motivation and keep backbone talents effective means.

　　主权财富基金 Sovereign wealth funds

　　是指由政府拥有、用于特殊用途的投资基金或制度安排。其由政府建立，服务于宏观经济目标，持有和管理资产，并采用一整套投资战略来实现财务目标。

It is to point to by the government have/Used for special purpose of investment funds or institutional arrangements.The established by the government,Service in macroeconomic goals,Hold and manage assets,And using a set of investment strategy to achieve financial goals.