Published: Wednesday, 26 Aug 2009 | 9:29 PM ET

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China's sovereign wealth fund will increase new overseas investment this year by around 10 times from the previous year on signs the global economy has bottomed out, the head of the organisation said in a newspaper interview.

Gao Xiqing, president of China Investment Corporation (CIC), also said he was actively examining making new investment in Japanese companies and property on prospects of a recovery in the country's economy, according to the interview that ran on Thursday in Japan's daily Asahi newspaper.

CIC's new investment overseas, which shrank to $4.8 billion last year due to the deepening financial crisis, will increase by around 10 times this year to several tens of billion dollars, he
said.

On whether Beijing will shift more from its $2-trillion foreign reserves to CIC, he said he couldn't reply because it was a decision for the Chinese government.

CIC was created in September 2007 and manages $200 billion of the country's foreign reserves, now the world's largest.

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