The China Investment Corporation (CIC) is China’s flagship SWF since 2008. The fund has three very different subsidiaries: Central Huijin, which holds stakes in major Chinese financial institutions and was transferred from SAFE as seed capital; CIC International, which was established in 2011 to pursue investments overseas; and CIC Capital, which was launched in 2015 to support Chinese businesses exporting and investing overseas. The last two went through a consolidation process recently, but there continue to be a strict firewall between CIC’s overseas operations and Huijin.