CIC’s new office raises questions about sovereign interests

With the announcement that the China Investment Corporation (CIC) is opening a representative office in Toronto, Canada, the implications of the move are already being bantered about by analysts, industry onlookers and government officials. Some see the move as a clear statement to the US, which is likely not misplaced. CIC president Gao Xiqing recently explained in an interview, “There are countries with comparable economic characteristics to Canada, but with a lot less friendly environment.” Ostensibly he was not talking about France. The reasons for choosing Toronto could be less sinister, however. A report in local Canadian paper the Globe and Mail indicated the move was made to accommodate Felix Chee, a former senior CIC executive that now acts as an international advisor to the group, and who wants to live in Toronto.