CIC is scouring the globe for opportunities to invest in mining and natural resources companies, according to Beijing-based bankers and officials, who say the fund's preferred role will be as a financier and facilitator for state-owned companies wanting to make offshore acquisitions. After a series of disastrous investments in offshore financial institutions – Blackstone, Morgan Stanley – CIC went through a period of apparent paralysis until this year, when it began looking closely at the commodities sector.

Lou Jiwei, CIC's chairman and chief executive, travelled to Australia on a courtesy visit last month, just before planned investments in Rio Tinto, Oz Minerals and Fortescue Metals by Chinese companies were made public.

“Many commodities are undervalued and are among our considerations for potential investments,” Jesse Wang, CIC's executive vice-president, told reporters on the sidelines of the country's legislative advisory body in Beijing yesterday, according to Bloomberg.