Sovereign fund goes for exclusions

China's $200billion (£100.8bn) sovereign wealth fund is to become a socially responsible global investor by shunning industries such as gambling, tobacco and arms manufacturing.

Gao Xiqing, president of China Investment Corp, told a conference in Beijing that his organization would look at 'everything cross-border except for casinos, tobacco companies or machinegun companies'. He said: 'We are looking at clean energy and environmentally friendly investment.'

However, it is reported that, as far as is publicly known, the fund has previously invested primarily in financial services.