China Investment Corporate Ltd. (CIC), the country's long-awaited state forex investment company set up to make better use of its huge foreign exchange reserves, was inaugurated on Saturday.

The CIC, with a registered capital of US$200 billion, is a solely state-owned company, according to the company sources.

Lou Jiwei, current deputy secretary-general of the State Council, was appointed the CIC's board chairman, while Gao Xiqing, now vice chairman of the National Council for Social Security Fund, was designated the general manager, the sources said.

Hu Huaibang, Commissioner of Discipline Inspection with the China Banking Regulatory Commission, took the post as chief supervisor, said the sources.