CIC and Goldman Sachs establish fund to invest in US companies

In a ceremony attended by Xi Jinping, the President of the People’s Republic of China and Donald Trump, the President of the United States of America, in Beijing, Tu Guangshao, Vice Chairman and President of China Investment Corporation (CIC), and Lloyd Blankfein, Chairman and CEO of Goldman Sachs Group Inc, signed a Memorandum of Understanding to establish China-US Industrial Cooperation Partnership LP (Cooperation Fund). The Cooperation Fund will target $5 billion in commitments with a broad mandate to invest in American companies in the manufacturing, industrial, consumer and healthcare industries, among others, that have or can develop a material business connection to China, in order to develop a stronger China-US trade and investment relationship.