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Nation's sovereign wealth fund posts net profit of 3.62 billion last year China's sovereign wealth fund announced on Monday it posted a net profit of 3.62 billion as of Dec 31, 2017, up by 37.55 percent year-on-year.Most importantly, the net return on its overseas investment hit a record high of 17.59 percent last year, compared with 6.22 percent in 2016, according to the annual report of China Investment Corp."Among our asset classes, open market operations recorded the fastest growth in return on overseas investment, followed by private equity and direct investment, and then by fixed-income investment," said Li Wenping, deputy director-general of CIC's finance department.Last year, as the exchange rates of non-US currencies remained relatively stable against the US dollar, CIC had a foreign exchange loss of million, much smaller than the exchange loss of .53 billion in 2016 when the US dollar was stronger, Li said."CIC is an important chapter of the monumental masterpiece of China's opening up," said Tu Guangshao, vice-chairman and president of the sovereign wealth fund."During the past 10 years, we grasped the opportunities of global economic development and the integration of China into the global economic system."Since the sovereign wealth fund was established in September 2007, its net cumulative annualized return on overseas investment was 5.94 percent as of the end of 2017. During the same period, its total assets increased from 0 billion to 1.42 billion, and the annualized growth rate of State-owned capital was 14.51 percent, according to the annual report.CIC is drawing up a future development strategy, especially for the next three years, Tu said."We'll steadily increase our alternative investment and direct investment, better promote the combination of our outbound investment and China elements, keep innovating outbound investment methods, such as optimizing the existing multilateral and bilateral funds, and build a multi-dimensional ecosystem for cross-border investment to deepen our cooperation with various partners," he said.

Nellie Cheng (middle) from LEED grants the gold award to Zhou Fuxin (left), president of Shenzhen GASU Industry Group Co, and Feng Yong. [Photo provided to chinadaily.com.cn]

New forms of infringement of religious rights and interests have sprung up, making it more urgent to protect and promote these rights, said Jiang Jianyong, deputy head of the State Administration for Religious Affairs, during a meeting of the Buddhist Association of China held this week in Changsha,Hunan province.

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Netflix is still the front-runner in terms of award nominations, though: Amazon’s main competitor in the streaming video space picked up six nominations, three each for “House of Cards” and “Orange is the New Black.” The two companies will square off directly in the best comedy category, alongside “Girls,” “Jane the Virgin” and “Silicon Valley.”

Nestle China has continued to upgrade its coffee business, a high-growth sector of its food and beverage product categories, amid the rising trend for hand-brewed coffee at coffee chain stores in the country.

New York State Sen. Michael Gianaris, who represents Queens, is a leader of the opposition movement. He has held protests and publicly criticized the deal’s lack of transparency and the incentives Amazon could receive.

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New editions of the list will probably be released in May, expanding market access of the tertiary sector, such as health care, aged service, finance, transportation, logistics, tourism, education and training and value-added services of telecommunications, said Zhang Fei with the Chinese Academy of International Trade and Economic Cooperation (CAITEC).

Nearly 90,000 people living around the volcano have fled to overcrowded relief camps where authorities have warned of a worsening sanitation crisis.

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New Secretary for Innovation and Technology Sit, meanwhile, vowed to enhance communication and cooperation with different sectors to let residents understand and support the government's inno-tech policies.

New Zealand Ambassador John McKinnon visited Yu Ge winery, a joint venture of China's Ningxia Hui autonomous region and Marlborough, a wine-growing region in his country, on Tuesday. McKinnon also planted a unique wine grape from New Zealand, sauvignon blanc, symbolizing the enduring friendship between the two nations.