Chinese fund gearing up for a spending spree

China is set to add an extra $50bn (£31.8bn) to its sovereign wealth fund to make more rapid investments in Western businesses.

The extra cash, according to Reuters, will boost the fund, called China Investment Corporation, to $460bn making it one of the largest in the world.

German luxury car-maker Daimler — whose marques include Mercedes Benz — is already near the top of the fund's shopping list.