CIC has been noticeably absent from big-ticket deal-making since 2017. Its new chairman won’t help matters. China’s sovereign wealth fund was set up in 2007 to much fanfare. It was supposed to be a vehicle that helped invest the country’s massive pile of foreign-exchange reserves abroad through big-ticket deals. For about a decade, it did just that. At the height of the financial crisis, China Investment Corp. sank $5.6 billion into Morgan Stanley to steady the struggling bank, a stake that eventually rose to 10 percent. The fund tried to emulate Singapore’s GIC Pte, which was known for its ambitious investments overseas.