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【出版时间及名称】：2008 China’s Sovereign Wealth Fund
【作者】：Michael F. Martin
【文件格式】：PDF
【页数】：22
【目录或简介】：
China’s Sovereign Wealth Fund
Summary
China established its major sovereign wealth fund, the China Investment
Corporation (CIC) on September 29, 2007 — six months after it first announced its
intention to create such a fund. Financed with $200 billion in initial capital, the CIC
is one of the largest sovereign wealth funds (SWFs) in the world.
Although many of the CIC’s initial investments were apparently political in
nature, the CIC’s top management have repeatedly asserted that future investments
will be commercially-based, seeking to maximize the return on investment. Since
its creation, the CIC and its subsidiaries have already made several investments,
including the purchase of 9.9% of the U.S. financial firm, Morgan Stanley, on
December 19, 2007.
According to top Chinese officials, the CIC was created to improve the rate of
return on China’s $1.5 trillion in foreign exchange reserves and to soak up some of
the nation’s excess financial liquidity. Depending on its performance with the initial
allotment of $200 billion, the CIC may be allocated more of China’s growing stock
of foreign exchange reserves.
A number of experts in international finance have expressed some concern
about the recent growth in SWFs and China’s creation of the CIC. Analysts have
cautioned that major shifts in SWF investments potentially could disrupt global
financial markets and harm the U.S. economy. Other experts are less concerned
about SWFs and the CIC, and welcome their participation in international investment
markets.
China has responded by maintaining that the CIC will prove to be a source of
market stability. China has also stated that it has no intention of using its SWF to
cause harm to the U.S. economy or global financial markets.
Despite China’s reassurances, there have been calls for greater oversight and
regulation of the activities of SWFs. A senior official in the Bush administration has
called on the International Monetary Fund and the World Bank to develop guidelines
for SWFs. Some international financial experts have suggested elements to be
included in such guidelines, including standards for transparency, governance, and
reciprocity. Other experts have suggested that the United States should review its
current laws and regulations governing foreign investments in the United States, and
possibly implement special procedures or restrictions on proposed investments by
SWFs. These include financial reporting requirement, limits on SWF ownership of
U.S. companies, and restrictions on the types of equity investments SWFs can make
in U.S. companies.
This report will be updated as circumstances warrant.
Contents
Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1
Policy Responses to SWFs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4
Administrative Details of the China Investment Corporation . . . . . . . . . . . . . . . . 5
CIC’s Management Team . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6
CIC’s Working Capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6
Investment Activities of China’s Sovereign Wealth Fund . . . . . . . . . . . . . . . . . . . 7
CIC’s Existing Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7
CIC’s Future Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10
Investment Strategy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11
Transparency . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13
Reciprocity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13
Market Stability . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15
Implications for China’s Economy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15
Implications for Global Financial Markets and the U.S. Economy . . . . . . . . . . . 16
Congressional Considerations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18
List of Figures
Figure 1. CIC’s Major Investments (as of 12/07) . . . . . . . . . . . . . . . . . . . . . . . . . 8
List of Tables
Table 1. Leading Sovereign Wealth Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1
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