Libmonster ID: UK-1254
Author(s) of the publication: V. V. SAMARTSEV

In the last decade, the rapid development of a number of the most dynamic states of the former "third world", primarily China and India, has made significant adjustments to the balance of power in the global economy and finance. An important place in this process is occupied by the so-called Sovereign Wealth Funds. They have significantly stepped up their investment activities even in the context of the global financial and economic crisis and continue to step up their efforts at the current stage of the slow recovery of the global economy.

This is stated in the articles of V. V. Samartsev and Ph. D. E. M. Rusakov.

China Keywords:sovereign wealth fundsforeign investments



China's gold and foreign exchange reserves have been growing rapidly since the late 1990s, thanks to a positive foreign trade balance and the stimulation of foreign capital inflows (in October 2010, their volume reached $2.65 trln1). Initially, the accumulated funds were invested in long-term debt obligations of the US government (T-bonds), but the huge budget deficit of the United States caused concern to the Chinese authorities.

In search of the most efficient use of international reserves, it was decided to create a state investment fund - the China Investment Corporation (CIC). The authorized capital of the new institution was $200 billion.

The main activities of the company are investments in energy, real estate, high technologies, financing and lending, import and export.

The global financial and economic crisis and the fall in the dollar exchange rate reinforced Beijing's concerns about the dollar as the world's reserve currency and confirmed the correctness of the decision to create a CFC, which has become one of the major effective tools for facilitating export-import operations and buying up foreign assets - raw materials, energy, financial, high-tech, etc. At the current stage of the slow recovery of the global economy, the corporation continues to play an important role along with other state - owned investment institutions - the Investment Company of the State Administration of Foreign Exchange Investment Co. (SAFE) and the National Social Insurance Fund (China National Social Security Fund).


Sovereign development funds do not have uniform standards or even names. They are called differently: stabilization fund, reserve fund, investment agency, heritage fund, etc.

They are formed by the state

page 2

if the market environment is favorable, and there is a significant budget or trade surplus. The wealth funds ' capital is derived from the sale of natural resources: energy resources in the Gulf states, Russia, Libya, Brunei, Venezuela, Nigeria, and economically developed Norway, minerals in Chile, Botswana, and the US state of Wyoming, goods in China, and services in Singapore. Sometimes such a reserve is formed at the expense of proceeds from privatization activities, tax revenues, and profits of state-owned enterprises.

By type of activity, these are usually investment companies that accumulate foreign currency savings, stocks, bonds, real estate, transfers and other assets. The goal is to create cash savings to mitigate the effects of an economic downturn, finance long-term strategic projects, or restructure the economy in the future.

There are different models for managing the fund's funds. In Kazakhstan, this function is performed by the Central Bank, in the Canadian province of Alberta - by the Department of Finance, in Alaska - by hired managers, in China-by a specialized corporation. Some state funds pursue a conservative, cautious policy (Russia), while others prefer aggressive actions in the market (Qatar). The actions of some funds are transparent (Norway), while most do not seek to disclose the structure of the investment portfolio.

The main means of investing money are bonds borrowed from other countries, of which the most reliable and liquid, even despite the weakening of the dollar, are still considered long-term obligations of the US government (Treasury Department).

Even in the pre-crisis period, foreign direct investment attracted the attention of welfare funds. A 2008 report by the United Nations Commission on Trade and Development indicated that while only one cross-border operation involving a sovereign wealth fund was conducted in 1987, 30 such agreements were already concluded in 2007.2 The most active buyers were investors from the UAE, China, Kuwait and Singapore.

They are still relatively small in comparison with other financial market participants (Table 1).

Table 1

Rough estimate of the capitalization of individual financial sectors of the global economy*


$ trillion

Total banking assets

95,53 (2009)

Securities market

47,8 (2009)

Pension funds

29,5 (2009)

Insurance companies


International reserves


Sovereign funds

3.94 (September 2010)

Hedge funds

2.23 (May 2010)

* Compiled by author 3.

But these "upstarts" are developing dynamically and have good prospects to push out traditional investors (Figure 1).

Figure 1. The largest sovereign funds, $ bn.

In June 2010, the SWF Institute's list of sovereign Wealth Funds already included 37 countries that own such institutions (Figure 1). 4 The figure shows the top ten countries in descending order, starting with the largest fund, the Abu Dhabi Investment Authority ($627 billion). Saudi currency holdings are in 3rd place - Saudi Arabia Monetary Agency (SAMA) ($415 billion). The China Investment Corporation ranks 5th in this list ($332.4 billion), with two other Chinese companies included.-

page 3

The two funds are the Investment Company of the State Administration for Foreign Exchange Markets (SAFE) ($347.1 billion) and the National Social Insurance Fund ($146.5 billion), as well as the Hong Kong Monetary Authority Investment Portfolio ($227.6 billion).

The performance of sovereign wealth funds is often assessed critically both in the investing countries and in the recipient countries.

The reason is the sharply increased government injections into these institutions around the world.

Supporters of the" free " market are dissatisfied with the centralized subordination - official or unofficial-of such investment funds. State agencies, they argue, are more focused on solving social and political problems rather than achieving profit, and this increases the risk of inefficient management of funds. Excessive expansion of the public sector leads to discrimination against private enterprises, destruction of the competitive environment, national protectionism, bureaucracy and corruption.

Fund managers are under constant pressure. They are designed to increase the profitability of the country's gold and foreign exchange reserves by investing in risky financial instruments - stocks, corporate obligations, real estate. Market fluctuations can cause a drop in the value of existing assets. At the same time, there may not be any highly qualified specialists with experience and international connections who can develop long-term plans in the country. The process of trial and error provokes a sharp reaction from the authorities, and inviting consultants from abroad is not always justified, since international investors compete with sovereign funds, for example, when buying strategic resources.


The emergence of the Chinese sovereign wealth fund was preceded by several years of government debate. At the beginning of this decade, due to the positive foreign trade balance and the stimulation of foreign capital inflows, the country's international reserves increased dramatically 5 (Figure 2). As noted above, in October 2010, China's gold and foreign exchange reserves increased to $2.65 trillion.

Figure 2. Gold and foreign exchange reserves of the PRC, $ bn.

They far exceeded the level required for a stable monetary policy. The management of foreign exchange assets was assigned to a special agency (State Administration of Foreign Exchange), created in the system of the Central People's Bank of China (PBOC).

New difficulties immediately arose.

Foreign exchange asset management preferred to invest in long-term US government (Treasury) bonds. These securities, backed by government guarantees, had a high degree of security and liquidity, but offered relatively low interest rates, averaging 2-4% per year. Not very efficient for an economy that grows annually by 8-10%6. In addition, the gradual strengthening of the yuan led to negative results in the reverse conversion of dollar revenues, as income on conservative investments was leveled.7

Significant foreign exchange inflows to the domestic market and an increase in the money supply in circulation contributed to inflationary pressures, mainly in the real estate and securities markets. To remove excess liquidity, the NBK issued short-term "sterilization" bonds with a yield of about 4%. At the same time, interest income on 10-year Treasury bonds was only 3.5%. As a result, while maintaining the level of prices in the economy, China suffered obvious losses.8

A quick exit from the dollar zone is also not an option, as it will cause a drop in the value of the remaining dollars. Yes and

page 4

what other market can absorb hundreds of billions of dollars of cash? The country is trapped in a situation where the very size of foreign exchange reserves leads to an increase in their volume.

In the search for new areas of application of international reserves, various ideas were expressed: financing the activities of the International Monetary Fund (IMF) in developing countries, supporting small and medium-sized banks, transferring funds to the pension fund, promoting state-owned enterprises to the foreign market, investing in infrastructure and social security, etc.

Supporters of the creation of a national investment corporation won.

Initially, it was assumed that Central Huijin Investments would allocate part of its international reserves. This state-owned holding company was subordinate to the Management of foreign exchange assets and restructured banks with large non-repayable debts, facilitating their listing on the Hong Kong stock Exchange.

The Ministry of Finance objected, believing that the assistance to national banks and their subsequent entry into foreign markets would lead to even larger savings and increase excess liquidity within the country9. Officials argued that the Central Bank should share responsibility for managing gold and foreign exchange reserves with another agency, such as in Japan or in the United States, where this function is performed by the Ministry of Finance. The National Development Commission and the Ministry of Commerce also expressed a desire to determine the policy of the new institution. A fierce battle broke out for access to its assets. As a result, it was decided to directly subordinate the investment corporation to the State Council of the People's Republic of China. Singapore's sovereign funds, such as Government of Singapore Investments and Temasek Holdings, served as a model for efficient use of foreign currency funds.

The birth of the China Investment Corporation (CFC) was preceded by a complex financial operation. The Ministry of Finance issued 10 - and 15-year loan bonds totaling 1.55 trillion yuan and acquired $199 billion. from various sources 10 (Table 2).

Table 2

Placement of bonds of the Ministry of Finance of the People's Republic of China at the formation of CFC

Date of issue of the tranche, 2007

Holder / method of placing obligations

Value of bonds, bln. RMB

Bond value, $ bn

Coupon yield, %

August 28th

Central Bank*





Public auctions



4.46 to 4.68


Public auctions




December 10th










* It is legally impossible to carry out the transaction directly, so the Agricultural Bank of China acted as an intermediary.

Almost all issued bonds remained in the hands of the state. From an accounting point of view, there was a replacement of cash dollars in the accounts of the Central Bank with debt receipts of the Ministry of Finance. The funds raised formed the authorized capital of the Sovereign Wealth Fund, which officially started operating on September 29, 2007.

Initially, funds invested in a sovereign fund were considered borrowed. The income from its activities was supposed to be used for servicing the loan in the amount of 4.3% of the initial capital. Every year, the fund's debt to the state grew by 66.65 billion rubles. The government now has to consider recognizing its contribution to the authorized capital as an asset, rather than a loan.

In the event of a positive decision, the corporation will pay only dividends to the state, just like any company of central subordination. Under the current legislation, payments from tobacco, oil, chemical, and energy companies account for 10% of the return on capital; payments from electronics manufacturers, steel mills, and transportation companies account for 5% .11


Control over the work of a CFC is exercised by the State Council of the People's Republic of China, represented by the board of Directors, which determines its goals, objectives, strategy, the supervisory board (internal audit, ethics) and the executive committee (tactics, day-to-day operations). Key positions are held by Lou Jiwei (Chairman), Jin Lijun and Gao Siqing. The Corporation is advised by 15 experts in the field of market strategies from the USA, Canada, Japan, Hong Kong, England, France, Norway, Brazil, Malaysia 12. The main areas of activity are energy, mechanical engineering, transport, finance, credit, education, real estate, urban construction, advertising, high technologies, import and export. Forming the image of a socially responsible organization, management avoids the involvement of its capital in the tobacco and gambling business.

The CFC was launched at the height of the global financial and economic crisis. Cash became the main value, and an extremely cautious approach to investment activities was required. In this regard, the fund placed only $21 billion on the markets between September 2007 and the end of 200813 (Figure 3).

page 5

Figure 3. CFC investment portfolio composition, 31.12.2008: monetary instruments (87.4%), fixed income securities (9%), equity participation (3.2%), other (0.4%).

In 2009, central banks in many countries cut interest rates to near zero to encourage a recovery in the business climate. The opportunity cost of bank deposits has increased, and the fund has become more active. New acquisitions worth about $58 billion. The structure of the CFC's investment portfolio was changed: monetary assets were transferred to enterprises of the "real economy", mainly in North America, the Asia-Pacific region and European countries (Figures 4, 5).

Figure 4. Composition of the international CFC portfolio, 31.12.2009: monetary instruments (32%), equity participation (36%), fixed income securities (26%), alternative investments (6%).

Figure 5. Regional investments of CFC, 31.12.2009: North America (44%), Asia (28%), Europe (21%), Latin America (6%), Africa (1%).

In the first year, a positive financial result was achieved due to domestic operations, while in the second year, double - digit returns were generated by international investment [14] (Table 3).

The Sovereign Wealth Fund positions itself as a commercially oriented company, declaring a lack of interest in infrastructure acquisitions and the pursuit of the latest foreign developments.

At the same time, the country continues to argue about the scope of foreign investment. Some officials believe that it is necessary to make strategic reserves of hydrocarbons and mineral raw materials, since prices on the market have reached a seven-year low. In addition, China's growing economy requires stable supply and smoother resource price growth in the future. Others insist on entering high-tech industries in order to quickly reduce the gap with advanced countries.

The US market is particularly important for Chinese managers of international reserves. For the past 15 years, American consumers have been eager to buy cheap goods from China, and businesses in that Asian country have been selling their surplus dollar earnings to the Central Bank, which has then invested them in U.S. government debt. Economic disputes over covert protectionism, as well as political differences following Washington's decision to sell arms to Taiwan, have cooled relations between the two countries.

Beijing remains one of the largest creditors of the United States, but already openly expresses concern about the long-term prospects of the American economy, associated with its multibillion-dollar budget deficit. China has come to the conclusion that it is necessary to diversify its investments by structure, geographical location, and expiration date.

In February 2010, at the request of the U.S. Securities and Exchange Commission, the CFC disclosed detailed information about its assets in the United States for the first time. The report, which has 84 items, mainly includes

* Cash, bank deposits, money market accounts, short-term liabilities.

page 6

Table 3

Results of CFC's investment activities

Indicator / year



Total return on equity



International portfolio yield



small stakes in businesses whose securities are traded on U.S. stock markets. The total amount of investments was $ 9.63 bn15 (Table 4).

Table 4

CFC investments in the United States, 2009

Economic sectors and corporations, share price - $ mln


$ million

Raw material

$ million

High technologies

$ million


$ million

Index funds

$ million

Morgan Stanley


Teck Resources




News Corp.


Select Sector SPDR










iShares TR




Arcelor Mittal


A123 Systems




SPDR Gold Trust


Wells Fargo




Abbott Labs




Powershares QQQ Trust




Chesapeake Energy


Research In Motion




Market Vectors


Bank of America


Freeport-McMoran Copper


















Investing in U.S. stocks has been relatively profitable, with the Dow Jones index rising 24%in 200916.


In the domestic market, the sovereign wealth fund operates through Central Huijin Investment. The purchase of this company from the Central Bank for 500 billion. 17 yuan ($67 billion), as well as the fund's active involvement in reforming the country's state-owned banks, were likely conditions for the formation of a CFC.

Central Huijin was founded on December 26, 2003 during the country's financial sector reform. It has an independent organizational structure. Board members are appointed by and accountable to the State Council of the People's Republic of China. Capitalizes large national enterprises in order to improve their operations and increase the value of their assets. It does not interfere with the operational management of controlled companies (Table 5).

Table 5

Central Huijin's share in China's leading credit institutions, June 2009


Share of shares, %

Industrial and Commercial Bank of China


Bank of China


China Construction Bank


Agricultural Bank of China


China Development Bank


China Everbright Bank


China Reinsurance


China Jianyin Investment


China Galaxy Financial


Shenyin & Wanguo Securities


Guotai Junan Securities


In 2004, China Jianyin Investment entered the Central Huijin system with an authorized capital of $20.69 billion. The branch managed distressed assets of state-owned banks and exchange-traded firms. Now the firm serves as an investment platform for national enterprises.

Since its founding, Central Huijin has spent billions of dollars to improve the accounting records of Chinese banks, but the cash injection continued in 2010.

In search of ways to overcome the financial crisis and stimulate domestic consumption, the government called on the "big Four" banks-the Industrial and Commercial Bank,

page 7

Construction Bank, Bank of China and Agricultural Bank - increase lending volumes. Banks obeyed, while some risked violating the minimum capital adequacy set by the regulator, while others increased the percentage of "bad loans" issued. The need for urgent recapitalization forced them to raise additional funds through the issuance of convertible bonds and initial public offerings on the Hong Kong and Shanghai stock exchanges.

National and foreign investment groups showed interest in traded securities, which threatened to dilute the state's share in the largest banks. In order to maintain control of the industry, Central Huijin has committed to participate in bank refinancing programs. Previously, the company will place its obligations in the amount of 187.5 billion rubles by the end of 2011. yuan ($27.7 billion). The first tranche of bonds in the amount of 54 billion rubles. yuan ($7.94 billion) was in high demand in August 2010: the yield on 7-year promissory notes was set at 2.85 - 3.45%, while 20-year promissory notes were set at 3.87 - 4.47%, which is higher than other government-backed securities.18

In the foreign market, the CFC operates through specially created branches (Table 6).

Table 6

Direct investment of CFC abroad

Name of the branch

Acquired assets

Purchase price, $ billion

Stable Investment

Works with short-term financial instruments, such as money market accounts. In 2008, the company's assets in the Reserve's Primary Fund were threatened. This American fund was forced to write off a $785 million loan to the bankrupt Lehman Brothers company, and its share price fell to $0.97. Despite assurances about the complete withdrawal of its capital from Reserve's Primary Fund, Stable Investment's losses could amount to 3%


Beijing Wonderful Investments

9.9% in Blackstone Group (USA, Finance)



17.2% of Canada's largest base metal producer Tesc Resources


Fullbloom Investment

11% of international depositary receipts of the Kazakh oil and gas Corporation KazMunaiGas Exploration



Debt obligations of SouthGobi Energy Resources, which develops coal mines in Mongolia


Country Forest

Loan from Indonesian coal company RT Bumi Resources for a six-year term


Terrific Investment

15% in AES Corporation (USA, energy)


Land Breeze II

SouthGobi Energy Resources debentures converted into 13% of shares and transferred to the company's management



Partner share 45% + 5.2% shares of Penn West Energy (USA, energy)

0,817 ÷ C 0,435

Chengdong Investment

20.09% GCL-Poly Energy (Hong Kong, alternative energy)

HK $5,5

Sources: see footnote 19.

This is a common practice for sovereign funds that face inhospitable treatment when entering into cross-border transactions. There are other ways to stay in the shadows: owning a non-publicly traded partner share that does not require reporting to the exchange regulator, buying through third parties, or financing the expansion of domestic enterprises abroad. Thus, an outside observer can hardly get a complete picture of the scale of the company's activities.

For more" deep " diversification - by region and by asset class - the CFC attracts external portfolio managers. In addition to a good history of profitability and attractive prices for their services, applicants must provide training to the staff of the Chinese side. Many participants in the private equity market expressed a desire to keep accounts for such a solid investor. The first contract under which the CFC pledged to provide $3.2 billion. JC Flowers, a New York-based firm, was signed in 2008.Partnership agreements signed with Apax Partners ($890 million), Lexington PartnersGoldman Sachs, and Pantheon Ventures ($500 million)20 are being confirmed.

what's next?

In the coming years, the CFC will operate in intense competition with other Chinese funds.

Initially, the investment corporation, established in the fall of 2007, received at its disposal $200 billion of the $1.4 trillion accumulated by the state.-

page 8

At that time, there were 21 people living in the People's Republic of China. It is logical to assume that with the use of cash and the increase in the country's gold and foreign exchange reserves, the financing of the sovereign fund will continue. But the CFC has yet to prove its advantage in managing part of international reserves in a dispute with other state agencies - the National Pension Fund, the Fund for the Development of China-Africa Relations, etc.

The key performance indicator may not be a long-term investment strategy, but an immediate profit.

The CFC's main rival is the investment wing of Foreign Exchange Asset Management (SAFE Investment), as the bureaucratic conflict between the Ministry of Finance and the Central Bank has not been resolved.

The results of the activities of this company are covered with a veil of secrecy. Information about its acquisitions becomes known after the fait accompli, and even then an official refutation usually follows. In different countries, the company buys up minority shares of enterprises to avoid the effect of exchange rules on disclosure of information. Priority belongs to the UK : in 2008, the firm owned securities listed on the London Stock Exchange with a total value of 3.352 billion pounds sterling 22 (Table 7).

Table 7

The largest SAFE Investment on the London Stock Exchange

Acquired assets


Purchase price, £ million

Royal Dutch Shell



Rio Tinto

Mining operations


BG Group




Retail sales


BHP Billiton

Mining operations



Banking business


Royal Bank of Scotland

Banking business


National Grid

Energy sector






Food Manufacturer


It also owned shares in France's Total (1.6% = $2.8 billion), the American TPG fund (20% = $2.5 billion), the British BP (1% = $1.97 billion), and the Australian banks ANZCBA, and NAB (1% = $0.176 billion) .23

Both sides have patrons in the State Council of the People's Republic of China, so the outcome of their confrontation is difficult to predict. There are possible options with the transfer of SAFE assets in favor of a sovereign fund in exchange for additional bonds, or the reorientation of the CFC to the development of the national economy.

However, in the near future, the status quo will continue with a gradual strengthening of the financial base of all institutional investors.

China's rapidly growing international reserves allow it to significantly increase the capitalization of its wealth funds without compromising its public debt payments and protecting its currency from speculative attacks. It is up to management, who must convince the government of the effective use of the allocated funds by the results of their work.

* * *

The traditional hegemony of American and British banking groups is being undermined by funds from the Middle East and Asia-Pacific - regions that historically provided raw materials or cheap labor and did not claim a significant share of the global capital market.

Sharp criticism in the Western press was caused by the intention of the Arab company Borse Dubai to gain control of the Scandinavian exchange operator OMX24. But with the entry of former industry outsiders into the shareholders of large American and British banks CitigroupMorgan StanleyMerrill LynchBarclays BankStandard CharteredUBS had to accept: these banks were in dire need of liquidity, having suffered heavy losses during the 2007 mortgage crisis that triggered the global financial and economic crisis.25

The attitude towards acquisitions of sovereign funds on the world markets is ambiguous. They bring in large amounts of cash, tend to diversify their ownership, do not interfere in operational management, and work for the future.

But at the same time, they do not comply with international regulation, do not provide financial information, get non-market advantages in comparison with other enterprises due to the support of various departments of their country, and may pursue geopolitical goals of the country of origin.

As a result, many States have established barriers to the expansion of large foreign capital into their markets.

In Germany, non-members of the European Union are allowed to freely buy no more than 25% of the voting shares 26. The United States blocks transactions that threaten the national security of the country 27. CHINA restricts access to foreign direct investment in the agricultural and fishing sectors, exploration, mining, electrical equipment production, postal services, telecommunications, news agencies and mass media 28.

Much depends on the status of the country of origin of the financial source. Even large investments from South Korea or New Zealand are unlikely to attract anyone's interest. But the activity of the PRC can excite any society.

However, experience shows that Chinese investors are able to show flexibility and in various ways quite successfully overcome all kinds of barriers in foreign countries.

page 9

1 China Foreign-Exchange Reserves Jump to $2,65 Trillion - Bloomberg - - 10 - 13/chi-na-s-currency-reserves-surge-to-record-fueling-calls-for-stronger-yuan.html

2 Sovereign wealth funds beginning to play major role in foreign direct investment through mergers and acquisitions // UNCTAD/PRESS/PR/2008/037/Rev.1 -

Alexander Philip. 3 Top 1000 World Banks 2010 // The Banker 06.07.2010 - x=48&v=15; Maslakovic Marko. Equity Markets 2010, p. 1 // TheCityUK - pdf; McKenzie Duncan. Pension Markets 2010, p. 1 // IFSL Research -; Maslakovic Marko. Insurance 2009, p. 5 // IFSL Research -; Time Series Data on International Reserves and Foreign Currency Liquidity Official Reserve Assets // IMF -; China's Forex Reserves Growth Slows in Q2, Ttotal Rreaching $2.45 trillion - http://news.xinhuanet.eom/english2010/business/2010 - 07/11/c_13394250.htm; Sovereign Wealth Fund Rankings. Largest Sovereign Wealth Funds by Assets under Management // Sovereign Wealth Fund Institute Inc -; HFN Industry Overview: May 2010, p. 1 -

4 List of Sovereign Wealth Funds // Sovereign Wealth Fund Institute Inc - Wealth Fund Rankings. Op. cit.

5 Foreign Exchange Reserves, 1950 - 2005 // State Administration of Foreign Exchange -,14&id=4; Monthly Foreign Exchange Reserves, 2000 - 2010 // State Administration of Foreign Exchange -

Cognato H. Michael 6Altbach G. Eric. Understanding China's New Sovereign Wealth Fund // The National Bureau of Asian Research vol. 19, number 1, p. 12 - 13 -

7 China's Sovereign Wealth Fund // Congressional research service, p. 11 - 13 -

Cognato H. Michael 8Altbach G. Eric. Op. cit., p. 13.

Tiehang Niu 9Fook Lye Liang. The Challenges of Mmanaging China's Hhuge Foreign Reserves: from Huijin to CIC // EAI Background Brief No. 352. p. 2 -

Martin F. Michael. 10 Op. cit., p. 9 - 10.

Xiaohong Ouyang 11Peng Liu. CIC No Longer to Pay Interest to the State // Economic Observer -

12 China Investment Corporation Annual Report 2009, p. 14 - 25 -

13 China Investment Corporation Annual Report 2008, p. 35 -

14 China Investment Corporation Annual Report 2009, p. 32 - 35 -

15 China Investment Corporation FORM 13F for United States Securities and Exchange Commission -

16 Dynamics of the Dow Jones Industrial Average index -

Martin F. Michael. 17 Op. cit., p. 11.

18 Central Huijin Plans Bond Sales // The Wall Street Journal 11.08.2010 -; Cao BelindaSanderson Henry. Central Huijin Sells 54 Billion Yuan of Bonds to Boost Bank Investments // Bloomberg News 24.08.2010 - - 24/central-huijin-sells-7-year-bonds-at-3 - 16-coupon-20-year-debt-at-4 - 05-.html

Chen Eddie. 19 China SWF Says Won't Lose Money on U.S. Fund Freeze // Reuters - 20081015; Ying WuJing LiWeixiong Wang. Stage Fright for China's Sovereign Investor // Caijing Magazine - - 11 - 06/110026516.html; The Blackstone Group L.P. Form 10-K Annual Report, p. 36 - - 08 - 53079; China Investment Corporation Announces Investment in Teck Resources Limited // China Investment Corporation News Releases -; CIC Purchases Stake in JSC KazMunaiGas Exploration Production // China Investment Corporation News Releases -; China Investment Corporation Invests in SouthGobi Energy Resources Limited // China Investment Corporation News Releases - 89.html; PT. Bumi Resources Tbk. Annual Report 2009, p. 302 - 0&Itemid=105/index.p; China Investment Corporation Invests in AES Corporation // China Investment Corporation News Releases -; The AES Corporation Fiscal year 2009 Form 10-K // SEC Report, p. 90 -; SouthGobi Energy Resources Completes Conversion of US$250 million Convertible Debenture Issued to China Investment Corporation's Subsidiary into Ccommon Shares // SouthGobi Resources News Releases - http://www.southgobi.eom/s/NewsReleases.asp?ReportID=391628&_Type=News-Releases& _Title=South Gobi-Energy-Resources-completes-conversion-of-U S250-million-convertibl; Penn West Energy Trust Schedule 13G for United States Securities and Exchange Commission - ; China Investment Corporation Invests in Penn West Energy Trust // China Investment Corporation News Releases -; GCL-POLY Energy Holdings Limited Major Transaction Acquisitions of an Aggregate 70,19% Equity Interest in KONCA SOLAR CELL CO., LTD., p. 189 -; China Investment Corporation Invests in GCL-Poly Energy Holdings Limited // China Investment Corporation News Releases -

George Chen. 20 RPT-UPDATE 2-China's CIC to Launch $4 bin Fund with JC Flowers // Reuters 03.04.2008 -; Cao BelindaDingmin Zhang. CIC Sees Opportunity for Private Equity Investment (Updatel) // Bloomberg News 12.03.2010 -; CIC to Invest in PE Ssecondary Market // China Knowledge Finance News 22.02.2010 -; Richards Victoria. CIC to Invest $1,5 Billion in Secondary Market, FT Reports // Bloomberg 17.02.2010 - com/apps/news?pid=newsarchive&sid=a.3LuT71zM3g

21 Monthly Foreign Exchange Reserves, 2007 // State Administration of Foreign Exchange -,16 &id=4

22 SAFE Investments in UK-listed Companies // The Financial Times 12.09.2008 - http://www.ft.eom/cms/s/0/8b39a890 - 8011 - 11dd-99a9 - 000077b07658.html

Richard McGregor. 23 China Buys 1,6% Stake in Total // The Financial Times 03.04.2008 - - 11dd-a323 - 000077b07658.html; Sender Henny. China's Safe to invest $2,5 bn in TPG fund // The Financial Times 10.06.2008 - http://www.ft.eom/cms/s/0/d793921e-3714 - 11dd-bclc-0000779fd2ac.html; Chinese Fund Bbuilds up ?lbn Stake in BP // Telegraph Media Group 15.04.2008 - n-stake-in-BP.html; Subrahmaniyan NesaPonikelska Lenka. China Buys Stake in BP; Investment Is "Welcomed' (Update2) // Bloomberg 15.04.2008 -; State Administration of Foreign Exchange // Wikipedia, the free encyclopedia; Thomas DennySubler Jason. China Forex Arm Buys Stakes in Australian Banks // Thomson Reuters 04.01.2008 - http://uk.reuters. com/article/idUKSYD6736620080104; China forex entity buys Aussie bank stakes: FT // The China Post 05.01.2008 -

24 Fininspektsiya caught the Arab exchange Borse Dubai on the purchase of Swedish OMX / / MarketAnalysis 27.08.2007 -

Bortolotti Bernardo 25Fotak VeljkoMegginson WilliamMiracky William. Sovereign Wealth Fund Investment Patterns and Pperformance. p. 45 - 48 // The Fifteenth Dubrovnik Economic Conference -

26 Germany Approves Law Aagainst Some Foreign Investor Actions // The New York Times 20.08.2008 - ml?_r=3&scp=l&sq=Germany%20approves%201aw%20against %20some%20foreign%20investor%20actions&st-cse

27 Sovereign Wealth Funds Report to the Committee on Banking, Housing, and Urban Affairs, U.S. Senate // United States Government Accountability Office, p. 12 - 14 -

28 Decree of the State Development and Reform Commission, the Ministry of Commerce of the People's Republic of China No. 57 - html


Permanent link to this publication:

Similar publications: LGreat Britain LWorld Y G


Jack DowlyContacts and other materials (articles, photo, files etc)

Author's official page at Libmonster:

Find other author's materials at: Libmonster (all the World)GoogleYandex

Permanent link for scientific papers (for citations):

V. V. SAMARTSEV, BEIJING-STYLE SOVEREIGN WEALTH FUND // London: British Digital Library (ELIBRARY.ORG.UK). Updated: 22.08.2023. URL: (date of access: 22.05.2024).

Found source (search robot):

Publication author(s) - V. V. SAMARTSEV:

V. V. SAMARTSEV → other publications, search: Libmonster Great BritainLibmonster WorldGoogleYandex


Reviews of professional authors
Order by: 
Per page: 
  • There are no comments yet
Related topics
Jack Dowly
London, United Kingdom
147 views rating
22.08.2023 (273 days ago)
0 subscribers
0 votes
Related Articles
Catalog: Other 
62 days ago · From Jack Dowly
Catalog: History 
66 days ago · From Jack Dowly
return. but how?
Catalog: Geography 
74 days ago · From Jack Dowly
Catalog: Military science 
76 days ago · From Jack Dowly
Catalog: Economics 
77 days ago · From Jack Dowly
Catalog: Other 
79 days ago · From Jack Dowly
Catalog: Sociology 
79 days ago · From Jack Dowly
Catalog: Political science 
79 days ago · From Jack Dowly
Catalog: Political science 
80 days ago · From Jack Dowly
Catalog: Economics 
80 days ago · From Jack Dowly

New publications:

Popular with readers:

News from other countries:

ELIBRARY.ORG.UK - British Digital Library

Create your author's collection of articles, books, author's works, biographies, photographic documents, files. Save forever your author's legacy in digital form. Click here to register as an author.
Library Partners


Editorial Contacts
Chat for Authors: UK LIVE: We are in social networks:

About · News · For Advertisers

British Digital Library ® All rights reserved.
2023-2024, ELIBRARY.ORG.UK is a part of Libmonster, international library network (open map)
Keeping the heritage of the Great Britain


US-Great Britain Sweden Serbia
Russia Belarus Ukraine Kazakhstan Moldova Tajikistan Estonia Russia-2 Belarus-2

Create and store your author's collection at Libmonster: articles, books, studies. Libmonster will spread your heritage all over the world (through a network of affiliates, partner libraries, search engines, social networks). You will be able to share a link to your profile with colleagues, students, readers and other interested parties, in order to acquaint them with your copyright heritage. Once you register, you have more than 100 tools at your disposal to build your own author collection. It's free: it was, it is, and it always will be.

Download app for Android