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  • Who's Afraid of Sovereign Wealth Funds?

    Author
    Xu, Yi-chong
    Year published
    2009
    Metadata
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    Abstract
    A spectre is stalking the world: the spectre of a rich Chinese state buying strategic resources, hollowing out companies, gobbling up financial institutions and threatening the sovereignty of the countries in whose resources and companies it invests. The China Investment Corporation (CIC) - a sovereign wealth fund company (SWF) - is the stalking horse of the Chinese state. Using the CIC as an example, this article argues that the warning about SWFs has little to do with their size, the speed of their growth or what SWFs have or have not done. It is about a shifting power relationship in the global economy. This broader ...
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    A spectre is stalking the world: the spectre of a rich Chinese state buying strategic resources, hollowing out companies, gobbling up financial institutions and threatening the sovereignty of the countries in whose resources and companies it invests. The China Investment Corporation (CIC) - a sovereign wealth fund company (SWF) - is the stalking horse of the Chinese state. Using the CIC as an example, this article argues that the warning about SWFs has little to do with their size, the speed of their growth or what SWFs have or have not done. It is about a shifting power relationship in the global economy. This broader realignment may have been occurring slowly, but it is happening. Neither side - those who have been writing the rules of the game for international political economy and those who are historically rule-takers - is fully willing to acknowledge the shift and take responsibility to build a new architecture of an international financial system that can accommodate interests of old and new players.
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    Journal Title
    Australian Journal of International Affairs
    Volume
    63
    Issue
    1
    DOI
    https://doi.org/10.1080/10357710802666141
    Publication URI
    http://hdl.handle.net/10072/29375
    Collection
    • Journal articles

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