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  • Operating in an inharmonious world: China Investment Corporation

    Author(s)
    Liew, Leong H
    He, Liping
    Griffith University Author(s)
    Liew, Leong H.
    Year published
    2012
    Metadata
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    Abstract
    This paper investigates the establishment and subsequent investment strategy of China's official sovereign wealth fund, the China Investment Corporation (CIC). CIC, as its stands today, is derivative of the contest between the People's Bank of China and Ministry of Finance for control over the nation's financial assets. The contest takes place amidst China's desire to avoid significant appreciation of its currency to protect its export markets and yuan value of its state-owned foreign financial assets. But investments of CIC are not merely regarded by the state as an instrument to influence the value of the yuan, they ...
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    This paper investigates the establishment and subsequent investment strategy of China's official sovereign wealth fund, the China Investment Corporation (CIC). CIC, as its stands today, is derivative of the contest between the People's Bank of China and Ministry of Finance for control over the nation's financial assets. The contest takes place amidst China's desire to avoid significant appreciation of its currency to protect its export markets and yuan value of its state-owned foreign financial assets. But investments of CIC are not merely regarded by the state as an instrument to influence the value of the yuan, they also reflect the state's attempt to better utilize its foreign exchange reserves to improve the nation's energy and resource security, and promote development of domestic industry. CIC's foreign investments have attracted global attention, but its support for China's SOEs through its banks might turn out to be more significant.
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    Journal Title
    Journal of the Asia Pacific Economy
    Volume
    17
    Issue
    2
    DOI
    https://doi.org/10.1080/13547860.2012.668027
    Subject
    Applied economics
    Banking, finance and investment
    Policy and administration
    Publication URI
    http://hdl.handle.net/10072/47774
    Collection
    • Journal articles

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