Download or read book China Investment Corporation written by Ines Hembrecht and published by Nova Science Publishers. This book was released on 2013 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Over the past decade, sovereign wealth funds (SWFs) have proliferated and have increased their role in the international economy. China now has four SWFs and accounts for one-fifth of global SWF assets. China Investment Corp. (CIC), China's flagship SWF, has increased its assets from $200 billion to an estimated $500 billion in just five years as a result of funding and other support from the Chinese government. This book examines the operations and investment strategy of CIC. It also considers how China's SWFs are being regulated in the United States and internationally. The book builds on hearings and research conducted by the U.S.-China Economic and Security Review Commission (USCC) in 2008. At the time, CIC had just purchased equity in Wall Street firms Morgan Stanley and Blackstone. Since then, CIC has bought shares in dozens of publicly traded U.S. companies, partnered with U.S. fund managers, and provided capital to U.S. energy companies.
Download or read book China Investment Corporation written by Ines Hembrecht and published by . This book was released on 2013 with total page 162 pages. Available in PDF, EPUB and Kindle. Book excerpt: Over the past decade, sovereign wealth funds (SWFs) have proliferated and have increased their role in the international economy. China now has four SWFs and accounts for one-fifth of global SWF assets. China Investment Corp. (CIC), China's flagship SWF, has increased its assets from $200 billion to an estimated $500 billion in just five years as a result of funding and other support from the Chinese government. This book examines the operations and investment strategy of CIC. It also considers how China's SWFs are being regulated in the United States and internationally. The book builds on hearings and research conducted by the U.S.-China Economic and Security Review Commission (USCC) in 2008. At the time, CIC had just purchased equity in Wall Street firms Morgan Stanley and Blackstone. Since then, CIC has bought shares in dozens of publicly traded U.S. companies, partnered with U.S. fund managers, and provided capital to U.S. energy companies.
Download or read book China s Sovereign Wealth Fund Developments and Policy Implications written by Michael F. Martin and published by DIANE Publishing. This book was released on 2010 with total page 16 pages. Available in PDF, EPUB and Kindle. Book excerpt: China's ruling executive body, the State Council, established the China Investment Corporation (CIC), a sovereign wealth fund, in September 2007 to invest $200 billion of China's then $1.4 trillion in foreign exchange reserves. Congress and financial analysts raised concerns about the CIC after its creation, partly because it was a comparatively large sovereign wealth fund, partly because it was government-owned, and partly because it reported directly to the State Council. These concerns raise question about U.S. policies on inward foreign direct investment (FDI) and the global competitiveness of U.S. financial institutions. Certain commentators suggest that more should be done to protect the United States from China's rising role in international capital markets.
Download or read book China s Sovereign Wealth Fund written by Caleb D. Greene and published by Nova Science Publishers. This book was released on 2011 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: China's Ruling executive body, the State Council, established the China Investment Corporation (CIC), a sovereign wealth fund, in September 2007 to invest $200 billion of China's then $1.4 trillion in foreign exchange reserves. As with other sovereign wealth funds worldwide, the CIC's existence allows China to invest its reserves in a wide range of assets, including stocks, bonds, and hedge funds. This book explores the background, developments and policy implications of China's Sovereign Wealth Fund, as well as its potential effect on national security.
Download or read book Sovereign Funds written by Zongyuan Zoe Liu and published by Harvard University Press. This book was released on 2023-06-20 with total page 289 pages. Available in PDF, EPUB and Kindle. Book excerpt: The first in-depth account of the sudden growth of China’s sovereign wealth funds and their transformative impact on global markets, domestic and multinational businesses, and international politics. One of the keys to China’s global rise has been its strategy of deploying sovereign wealth on behalf of state power. Since President Xi Jinping took office in 2013, China has doubled down on financial statecraft, making shrewd investments with the sovereign funds it has built up by leveraging its foreign exchange reserves. Sovereign Funds tells the story of how the Communist Party of China (CPC) became a global financier of surpassing ambition. Zongyuan Zoe Liu offers a comprehensive and up-to-date analysis of the evolution of China’s sovereign funds, including the China Investment Corporation, the State Administration of Foreign Exchange, and Central Huijin Investment. Liu shows how these institutions have become mechanisms not only for transforming low-reward foreign exchange reserves into investment capital but also for power projection. Sovereign funds are essential drivers of the national interest, shaping global markets, advancing the historic Belt and Road Initiative, and funneling state assets into strategic industries such as semiconductors, fintech, and artificial intelligence. In the era of President Xi, state-owned financial institutions have become gatekeepers of the Chinese economy. Political and personal relationships with prestigious sovereign funds have enabled Blackstone to flourish in China and have fueled the ascendance of private tech giants such as Alibaba, Ant Finance, and Didi. As Liu makes clear, sovereign funds are not just for oil exporters. The CPC is a leader in both foreign exchange reserves investment and economic statecraft, using state capital to encourage domestic economic activity and create spheres of influence worldwide.
Download or read book China s Sovereign Wealth Fund written by and published by . This book was released on 2008 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The CIC is to be responsible for servicing the newly created debt-at an estimated cost of $40 million per day.26 The first tranche of the special treasury bonds-worth 600 billion yuan ($77 billion)-was sold on August 28, 2007, to the PBoC, using the Agricultural Bank of China (ABC) as an intermediary.27 The 10-year bonds had a coupon value of 4.3%.28 A second tranche of bonds worth 103 billion yua [...] In addition, CIC indirectly became a major stock holder in China Construction Bank (CCB) and the Industrial and Commercial Bank of China (ICBC) by way of the investments of CHIC and China Jianyin Investment Company in those two banks.38 Also in November 2007, a decision was made that the CIC was to provide capital totaling a reported $67 billion to two of China's state-owned banks, the Agricultura [...] According to the Chinese press, CIC's subsidiary, the CHIC, signed an agreement on December 31, 2007, to invest $20 billion into the CDB.45 A separate source reported on January 2, 2008, that the investment had already occurred and confirmed both the amount of the investment and the use of CHIC to make the investment.46 The CIC has reportedly made three other major investments since its establishm [...] For example, there are indications that the State Council, the PBoC and the NDRC insisted that the CIC provide help in the restructuring of these two state- owned banks as a condition of the CIC's establishment.57 Similarly, the payment to the PBoC for the CIC's acquisition of CHIC and its subsidiary, China Jianyin Investment Company, may have been driven more by political considerations than econ [...] China's apparent efforts to improve the reciprocity of its investment policies have been accompanied by warnings to other nations about using the creation of the CIC and the possible rise in Chinese overseas investments as an excuse to raise inward investment barriers, especially on the ground of "national security." On December 10, 2007, CIC Chairman Lou cautioned during a dinner at the mayor of.
Download or read book The Launch of China s Sovereign Wealth Fund written by Takamoto Suzuki and published by . This book was released on 2008 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Two Key Decisions for China s Sovereign Fund written by Bob Pozen and published by . This book was released on 2012 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The China Investment Corporation (CIC) was China's sovereign wealth fund (SWF), established with $200 billion of registered capital in September 2007 to diversify China's foreign exchange holdings and increase risk-adjusted returns on those assets. CIC was unusual in that it had a strictly commercial orientation and market-driven investment mandate to invest in foreign assets but also served as the parent company of a 100 percent-owned subsidiary, Huijin, that invested solely in key state-owned financial institutions in China. Moreover, the fact that CIC was an SWF presented broader political challenges for it, its shareholder the Chinese government, its direct investments and their governments, and the world economy generally. This case involved two decisions CIC faced in early 2011: The first was how to best and most accurately articulate the relationship among CIC, Huijin, and Industrial and Commercial Bank of China (ICBC) to the Federal Reserve Board (the Fed) so that ICBC could expand its business in the United States while exempting CIC and Huijin from certain types of Fed oversight. The second was whether to appoint a board director to Morgan Stanley, a company in which CIC had directly invested close to $6 billion and held 9.9 percent ownership. Additionally, the case discussed SWFs generally and their rights and responsibilities to the global community. Learning Objective: To educate students about the tensions between the commercial and political objectives of sovereign funds when operating within and outside of their home country.
Download or read book The Oxford Handbook of Sovereign Wealth Funds written by Douglas Cumming and published by Oxford University Press. This book was released on 2017 with total page 737 pages. Available in PDF, EPUB and Kindle. Book excerpt: Sovereign Wealth Funds have become increasingly powerful and influential investors. Their increasing role, and unusual character as both political and market actors, raise a number of issues with regard to finance, politics, regulation, and international business. This handbook draws together the growing but fragmented research on SWFs.
Download or read book China s Sovereign Wealth Fund written by Michael F. Martin and published by . This book was released on 2008 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Investment Terms and Level of Control of China s Sovereign Wealth Fund in Its Portfolio Firms written by Jing Li and published by . This book was released on 2017 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the investment terms of SWFs in respect of control rights in investee firms. Having reviewed extensive evidence from the China Investment Corporation from 2007 to 2015, I show that this SWF takes significant equity in investees, but often in the form of non-controlling stakes. Also, there are restrictions on SWF voting rights. Through a detailed review of the contractual documents of CIC's investments, this paper considers whether or not it is efficient to restrict SWFs from remaining passive investors, and whether or not SWFs can extract private benefits from their control rights. On the basis thereof, I provide an interesting analysis of the trade- offs associated with different policy and regulatory responses in different settings.
Download or read book China s Sovereign Wealth Fund written by Sarah Y. Tong and published by . This book was released on 2010 with total page 29 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Understanding China s New Sovereign Wealth Fund written by and published by . This book was released on 2008 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book China Investment Corporation written by Iacob Koch-Weser and published by Createspace Independent Publishing Platform. This book was released on 2014-04-23 with total page 66 pages. Available in PDF, EPUB and Kindle. Book excerpt: Over the past decade, sovereign wealth funds (SWFs) have proliferated and have increased their role in the international economy. China now has four SWFs and accounts for one-fifth of global SWF assets. China Investment Corp. (CIC), China's flagship SWF, has increased its assets from $200 billion to an estimated $500 billion in just five years as a result of funding and other support from the Chinese government. This report examines the operations and investment strategy of CIC. It also considers how China's SWFs are being regulated in the United States and internationally.
Download or read book Polarity of Chinese Sovereign Wealth Funds and It s National Interests written by Kevin Fernandez and published by LAP Lambert Academic Publishing. This book was released on 2014-07-08 with total page 108 pages. Available in PDF, EPUB and Kindle. Book excerpt: Post September 2011, China has awakened to become a growing concern to the global supremacy of the U.S. and its allies. The foundation of China's rise in influence, and the basis for our nations' apprehension, is its strong economy. The situation is intensified by our lack of knowledge regarding China's true intentions and therefore affecting the United States from constructing appropriate policies.
Download or read book The Hunt for Unicorns written by Winston Ma and published by John Wiley & Sons. This book was released on 2021-01-05 with total page 416 pages. Available in PDF, EPUB and Kindle. Book excerpt: Who holds the power in financial markets? For many, the answer would probably be the large investment banks, big asset managers, and hedge funds that are often in the media's spotlight. But more and more a new group of sovereign investors, which includes some of the world's largest sovereign wealth funds, government pension funds, central bank reserve funds, state-owned enterprises, and other sovereign capital-enabled entities, have emerged to become the most influential capital markets players and investment firms, with $30 trillion in assets under management (“super asset owners”). Their ample resources, preference for lower profile, passive investing, their long-time horizon and adherence to sustainability as well as their need to diversify globally and by sector have helped to transform the investment world and, in particular, private markets for digital companies. They have helped create and sustain an environment that has fostered the rise of the likes of Uber, Alibaba, Spotify and other transformative players in the digital economy, while providing their founders and business models the benefit of long-term capital. Despite this increasingly important impact, sovereign investors remain mostly unknown, often maintaining a low profile in global markets. For the same reason, they’re also among the most widely misunderstood, as many view investments made by sovereign investors as purely driven by political aims. The general perception is that most sovereign investors lack transparency and have questionable governance controls, causing an investee nation to fear exposure to risks of unfair competition, data security, corruption, and non-financially or non-economically motivated investments. The current global tensions around the AI race and tech competition – and now the corona virus pandemic – have exacerbated such misperceptions, spawning controversies around sovereign investors and capital markets, governments, new technologies, cross-border investments, and related laws and regulations. As such, sovereign capital and the global digital economy are undergoing an unprecedented, contentious moment. In short, the emergence of sovereign funds symbolizes a major shift of the world’s economic power. For the first time, investment funds from developing countries are playing with OECD financial giants as equals. Furthermore, their investments into high tech enable them to participate at the cutting-edge of the fourth industrial revolution, challenging traditional innovation powerhouses like the US and Germany. For all stakeholders, from tech unicorns, VC funds, asset managers, financial firms, to policymakers, law firms, academics, and the general public, this is the must-have book to get to know these new venture capitalists and “super asset owners”.
Download or read book Sovereign Wealth Fund Investments in Europe as an Instrument of Chinese Energy Policy written by Tomasz Kaminski and published by . This book was released on 2017 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Chinese Sovereign Wealth Funds (SWFs) are new and even more important instruments of Chinese 'Go Global' strategy and the politics of maintaining raw materials and energy security. Europe has lured 60% of the total USD 27.3 billion invested by Chinese SWFs in the energy sector globally, which provokes the question as to how important SWF investments are in the political sense and what security concerns they bring. This paper is the first that presents a comprehensive picture of Chinese SWF investments in the European energy market and one of the very few papers about SWFs based on multiannual, comprehensive empirical data. The author argues that Chinese SWFs are different players on the energy market than private investors, could be potentially harmful for some European interests. By installing representatives on the company boards, China gains access to sensitive information that could be then transferred to Chinese competitors. Moreover, through its SWFs China could take control over energy companies or critical infrastructure and increase its political influence in European countries, making them more vulnerable to political pressure. Therefore, the European policy-makers should consider taking special steps to monitor and maybe limit Chinese SWFs expansion in the energy sector.
