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Sovereign Wealth FundsLegitimacy, Governance, and Global Power$
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Gordon L. Clark, Adam D. Dixon, and Ashby H.B. Monk

Print publication date: 2013

Print ISBN-13: 9780691142296

Published to Princeton Scholarship Online: October 2017

DOI: 10.23943/princeton/9780691142296.001.0001

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Legitimacy, Trade, and Global Imbalances: The China Investment Corporation

Legitimacy, Trade, and Global Imbalances: The China Investment Corporation

(p.105) 7 Legitimacy, Trade, and Global Imbalances: The China Investment Corporation
Sovereign Wealth Funds

Gordon L. Clark

Adam D. Dixon

Ashby H. B. Monk

Princeton University Press

This chapter offers an innovative account—rooted in international political economy, economic geography, and geopolitics—of the rise of the China Investment Corporation (CIC). It argues that the CIC is not an investor governed only by concerns for long-term risk-adjusted rate of return on its investment portfolio. Rather, the CIC as an arm of the Chinese government, which just like other state-owned enterprises, is concerned with the country's resource needs and its status as a global power. The CIC may thus be thought of as a means of realizing economic and geopolitical advantage, legitimized perhaps by an expressed, but limited, concern for the long-term rate of return on invested assets, hence the classification of the CIC as a productivist sovereign wealth fund.

Keywords:   sovereign wealth funds, China Investment Corporation, geopolitics, international political economy, economic geography, state-owned enterprises

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