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Sovereign Wealth FundsThe New Intersection of Money and Politics$
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Christopher Balding

Print publication date: 2012

Print ISBN-13: 9780199842902

Published to Oxford Scholarship Online: May 2012

DOI: 10.1093/acprof:oso/9780199842902.001.0001

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The Asian Funds

The Asian Funds

Chapter:
(p.159) Chapter 7 The Asian Funds
Source:
Sovereign Wealth Funds
Author(s):

Christopher Balding

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780199842902.003.0007

The major Asian sovereign wealth funds are the only funds in the world not based on commodity revenues. China and Singapore created their sovereign wealth funds from accumulated budgetary and trade surpluses. China and Singapore also manage their funds differently taking a more statist view of economic matters targeting specialized industries. Conversely, Chinese and Singaporean investment in both local and foreign firms are focused on controlling stakes in targeted industries. They have taken significant stakes in domestic companies urging them to expand internationally and protecting them from foreign take overs. China has targeted financial services, natural resource, and high technology industries which it views as vital to sustaining and increasing Chinese growth. This investment pattern, more than any other sovereign wealth fund, has caused concern by governments around the world not swayed by the declared benign intentions of the Chinese government. Singapore has taken a statist view to its sovereign wealth fund but designed to build up national flagship giving them preferred access to capital and even venture capital funding for high technology firms. While the intention of Chinese investment worries foreign critics, the inconsistency of declared Singaporean returns is most concerning. The divergence between the stated returns of Temasek, the primary Singaporean indexes, of which they are the primary owner, and other financial metrics such as Singaporean indexes or other sovereign wealth funds is worrying.

Keywords:   sovereign wealth fund, china, singapore, china investment corporation, temasek, government of singapore investment corporation, peoples bank of china, trade surplus, fixed exchange rate

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