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全球主权财富基金在最近10余年来获得了迅速发展。随着俄罗斯和中国等政治大国相继创建主权财富基金,发达国家东道国对这类基金的警惕和抵触情绪不断上升,发展中大国主权财富基金未来的国际投资环境可能趋于恶化。我国主权基金中的中投公司一设立就面临严峻的挑战。因此,必须建立相应的良好治理机制,确保公司的市场运作、投资与风险管理严格符合目标要求。中国主权财富基金应该吸取海外主权财富基金运营的成功经验,达到外汇储备运营受限最小化,实现外汇资产的保值增值的目的。相应的政策建议包括:积极完善投资策略、建立风险管理与监督机构等等。
Global sovereign wealth funds have enjoyed rapid growth in the past decade or so. With the creation of sovereign wealth funds successively by political powers such as Russia and China, the vigilance and resistance of the host countries of developed countries to such funds have been on the rise. The future international investment environment of developing sovereign wealth funds will likely deteriorate. Once established, China’s CIC in China’s sovereign funds faces severe challenges. Therefore, we must establish a good sound governance mechanism to ensure that the company’s market operations, investment and risk management strictly meet the target requirements. China’s sovereign wealth funds should learn from the successful experience of overseas sovereign wealth funds operating so as to minimize the restrictions on the operation of foreign exchange reserves and realize the purpose of maintaining and increasing the value of foreign exchange assets. The corresponding policy recommendations include: actively improve the investment strategy, the establishment of risk management and oversight bodies and so on.