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Fonds souverains chinois : état des lieux

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  • Yann Marin

Abstract

[eng] Chinese Sovereign Wealth Funds : Past, Present and Future . This article details the process of creating the Chinese sovereign wealth fund, its governance model, the investments it has carried out and provides a first assessment of its functioning. . JEL Classification : F30, G29, N25 [fre] Disposant des plus importantes réserves de change du monde, du fait de ses excédents commerciaux, la Chine a longtemps hésité à créer un fonds souverain et ce n'est qu'en septembre 2007 que la China Investment Corporation voit le jour. Dès son origine, l'institution financière génère des craintes en Occident sur sa puissance financière supposée et sur les interférences politiques possibles qui pourraient en faire une arme de guerre économique. Un an après, alors que la crise a transformé ses premiers investissements emblématiques en fardeau financier et en déficit d'image, le fonds souverain cherche surtout à se protéger des critiques qu'il subit dans son propre pays et a momentanément gelé ses opérations internationales. Par sa participation à la définition des principes de Santiago sous l'égide du FMI, il a démontré sa volonté d'ouverture mais le manque de transparence de ses structures de décision, de sa stratégie et des modalités opérationnelles de ses investissements continuent de le stigmatiser dans les classements internationaux consacrés aux fonds souverains. Cet article détaille le processus de création du fonds souverain, son mode de gouvernance, les investissements qu'il a réalisés et dresse un premier bilan de son fonctionnement. . Classification JEL : F30, G29, N25

Suggested Citation

  • Yann Marin, 2009. "Fonds souverains chinois : état des lieux," Revue d'Économie Financière, Programme National Persée, vol. 9(1), pages 109-119.
  • Handle: RePEc:prs:recofi:ecofi_0987-3368_2009_hos_9_1_5422
    DOI: 10.3406/ecofi.2009.5422
    Note: DOI:10.3406/ecofi.2009.5422
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    References listed on IDEAS

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    1. Edwin M. Truman, 2009. "A Blueprint for Sovereign Wealth Fund Best Practices," Revue d'Économie Financière, Programme National Persée, vol. 9(1), pages 429-451.
    2. Joshua Aizenman & Reuven Glick, 2009. "Sovereign Wealth Funds: Stylized Facts about their Determinants and Governance," International Finance, Wiley Blackwell, vol. 12(3), pages 351-386, December.
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    More about this item

    JEL classification:

    • F30 - International Economics - - International Finance - - - General
    • G29 - Financial Economics - - Financial Institutions and Services - - - Other
    • N25 - Economic History - - Financial Markets and Institutions - - - Asia including Middle East
    • F30 - International Economics - - International Finance - - - General
    • G29 - Financial Economics - - Financial Institutions and Services - - - Other
    • N25 - Economic History - - Financial Markets and Institutions - - - Asia including Middle East

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