Sovereign Funds

A novel and fascinating history of China’s rich and powerful sovereign wealth funds, which play an outsize role in the country’s strategy for both international development and external influence. -- Kenneth Rogoff, Maurits C. Boas Chair of International Economics at Harvard University and former Chief Economist of the IMF Zoe Liu’s pathbreaking book uncovers how and why the Chinese Communist Party employs sovereign leveraged funds to further state interests at home and abroad. This is a must-read for anyone interested in the causes and consequences of China’s rise. -- Thomas J. Christensen, author of <i>The China Challenge: Shaping the Choices of a Rising Power</i> Sovereign wealth funds were once considered anomalies but are now becoming the trend. China’s sovereign wealth funds have grown rapidly and become increasingly important in the face of deglobalization; their unique model and widespread impact are worth exploring and assessing. Liu’s book is a fascinating account of and reflection on what she calls ‘sovereign leveraged funds.’ Whether you agree with its conclusions or not, you should read it. -- Jin Xu, author of <i>Empire of Silver: A New Monetary History of China</i> Sovereign Funds is a revealing account of the origins and evolution of China’s sovereign leveraged funds. This book is a must-read for any serious observer of China’s global economic and financial strategy. -- Edwin M. Truman, Senior Fellow, Harvard Kennedy School, and former Assistant Secretary of the US Treasury Zoe Liu provides deep insight into China's sovereign leveraged funds, fascinating institutions that play a crucial role in the often fraught relationship between state and market, with implications and lessons for many other countries. This is essential reading for those interested in China's development and its economic engagement with the world. -- Martin Chorzempa, author of <i>The Cashless Revolution</i> Liu provides the definitive account of how wide and how deep China’s sovereign wealth funds have penetrated global capital markets. Her identification of ‘sovereign leveraged funds’ amounts to a major conceptual breakthrough in the study of global financial flows, bringing to light how any state with the political will and financial engineering prowess can launch a fund to further its strategic interests. In a moment of fraught financial tensions between the United States and China, Sovereign Funds will prove an indispensable book for policymakers and academics alike. -- John Yasuda, author of <i>On Feeding the Masses: An Anatomy of Regulatory Failure in China</i>