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Pekingology
How the CCP Finances its Global Ambitions
Feb 13, 2025
Zongyuan Zoe Liu, a Fellow for international political economy at the Council on Foreign Relations and author of 'Sovereign Funds,' discusses the intricate ways the Communist Party of China finances its global ambitions. She unpacks the evolution of sovereign wealth funds, using examples from Kuwait to Norway, and illustrates China’s unique approach shaped by political and economic strategies. Liu also dives into Central Huijin’s role in banking reforms and examines how Chinese sovereign funds navigate international partnerships, especially in the face of geopolitical tensions.
39:35
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Quick takeaways
- China's sovereign funds uniquely mobilize surplus savings and emphasize state capital to address domestic economic challenges rather than relying solely on resource wealth.
- The entwinement of the Communist Party's interests with sovereign funds illustrates their function as instruments for political objectives, particularly in global finance and initiatives like the Belt and Road Initiative.
Deep dives
Understanding Sovereign Wealth Funds
Sovereign wealth funds (SWFs) are government-owned investment institutions designed to manage national wealth, typically generated by commodity exports. They serve various purposes, including intergenerational wealth transfer and fiscal stabilization during economic volatility. Initially established in countries with significant natural resources, such as Kuwait, SWFs are essential for managing sudden wealth by diversifying investments to mitigate risks associated with commodity fluctuations. The framework of these funds varies considerably across different countries, with varying governance structures and investment strategies.
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Listen to the best highlights from the podcasts you love and dive into the full episode