China’s announcement, on September 29, 2007, that it had officially established a $200 billion sovereign wealth fund, the China Investment Corporation (CIC), was greeted with some ambivalence in policy-making circles in many world capitals. In Washington, where concern in Congress about foreign government-directed investment in the U.S. has heightened in recent years, CIC’s creation triggered a number of alarm bells. Much of that alarm related to incomplete information about CIC and the motivations of the Chinese government in creating it.
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