뿧맺릫쮾폫맺볊춶훷좨닆뢻믹뷰뗄탂탍ꆰ맺볒놾훷틥ꆱ탔훊첽컶3쯎폱뮪ꆡ샮ꆡ럦ꆡꆡ쓚죝쳡튪ꆡ20쫀볍80쓪듺틔살뗄좫쟲뺭볃ퟔ평쫐뎡쪱듺헽퓚뷡쫸,좡뛸듺횮뗄쫇탂탍ꆰ맺볒놾훷틥ꆱ뺭볃뗄탋웰ꆣ훷좨닆뢻믹뷰ퟷ캪튻훖맜샭맺볒뒢놸뗄맺폐춶쪵쳥,쯼쏇볈쫇뛀솢뗄쫐뎡훷쳥,폖쫇맺볒샻틦뗄퓘쳥,틲뛸쫇탂탍ꆰ맺볒놾훷틥ꆱ뗄ퟮ탂뇭쿖탎쪽ꆣ놾컄퓚럖컶탂탍ꆰ맺볒놾훷틥ꆱ뺭볃뗄믹뒡짏,듓쯹폐좨맩쫴ꆢ짨솢랽쪽폫맦쒣ꆢ춶쇬폲틔벰춸쏷뛈뗈랽쏦싛횤쇋훷좨닆뢻믹뷰뗄탂탍ꆰ맺볒놾훷틥ꆱ탔훊,뇈뷏퇐뺿쇋뛭싞쮹ꆢ훐맺틔벰웤쯻맺볒훷좨닆뢻믹뷰퓋ퟷ뗄ꆰ뛾훘탔ꆱ,짮죫럖컶쇋훷좨닆뢻믹뷰탔훊뫍퓋ퟷ뗄뛾훘탔뛔탂탋뺭볃쳥ꆢ랢듯맺볒틔벰쫀뷧뺭볃랢햹듦퓚뗄훘듳뇗뛋ꆣ맘볼듊ꆡ훷좨닆뢻믹뷰ꆡ맺볒놾훷틥ꆡ뛾훘탔ꆡ뷰죚놣뮤훷틥ퟷ헟떥캻ꆡ헣붭듳톧뺭볃톧풺훐춼럖샠뫅:ꆡ컄쿗뇪쪶싫:Aꆡ컄헂뇠뫅:100726964[2009]04208120221061ꆡꆡ20쫀볍90쓪듺틔살,탂탋랢햹훐뺭볃쳥뫍탍뺭듸살뗄훮뛠뇗뛋,쪵쿖쫀뷧뺭볃뗄붡뾵랢햹,뚼뻟폐훘볃쳥훰붥붨솢쇋럻뫏ퟔ짭맺쟩뗄룷훖쯹폐좨탎쪽늢듦튪뗄샭싛뫍쿖쪵틢틥ꆣ뗄쫐뎡뺭볃쳥훆ꆣ퓚뛔뒫춳뗄맺폐뺭볃뷸탐막럝훆룄룯뗄믹뒡짏,퓚튻킩뻟폐햽싔틢틥뗄탐튵탎돉쇋튻엺평튻ꆢ탂탍ꆰ맺볒놾훷틥ꆱ뗄탋웰맺볒뿘막뗄듳탍웳튵,헢쫇튻훖늻춬폚틔췹맺폐뺭볃뗄탂탍ꆰ맺볒놾훷틥ꆱ(NewStateCapitalism)뺭볃,뛸훷ꆰ맺볒놾훷틥ꆱ뗄쳡돶ퟮ퓧뿉틔ힷ쯝떽19쫀볍좨닆뢻믹뷰(Sovereignwealthfunds)퓲쫇탂탍ꆰ맺볒쒩뗄짧믡훷틥퓋뚯훐,뗂맺훸쏻뗄릲닺떳쇬탤췾솮ꆤ샮놾훷틥ꆱ뺭볃뗄ퟮ탂랢햹탎쪽ꆣ훷좨닆뢻믹뷰ퟷ캪튻훖늷뿋쓚컷퓚1896쓪퓸뺭쮵맽,ꆰ쎻폐죋뇈컒쏇뗂맺짧믡맜샭맺볒뒢놸뗄맺폐춶쪵쳥,쯼쏇볈쫇뛀솢뗄쫐뎡훷훷틥헟룼췧잿뗘캪맺볒짧믡훷틥햽뚷,쎻폐죋뇈컒룼볓쳥,폖쫇맺볒샻틦뗄퓘쳥,틲듋훷좨닆뢻믹뷰뻟폐뛾훘탔쟥돾뗘뇭쪾,맺볒짧믡훷틥쪵볊짏뻍쫇맺볒놾훷틥ꆱꆣ훊ꆣ춬쪱훷좨닆뢻믹뷰뗄퓋ퟷ튲뻟폐뛾훘탔,볈내헕쫐ꆰ맺볒놾훷틥ꆱ뗄쓚몭벰탎쪽,쯦ퟅ쪱듺뗄뇤잨ꆢ놾뎡뺭볃맦싉뫍쫐뎡뺺헹풭퓲퓋,ힷ쟳짌튵샻틦ퟮ듳뮯,훷틥폫짧믡훷틥뗄랢햹뛸늻뛏럡싺ꆣ늻맜쫇쪵탐놾춬쪱쯼쏇뗄탐캪튲뇘좻쳥쿖맺볒뗄틢횾뫍샻틦좡쿲ꆣ훷틥훆뛈뮹쫇짧믡훷틥훆뛈뗄맺볒,뚼퓚뺭볃랢햹뗄쒳훷좨닆뢻믹뷰퓚탔훊뫍퓋ퟷ짏듦퓚뗄뛾훘탔,뻶뚨킩뷗뛎쪵쪩ꆰ맺볒놾훷틥ꆱꆣ뛸탂탍ꆰ맺볒놾훷틥ꆱ쇋웤퓚닆컱맜샭뫍춶탐캪뗄늻춸쏷탔,붫퓬돉탂탋뺭뺭볃훷튪쫇횸뺭맽막럝훆룄퓬뗄ꆢ평맺볒뿘막뗄듳탍맺볃쳥맺쓚뗄탐튵슢뛏뫍뢯냜뗈뗀뗂컊쳢,늢틽웰랢듯맺폐웳튵뗈뺭볃탎첬ꆣ뛔듳탍뗄탂탋뺭볃쳥뫍탍뺭볃볒뗄놾쫐뎡놣뮤ꆣ틲듋,뛔탂탍ꆰ맺볒놾훷틥ꆱ뺭쳥살쮵,쯼쏇뗄뺭볃튪훘붨,맺볒튪뢴탋,맺솦튪쳡룟,볃ꆢ훷좨닆뢻믹뷰탔훊뫍퓋ퟷ뗄뛾훘탔뗈컊쳢뷸탐쾵춳뗄샭싛퇐뺿,늢퓚듋믹뒡짏퇐뺿좫쟲뗄뛔닟,뛔컒쏇냑3ꆡ놾컄쾵맺볒짧뿆믹뷰훘뗣쿮쒿ꆶ쫀뷧뺭볃뷡릹뇤뮯폫쫀뷧뺭볃쪧컕훷좨닆뢻믹뷰뗄탔훊ꆢ퓋ퟷ맦싉,뷢뻶훷좨닆뢻믹뷰뫢뛔훐맺뗄펰쿬벰뛔닟퇐뺿ꆷ(쿮쒿엺ힼ뫅:07AGJ002)뗄뷗뛎탔돉맻ꆣꆶ쫀뷧뺭볃퇐뺿ꆷ2009쓪뗚4웚ꆤ51ꆤ
훷좨닆뢻믹뷰뗄탂탍ꆰ맺볒놾훷틥ꆱ탔훊첽컶맺볊뗘캻벰펰쿬솦튪퓶잿,뇘좻튪퓋폃맺볒뗄솦솿,춨좨닆뢻믹뷰퓲쫇탂탍ꆰ맺볒놾훷틥ꆱ뗄ퟮ탂랢햹탎맽쫐뎡쫖뛎살뿘훆튻킩뛔맺볆쏱짺뻟폐햽싔틢틥뗄탐쪽ꆣ듓뇭쏦짏뾴,쒿잰좫쟲듳풼30뛠룶훷좨닆뢻믹뷰튵뫍듳탍웳튵ꆣ좷쪵뚼쫇뛀솢뗄쫐뎡춶훷쳥,쯼쏇폐췪짆뗄ퟩ횯믺탂탍ꆰ맺볒놾훷틥ꆱ룅쓮뗄쳡돶,살풴폚톧헟쏇릹,쿠뛔뛀솢뗄춶췅뛓뫍럧쿕뿘훆뛓컩,퓚좫쟲랶캧뛔21쫀볍돵탂탋뺭볃쳥뗄헻쳥웰틔벰살ퟔ랢햹훐맺쓚뾪햹믽벫뗄춶믮뚯,쯼쏇쯆뫵뚼쫇ힷ쟳짌튵샻틦ퟮ볒뿧맺릫쮾믽벫뗄좫쟲춶탐캪뗄맘힢ꆣ탂탋뺭볃쳥듳뮯뗄춶헟ꆣ떫쫇훷좨닆뢻믹뷰뻟폐쿊쏷뗄탂탍ꆰ맺헻쳥웰뗄튻룶훘튪쳘헷뇣쫇평헢킩맺볒헾뢮짨솢늢볒놾훷틥ꆱ탔훊,헢튻탔훊훷튪쳥쿖퓚훷좨닆뢻믹뷰럶돖뗄맺폐웳튵톸쯙랢햹,늢뾪쪼퓚쫀뷧뺭볃뗄룷룶쇬뗄쯹폐좨맩쫴ꆢ짨솢랽쪽뫍춶쇬폲뗈랽쏦ꆣ폲폫랢듯맺볒뗄뿧맺릫쮾햹뾪뺺헹ꆣ훚뛠랢듯맺볒톧뻍쯹폐좨맩쫴살뾴,훷좨닆뢻믹뷰쫴폚쳘뚨뗄훷좨헟뛔헢튻탂뗄뇤뮯럇뎣맘힢,쏀맺ꆶ탂컅훜뾯ꆷ볇헟쟇맺볒,튲뻍쫇웤ꆰSovereignꆱ뗄쫴탔,쫇에뛏쒳룶춶믹훎ꆤ캤뛻뢥샯듄퓚2006쓪뻍횣훘쳡돶ꆰ탂뗄맺볒놾뷰쫇럱쫇훷좨닆뢻믹뷰뗄맘볼뫍쫗튪뇪ힼꋛꆣ뺡맜훷훷틥ꆱ컊쳢,뛸웤쯻톧헟(죧뷜삭뗂ꆤ삳뛷쮹ꆢ뷜뢥샯ꆤ좨닆뢻믹뷰뗄뷰살풴뛠훖뛠퇹,죧훐맺ꆢ탂볓웂뗈뚫볓쳙ꆢ십뚡ꆤ컖뛻럲뗈)뺡맜쎻폐쳡돶탂탍ꆰ맺볒놾퇇맺볒뗄훷좨닆뢻믹뷰살풴폚맙랽췢믣뒢놸,낢솪쟵뗈훷틥ꆱ헢퇹뗄룅쓮,떫쫇벸뫵뚼붫ꆰ맺볒놾훷틥ꆱ폫맺훐뚫맺볒뗄훷좨닆뢻믹뷰살풴폚웤쪯폍돶뿚쫕죫,뛭싞폐웳튵뫍훷좨닆뢻믹뷰솪쾵웰살,컒쏇붫쯻쏇쯹쮵뗄헢쮹뗄컈뚨믹뷰살풴폚뛭싞쮹뗄쪯폍뗈풴뗄돶뿚맘쮰,튻쿖쿳춳돆캪탂탍ꆰ맺볒놾훷틥ꆱ뺭볃ꆣ컚룉듯뗄훷좨닆뢻믹뷰살풴폚맺볊풮훺,떫쫇늻맜쫇맙탂탍ꆰ맺볒놾훷틥ꆱ늻춬폚뒫춳뗄ꆰ맺볒놾훷랽췢믣뒢놸ꆢ쳘뚨쮰쫕ꆢ풴탔짌욷돶뿚쫕죫뮹쫇맺볊틥ꆱ,쟒틔믽벫뷸좡뗄맺폐웳튵캪훷튪퓘쳥,탎돉쇋튻킩뇈뷏쳘쫢뗄퓋ퟷ쳘뗣ꆣ튻쫇탂탍ꆰ맺볒놾훷틥ꆱ뗄풮훺,헢킩뷰뚼쫇맺폐뷰,틲듋훷좨닆뢻믹뷰뗄쯹떮짺췹췹늢늻쫇쫐뎡뮯뗄뷡맻,뛸쫇쫐뎡뮯볓맺볒좨솦폐좨쫴폚쳘뚨뗄훷좨맺볒,뛸늻쫇쟸폲탔믲뗘랽탔뗄릫퓋ퟷ뗄뷡맻릲믺릹죧맺볒퇸샏믹뷰ꆢ훐퇫틸탐믲닆헾늿뗈횰쓜믺,쫇헾뢮춨맽탐헾쏼쇮뗄랽쪽퓚벫뛌뗄쪱볤쓚짨솢뗄ꆣ뛭싞쮹맺볒쪯폍릫쮾ꋙ뫍훐맺뮯릤벯췅ꋚ뗄릹ꆣ퓚쯹폐좨맩쫴짏훷좨닆뢻믹뷰폫맺폐웳튵쫇췪좫붨솢뻍쫇뗤탍뗄샽ퟓꆣ뛾쫇탂탍ꆰ맺볒놾훷틥ꆱ평폚튻훂뗄ꆣ뷰맦쒣뻞듳,놳뫳폐엓듳뗄맺폐닺ퟶ횧독,틲듋튻냣듓짨솢랽쪽폫맦쒣살뾴,훷좨닆뢻믹뷰췹췹튲쫇훷뚼퓚맺쓚쫐뎡짏뻓폚슢뛏헟뗄뗘캻,돉캪맺볒퓚햽싔탔좨맺볒헾뢮춨맽탐헾쏼쇮뗄랽쪽퓚뛌쪱볤쓚짨솢뗄ꆣ탐튵뗄샻틦듺뇭ꆣ죽쫇탂탍ꆰ맺볒놾훷틥ꆱ춨맽뿧맺뛔폚듳뛠쫽훐뚫쪯폍쫤돶맺뫍뚫퇇돶뿚맺살쮵,듳늿럖늢릺뗈쫖뛎닎폫맺볊뺺헹,돉캪맺볊뷰죚쫐뎡짏뗄탂탋뗄췢믣뒢놸ꆢ쮰쫕뗈맺폐닺뚼횱뷓뿘훆퓚헾뢮쫖훐,뫳살헟ꆣ훷좨맺볒뿉틔룹뻝맺볒햽싔믲맺볒샻틦뗄탨헾뢮뿉틔럇뎣뇣샻뗘횱뷓뮮늦튻늿럖맺폐닺뛸붨솢튪훷좨닆뢻믹뷰ꆣ뇈죧훐맺춶릫쮾뇣쫇훐맺헾뢮붫,ퟩ붨죴룉룶ퟣ틔펰쿬좫쟲뺺헹뗄듳탍뿧맺릫쮾,닎폫쿠맘탐튵뗄맺볊뺺헹ꆣ쯄쫇탂탍ꆰ맺볒놾훷틥ꆱ췹췹2000틚쏀풪뗄췢믣뒢놸횱뷓뮮늦뛸붨솢웰살뗄ꆣ훷좨퓚훷좨맺볒헾뢮뗄횧돖뫍횸떼쿂뷸탐춶,틲뛸컞탨믤닆뢻믹뷰헢훖탐헾횸쇮쪽뗄붨솢랽쪽,붫쪹좫쟲놾쫐퇔듸폐튻뚨돌뛈뗄헾훎웸쾢ꆣ헢킩맺폐뿧맺릫쮾늻뷶뷶뎡짏춻좻돶쿖죴룉룶뻞탍춶쪵쳥,헢폫맺볒뛌쪱볤쓚쫇헾뢮짨솢뗄,뮹쓜뗃떽헾뢮퓚뺭볃ꆢ헾훎뫍췢붻뗈랽쏦ퟩ붨듳탍맺폐뿧맺릫쮾닎폫맺볊뺺헹벫캪쿠쯆ꆣ뗄횧돖ꆣ컥쫇평폚탂탍ꆰ맺볒놾훷틥ꆱ뺭볃췹췹짦벰평폚짨솢훷좨닆뢻믹뷰뗄맺볒뻸듳뛠쫽뚼쫇췢믣훷좨맺볒뗄낲좫뫍햽싔샻틦,틲듋춸쏷뛈쿠뛔뇈뷏뗍,뫜짙엻슶웤닺뷡릹ꆢ춶뚯믺ꆢ춶탐캪틔벰춶쫕틦뗈ꋙ뛭싞쮹맺볒쪯폍릫쮾(Rosneft)쫇퓚컼쫕틑웆닺뗄뛭싞쮹쪯폍뻞쾸뷚춷폈뿆쮹(Yukos)쪣폠닺믹뒡짏붨솢뗄튻볒맺폐쪯폍릫쮾,늢볆뮮폫뛭,놻돆캪좫쟲뷰죚쫐뎡짏뗄ꆰ낵뫐ꆱ(BlackBox)ꆣ싞쮹쳬좻웸릤튵막럝릫쮾(Gazprom)뫏늢뿘훆뛭싞쮹쪯폍닺솿뗄35%,늢돉캪좫쟲ퟮ듳뗄쪯폍릫쮾ꆣ뛾ꆢ훷좨닆뢻믹뷰뗄탂탍ꋚ퓚2004쓪5퓂9죕횮잰쎻폐죋쳽쮵맽훐맺뮯릤벯췅(CHEMCHI2NA),떫쫇뻍퓚쓇튻쳬훐맺헾뢮듳뇊튻믓,퓚훐맺삶탇(벯췅)ퟜ릫쮾ꆢ훐맺ꆰ맺볒놾훷틥ꆱ탔훊뮪뮯릤(벯췅)ퟜ릫쮾ꆢ훐맺뮯릤얩뮯ퟜ릫쮾ꆢ훐맺뮯릤ힰ놸ퟜ릫쮾ꆢ훐맺뮯릤탂닄쇏ퟜ릫쮾ꆢ훐맺뮯릤폍웸ퟜ릫쮾ꆢ훐맺뮯릤맺볊뿘막릫쮾뗈풭뮯릤늿횱쫴웳튵훘ퟩ믹뒡짏탂짨쇋훐맺뮯릤벯췅,튻쳬횮쓚돉캪쇋훐맺뻓훷죧맻쮵믽벫뷸좡뗄맺폐웳튵쫇탂탍ꆰ맺볒놾훷떼뗘캻뗄틒쾩짺닺짌ꆣꋛ쿪볻StephenJen,ꆰTheDefinitionofaSovereignWealthFundꆱ,Mor2틥ꆱ뗄훷튪듺뇭믲헟퓋ퟷ퓘쳥,쓇쎴뷼웚놸쫜맘힢뗄훷ganStanleyResearchGlobal,October26,2007.ꆡꆤꆡ52ꆡꆤꆶ쫀뷧뺭볃퇐뺿ꆷ2009쓪뗚4웚
훷좨닆뢻믹뷰뗄탂탍ꆰ맺볒놾훷틥ꆱ탔훊첽컶뒢놸럇뎣돤풣뗄맺볒,틲듋훷좨닆뢻믹뷰놳뫳폐잿듳뗄뇭1),헢킩뚼폫룷맺뗄맺볒샻틦뫍햽싔탨쟳쏜쟐쿠맘ꆣ맺폐닺ퟷ캪횧독,탭뛠훷좨닆뢻믹뷰뗄돵쪼맦쒣뻍럇듳탍뗄탂탋뺭볃쳥뫍탍뺭볃쳥뎢쫔ퟅ틔훷좨닆뢻믹뎣뻞듳,퓚좫쟲놾쫐뎡짏뗄붻틗맦쒣튲톸쯙삩듳(볻뷰뗈맺폐춶릤뻟캪퓘쳥,퓚좫쟲햽싔탔탐튵훐붨솢뻝춼1뫍뇭1)ꆣ퓚쒿잰좫쟲폐닺춳볆뗄38횻훷좨닆뗣,캪놾맺뗄샻틦럾컱ꆣ뢻믹뷰훐,맦쒣ퟮ킡뗄냍늼퇇탂벸쓚퇇뿳닺풴컈뚨믹훷좨닆뢻믹뷰쇭튻룶훘튪쳘헷뇣쫇춸쏷뛈늻ퟣꆣ뷰튲폐2틚쏀풪,뛸닺맦쒣퓚10틚쏀풪틔짏뗄훷좨돽쇋얲췾ꆢ탂볓웂뗄떭십컽뗈짙쫽벸룶훷좨닆뢻믹뷰횮닆뢻믹뷰폐33횻,100틚쏀풪틔짏뗄폐26횻,1000틚췢,뻸듳뛠쫽맺볒훷좨닆뢻믹뷰뗄춸쏷뛈뚼늻룟(볻춼쏀풪틔짏뗄튲폐10횻횮뛠,훷좨닆뢻믹뷰뗄맦쒣뫍펰2),뫜짙쿲췢뷧춸슶웤뷰맦쒣ꆢ닺뢺햮뇭ꆢ춶쫕틦쿬솦뇈쓇킩맺폐뿧맺릫쮾룼캪뻞듳ꆣ싊뫍춶ퟩ뫏뗈탅쾢,틔벰훷좨닆뢻믹뷰폫짨솢맺헾뢮횮볤뗄뻟쳥맘쾵뗈쏴룐컊쳢ꆣ틲듋,훷좨닆뢻믹뷰뗄춶탐캪췹췹뇈뷏춻좻믲돶웤늻틢,틗뛔좫쟲놾쫐뎡탎돉돥믷,틲뛸췹췹놻횸퓰뻟폐헾훎뚯믺ꆢ쫇헾뢮뗄헾훎릤뻟뗈ꆣ춼1ꆡ훷좨닆뢻믹뷰샺쓪뗄춶맦쒣쫽뻝살풴:Marchick,2008ꆣ힢:훹ힴ춼쫽횵닎헕폒ퟝ훡,헛쿟춼쫽횵닎헕ퟳퟝ훡ꆣ뇭1ꆡ2007ꆫ2008쓪훷좨닆뢻믹뷰뗄ퟮ듳늢릺붻틗놻늢릺웳튵늢릺쒿뇪붻틗뷰뛮쇬폲맺볒(틚쏀풪)뮨웬벯췅(Citigroup)틸탐튵쏀맺125죰쪿틸탐(UBS)틸탐튵죰쪿115뮨웬벯췅(Citigroup)틸탐튵쏀맺75쏀쇖(Merr춼2ꆡ훷좨닆뢻믹뷰춶뗄햽싔탔뫍춸쏷뛈illLynch)틸탐튵쏀맺66쏀쇖(MerrillLynch)틸탐튵쏀맺56쇏살풴:SovereignWealthFundInstitute.쒦룹쪿떤샻(MorganStanley)틸탐튵쏀맺50틲듋훷좨닆뢻믹뷰폫쓇킩맺폐뿧맺릫쮾튻퇹,뚼쫇싞죰쳘뷌폽벯췅(LaureateEducation)뷌폽튵쏀맺37쮹뗂룧뛻쒦웚좨붻틗쯹(OMX)횤좯튵죰뗤훷좨맺볒룹뻝맺볒샻틦탨튪퓚뛌쪱볤쓚춨맽뮮늦맺폐36냍뿋삳(Barclays)틸탐튵펢맺30닺뛸짨솢ꆢ훷튪뷸탐햽싔탔춶ꆢ좱랦춸쏷뛈뗄듳탍늼듯엥쮹믺뎡(BudapestAirport)붻춨튵탙퇀샻26맺폐춶쪵쳥,쫇탂탍ꆰ맺볒놾훷틥ꆱ뗄튻훖훘튪탎싗뛘횤좯붻틗쯹횤좯튵펢맺16쪽ꆣ평폚훷좨닆뢻믹뷰뗄맦쒣룼캪뻞듳ꆢ랢햹벫캪톸(LondonStockExchange)쯙ꆢ춶탐캪룼뻟햽싔탔틔벰춸쏷뛈룼볓늻ퟣ,틲뛸돉TheRelatedCompanies랿뗘닺쏀맺14뾭샗벯췅캪탂탍ꆰ맺볒놾훷틥ꆱ뗄ퟮ탂뇭쿖탎쪽뫍훷튪퓘쳥,(CarlyleGroup)춶튵쏀맺14Och2Ziff닺맜샭벯췅뛔돥믹뷰쏀맺늻뿉뇜쏢뗘뻟폐뛾훘탔훊ꆣ13솪뫏튽톧릫쮾(AllianceMedical)튽톧펢맺12쇏살풴죽ꆢ훷좨닆뢻믹뷰퓋ퟷ뗄ꆰ뛾훘탔ꆱ:IFSLResearch,2008ꆣ듓춶쇬폲뾴,쒿잰훷좨닆뢻믹뷰뷸탐뗄췹췹뚼쫇햽싔탔춶(볻춼2),폈웤쫇퓚랢듯맺볒뗄쏴룐탐튵돖훷좨닆뢻믹뷰뗄뛾훘탔훊뻶뚨쇋쯼쏇퓋ퟷ뗄뛾훘폐뷏뛠뗄햽싔탔막럝,쳥쿖웤쒸맺뗄맺볒샻틦뫍햽싔쮼탔ꆣ튻랽쏦,훷좨닆뢻믹뷰쫇뛀솢뗄쫐뎡훷쳥,틲듋쯻쿫ꆣ훷튪춶쇬폲캪틔틸탐ꆢ쮽쒼믹뷰캪훷뗄뷰죚튵ꆢ쏇퓚좫쟲놾쫐뎡짏뷸탐춶쪱,내헕쫐뎡뺭볃맦싉뫍틔쪯폍캪훷뗄쓜풴튵ꆢ틔벰몽뿕ꆢ룛뿚뗈붻춨탐튵(볻쫐뎡뺺헹풭퓲퓋,ힷ쟳짌튵샻틦ퟮ듳뮯;쇭튻랽쏦,훷ꆶ쫀뷧뺭볃퇐뺿ꆷ2009쓪뗚4웚ꆤ53ꆤ
훷좨닆뢻믹뷰뗄탂탍ꆰ맺볒놾훷틥ꆱ탔훊첽컶좨닆뢻믹뷰폖퓚튻뚨돌뛈짏쫇웤맺볒샻틦뗄퓘쳥,틲듋훐맺뺭볃ퟔ룄룯뾪럅틔살믱뗃쇋뿬쯙랢햹,퓚쫀뷧쯼쏇뗄춶탐캪뇘좻쳥쿖웤맺볒뗄틢횾뫍샻틦좡쿲ꆣ뺭볃훐뗄뺺헹솦튲퓚늻뛏쳡룟,떫쫇훐맺쪵쳥뺭볃뫍탩듓듳뛠쫽맺볒짨솢훷좨닆뢻믹뷰뗄풭틲살뾴,ힷ쟳쓢뺭볃랢햹늻욽뫢,뷰죚믺릹뫍춶쪵쳥뗄맺볊뺺헹솦춶쫕틦ퟮ듳뮯쫇웤믹놾뚯믺ꆣ훷좨닆뢻믹뷰욫뫃럧럇뎣놡죵ꆣ춬쪱21쫀볍돵듳솿훐맺뷸뿚풴탔짌욷볛쿕뷏룟ꆢ쫕틦싊뷏듳뗄춶쒿뇪,뇈죧탂탋쫐뎡맺볒뗄룱뗄룟헇,돉캪훐맺뺭볃쓑틔돐쫜횮훘ꆣ틲듋튻랽쏦,막욱ꆢ룟뿆벼웳튵ꆢ랿뗘닺뗈,틔쪵쿖짌튵샻틦ퟮ듳뮯,훐맺탨튪폐킧뗘샻폃웤맦쒣엓듳뗄췢믣뒢놸,죃헢늿럖헢볈쫇ퟷ캪쫐뎡훷쳥뗄훷좨닆뢻믹뷰뗄퓋ퟷ쒿뗄,튲쫇틔벫듳뗄풴돉놾뫍뮷뺳듺볛뮻살뗄맺볒닆뢻쓜릻놣짨솢훷좨닆뢻믹뷰맺볒뗄샻틦쯹퓚ꆣ쳘뇰쫇뛔폚쓇킩횵퓶횵;쇭튻랽쏦,훐맺탨튪믽벫닎폫맺볊풴탔짌욷톸쯙웰뗄듳탍탂탋뺭볃쳥살쮵,쫂쪵짏훷좨닆뢻믹뷰뗄뚨볛,헆컕쪯폍ꆢ쳺뿳쪯뗈햽싔탔짌욷뗄맺볊뚨볛좨ꆣ뗄춶탐캪쫇쯻쏇뺭볃랢햹햽싔뗄탨튪,틲뛸훷좨닆뢻쯹폐뗄헢킩죎컱,뚼탨튪릹붨쪵솦잿듳ꆢ퓋ퟷ쇩믮ꆢ럾듓믹뷰폖쫇듳탍탂탋뺭볃쳥맺볒샻틦뗄퓘쳥ꆣ맺볒샻틦뗄뷰죚믺릹,춬쪱훐맺튲탨튪맺췢뇈뷏돉쫬폐1킧뗄뷰죚맜샭횪쪶,탨튪튻킩횪쏻춶믺릹ퟷ캪훐맺뷸.뛭싞쮹훷좨닆뢻믹뷰퓋ퟷ뗄ꆰ뛾훘탔ꆱ뛭싞쮹퓚쯕솪뷢쳥뗄돵웚뷸탐쇋듳맦쒣뗄쮽폐뮯탐몣췢춶뗄닎뾼,탨튪맺췢풴탔짌욷뚨볛뗄돉릦뺭퓋뚯퇩ꆣ,뷡맻뺭볃뗲뇗ꆢ췢햮샛샛ꆢ죋쏱짺믮볨쓑ꆣ웕뺩짏첨뫳,듳솦랢햹탂탍ꆰ맺볒놾훷틥ꆱ뺭볃,볓듳쇋뛔쓜쒿잰훐맺뗄훷좨닆뢻믹뷰ꆪꆪꆪ훐맺춶폐쿞릫쮾풴뗈훘튪쇬폲맺폐웳튵뗄럶돖ꆢ볠맜뫍뿘훆,듙뷸쇋뛭(ChinaInvestmentCorporation,CIC)뗄춶탐캪훷튪폐3싞쮹뺭볃뗄뿬쯙퓶뎤ꆣ폈웤쫇퓚21쫀볍돵틔쪯폍캪듺룶(볻뇭2),럖뇰쫇죫막쮽쒼믹뷰뫚쪯벯췅ꆢ죏릺훐쳺뇭뗄풴탔짌욷볛룱듳헇뗄놳뺰쿂,뛭싞쮹훂솦폚붨짨H막뫍죫막춶틸탐쒦룹쪿떤샻ꆣ돽쇋훐쳺횮췢웤쯻쓜풴뗛맺ꆢ뾪햹쓜풴췢붻햽싔,폐쳵늻컉뗘붫웤맺쓚뗄뚼쫇좫쟲횪쏻뷰죚믺릹,틲듋뿉틔뾴돶,쒿잰훐춶릫쮾쓜풴ꆢ뿳닺뗈훘튪풴쫕맩훐퇫,늢춨맽폍웸캪햽싔커폅쿈뾼싇춶맺볊뷰죚쇬폲,헢폫훐맺틔맺볊뷰죚믺릹웷퓚잰쯕솪뗘쟸ꆢ얷쏋짵훁뚫놱퇇삩듳뛭싞쮹뗄펰쿬캪쳸냥ꆢ톸쯙삩듳뷰죚쪵솦뫍믱좡쿈뷸뗄뷰죚횪쪶뗈햽솦싔쮼쿫쫇럇뎣컇뫏뗄ꆣ,뛸뛭싞쮹맺폐쓜풴릫쮾뗄춶탐캪튲짮뿌쳥쿖쇋뛭싞쮹뗄맺볒틢횾,웤맺쓚췢믽벫뗄늢릺탐캪늻뷶뷶쫇캪뇭2ꆡ훐맺춶릫쮾뗄춶탐캪럖컶쇋믱좡벼쫵뫍쫐뎡,튻뚨틢틥짏쯼쏇돉캪쇋웤맺볒햽싔쪱볤춶뗘춶탐캪맺볒햽싔뗄횴탐헟ꆣ틔30틚쏀풪릺싲쏀맺뷸죫좫쟲횪쏻뷰죚믺릹,캪훐맺쏀맺닺맜샭릫쮾뫚쪯벯쯦ퟅ뛭싞쮹췢믣뒢놸뗄벱뻧퓶볓,춨맽짨솢훷좨닆200췅붫뷼10%뗄ꆰ컞춶웳튵맺볊춶럾뢻믹뷰ꆢ뢨훺웤맺폐릫쮾뗄뿧맺춶탐캪ꆢ냯훺뛭싞쮹욱좨ꆱ막좨떥캻컱돉캪좫쟲풴듳맺ꆢ쪵쿖뛭싞쮹뗛맺뗄뢴탋,틑뺭돉캪돢1틚쏀풪죏릺좫훐맺쿣룛쟲뗚죽듳붨훾릤돌돐쪵쿖췢믣뒢놸쇋뛭싞쮹탂뗄믺폶ꆣ2007쓪4퓂11죕,뛭싞쮹맺볒뛅냼짌훐쳺뗄닺뛠풪뮯H막십엺ힼ쇋붫쪯폍컈뚨믹뷰(OilStabilizationFund,틔50틚쏀풪릺싲쒦룹뷸죫좫쟲횪쏻뷰OSF)ꋙ훐뎬맽GDP10%뗄쪣폠뷰폃폚붨솢ꆰ쿂튻듺쪿떤샻늻뎬맽,캪훐맺%죚믺릹쏀맺랢햹믹뷰뗄뿉뮻막좨떥캻웳튵맺볊춶럾(FutureGenerationsFund,FGF)ꆱ,춶폚얷컱쏋ꆢ쏀맺뫍죕놾뗈랢듯맺볒뗄햮좯뫍듳탍릫쮾뗄막욱,쇏살풴:룹뻝룷훖놨뗀헻샭ꆣ쪵쿖맺볒닆뢻뗄뿉돖탸퓶뎤ꆣ뺡맜훐춶릫쮾짐캴좾횸죎뫎풴탐튵,떫쫇듓늻뻃좻뛸잰쪢뒫훐춶솪뫏맺쓚룖쳺뻞춷뺺릺냄듳샻퇇뿳튵뻞춷,뺡맜뛭싞쮹훷좨닆뢻믹뷰룕룕돉솢ꆢ맦쒣뷶캪320틚쏀풪,뺡맜쒿잰뛭싞쮹뗄탂탍ꆰ맺볒놾훷솦췘벯췅뿉틔뾴돶,웤뷸죫맺볊쪯폍ꆢ쳺뿳쪯뗈풴탐틥ꆱ짐뒦폚헻뫏맺쓚쫐뎡ꆢ릹붨듳탍맺볊춶쪵쳥뗄뷗튵횻쫇쪱볤컊쳢ꆣ놣돖뺭볃뗄돖탸뿬쯙붡뾵랢햹ꆢ놣헏뛎쓜풴뫍뿳닺릩펦낲좫쫇훐맺훘튪뗄햽싔랽쿲,뛸붫튻늿,뺡맜뛭싞쮹훷좨닆뢻믹뷰짐캴듳맦쒣뷸뻼좫쟲뷰죚쫐뎡,틔얷쏋캪훷뗄랢듯맺볒틑뺭럇뎣떣폇뛭싞쮹붫훷럖췢믣뒢놸춨맽훷좨닆뢻믹뷰뗄춶뮯캪쪯폍ꆢ뿳닺좨닆뢻믹뷰폃폚쪵쿖뗘풵헾훎쒿뗄,랢듯맺볒틑뺭풤쿫떽쇋튰탄늪늪뗄뛭싞쮹죋붫믡퓚좫쟲뷰죚쫐뎡짏ퟶ튻ꋙ뛭싞쮹쪯폍컈뚨믹뷰뗄붨솢쫇캪쇋컈뚨쪯폍볛룱늨뚯뗄믵뇒펰킩뺪쳬뚯뗘뗄춶ꆣ쿬,떽2007쓪4퓂1죕,룃믹뷰릲폐1090틚쏀풪춶폚쏀맺(햼ퟜ쫽뗄45%)ꆢ얷훞듳슽(햼ퟜ쫽뗄45%)뫍펢맺뗄햮좯쫐뎡(햼ퟜ쫽뗄10%),닎2.훐맺훷좨닆뢻믹뷰퓋ퟷ뗄ꆰ뛾훘탔ꆱ볻Jen(2007a)ꆣꆡꆤꆡ54ꆡꆤꆶ쫀뷧뺭볃퇐뺿ꆷ2009쓪뗚4웚
훷좨닆뢻믹뷰뗄탂탍ꆰ맺볒놾훷틥ꆱ탔훊첽컶풴뒢놸,늻떫쓜릻룄짆췢믣뒢놸뗄쫕틦,뛸쟒쓜릻놣훆훷좨닆뢻믹뷰뗄햽싔춶,붫풽살풽쟣쿲폚쪵쪩놾횤훐맺뺭볃뗄뿉돖탸퓶뎤폅쫆ꆣ틲듋컒쏇뿉틔풤볻캴쫐뎡놣뮤,뺭볃좫쟲뮯붫퓚쎳틗놣뮤훷틥횮뫳쏦쇙탂뗄살훐춶릫쮾뗄훷튪춶쇬폲붫쫇훐맺벱탨뿘훆뗄뷰죚훘듳헏낭ꆣ뫍풴,뛸쯦ퟅ듎듻캣믺횮뫳맺볊탅듻뷴쯵뗄뮺뷢,캴1.햽싔탔탐튵뗄슢뛏풽살풽퇏훘살훐춶릫쮾뗄퓋ퟷ뫜뿉쓜틔풴탔탐튵캪훷ꆣ뛔폚훚뛠짨솢훷좨닆뢻믹뷰뗄탂탋뺭볃쳥살쮵,캪3.웤쯻맺볒훷좨닆뢻믹뷰퓋ퟷ뗄ꆰ뛾훘탔ꆱ쇋볓잿뛔맺쏱뺭볃뗄뫪맛뗷뿘ꆢ놣헏뺭볃랢햹돉맻ꆢ냑돽쇋훐맺뫍뛭싞쮹헢솽룶틑짨솢훷좨닆뢻믹뷰ꆢ쫴컕뺭볃쏼싶뫍럀폹뺭볃캣믺뫍춶믺탐캪,탨튪횧돖튻킩폚BRICs뗄듳탍탂탋뺭볃쳥횮췢ꋙ,뮹폐튻킩훐탍뗄탂맺폐웳튵뫍훷좨닆뢻믹뷰뿘훆맺럀ꆢ쓜풴ꆢ뷰죚ꆢ믹뒡짨탋뺭볃쳥,쯻쏇튲퓚샻폃탂탍ꆰ맺볒놾훷틥ꆱ폈웤쫇쪩뗈햽싔탔탐튵ꆣ춬쪱,캪쇋룼뫃뗘퓚맺볊뺺헹훐놣횤훷좨닆뢻믹뷰뗄퓋ퟷ,살쪵쿖쯼쏇룷ퟔ뗄맺볒햽싔ꆣ맺볒샻틦,탨튪엠폽죴룉룶듳탍뗄춶쪵쳥,폫랢듯맺뛔폚탂볓웂ꆢ낢솪쟵헢퇹뗄룛뿚맺볒살쮵,웤헾뢮볒뗄뿧맺릫쮾뺺헹,듲웆랢듯맺볒뛔좫쟲볛횵솴뗄뎤웚뗄쒿뗄훷튪쫇놣돖놾맺ퟷ캪짌쎳뫍컯쇷훐탄뗄훘튪뗘슢뛏ꆣ틲듋쯦ퟅ훷좨닆뢻믹뷰뗄탋웰,탂탋뺭볃쳥맺쓚캻,뛸뷰죚쪵솦폖쫇짌쎳컯쇷훐탄뗄훘튪ꆰ죭볾ꆱꆣ탂뗄쓜풴ꆢ뿳닺ꆢ뗧솦ꆢ뷰죚ꆢ붻춨틔벰춨탅뗈햽싔탔탐튵볓웂뗄솽듳훷좨닆뢻믹뷰:탂볓웂헾뢮춶릫쮾뫍떭십뗄슢뛏돌뛈붫풽살풽룟,헢붫뛔쫐뎡뺭볃뗄랢햹킧싊릹컽릫쮾쪼훕뛔뷰죚닺쟩폐뛀훓,폈웤쫇떱쏀맺듎듻캣돉훘듳쳴햽,돁훘듲믷훐킡웳튵뗄랢햹뿕볤,뛔탂탋뺭믺벸뫵쪹쯹폐맺볊횪쏻뷰죚믺릹쿝죫삧뺳뗄쪱뫲,쯻쏇볃쳥맺쓚뺭볃뗄붡뾵랢햹싱쿂쇋틾뮼,뛔릫욽뺺헹뗄쫐뫁늻폌풥뗘듳맦쒣힢뮨웬ꆢ쏀쇖뫍죰틸뗈뷰죚뻞춷,늢짹쏷풸틢쯦쪱퓶볓춶ꆣ낢솪쟵뗄쟩뿶폫탂볓웂웄뎡뺭볃풭퓲튲쫇벫듳뗄웆뮵ꆣ캪쿠쯆2.헾뢮믺릹뷸튻늽엲헍,ퟷ캪훐뚫뗘쟸ퟮ훘튪뗄룛뿚맺볒뫍뷰죚훐탄,웤헾뢮뿘훆뗄훷좨닆뢻믹뷰훷좨닆뢻믹뷰뗄탂탍ꆰ맺볒놾훷틥ꆱ탔훊,뻶뚨:낢늼퓺뇈춶뻖뫍뗏냝춶릫쮾욵욵릺싲룷샠좫쟲뷰죚닺,퓚좫쟲훸쏻춶탐뫍쇋웤맺폐뺭볃뗄쫴탔뫍맜샭믺릹뗄쒣쪽ꆣ탂탋뺭볃쳥뿧맺틸탐훐햼뻝막럝ꆣ뗄훷좨닆뢻믹뷰늻뷶뷶쫇튻룶짌튵춶믺릹,룼쫇튻룶뛔폚쿱뿆췾쳘ꆢ뾨쯾뛻ꆢ얲췾ꆢ냄듳샻퇇ꆢ훇샻뗈헾뢮횰쓜늿쏅ꆣ뛸뺭퇩뇭쏷,튻룶헾뢮믺릹튻떩놻뒴붨풴탔짌욷럡풣뗄맺볒살쮵,쪯폍뗈풴뗄돶뿚듸살쇋뻞횮뫳,튪쿫맘뇕믲좡쿻쯼쫇럇뎣삧쓑뗄ꆣ평폚훷좨닆뢻듳뗄닆뢻,듙뷸쇋떱듺죋짺믮쮮욽뗄쳡룟ꆣ떫쫇럇퓙짺믹뷰뗄뷰맦쒣췹췹뚼뇈뷏듳,틲듋늻뷶탨튪짨솢헾뢮풴ퟜ폐튻쳬튪뿝뷟믺릹틔맜샭뫍뿘훆믹뷰뗄퓋ퟷ,춬쪱룃믹뷰뷏뛠뗄춶,틲듋헢킩맺볒뗄헾뢮탨튪캪맺볒뫍쏱ퟥ뗄뿉돖탸랢햹뾼싇,쪵쿖닆뢻퓚듺볊횮볤뗄쇬폲ꆢ뷏뎤뗄춶랶캧뫍뷏뢴퓓뗄춶탐캪,뚼탨튪듳뮻ꆣ헢킩맺볒뗄훷좨닆뢻믹뷰뚼훂솦폚쪵쿖맺볒뗄햽솿뗄튵죋풱닎폫웤훐,헢뻍탨튪헾뢮뛮췢볓듳뾪횧,싔쮼쿫뫍뎤풶쒿뇪,틲뛸쯼쏇췹췹뚼쫇놾쫐뎡짏뗄뎤틲뛸헾뢮믺릹붫뷸튻늽엲헍ꆣ웚춶헟,춶폚쫕틦싊뷏룟뗄췢맺닺짏,캪쿂튻듺3.뢯냜뗈뗀뗂럧쿕쳡룟뗄짺듦뫍랢햹믽샛ퟣ릻뗄닆뢻ꆣ맺폐뺭볃놾짭뻍뇈뷏죝틗닺짺뗀뗂럧쿕,뛸훷좨닆뢻믹뷰춶쇬폲횮맣ꆢ춶헳쿟횮뎤ꆢ춶탐캪뗄튵쯄ꆢ훷좨닆뢻믹뷰탂탍탔뫍쿠뛔뛀솢탔,룼볓죝틗닺짺뢯냜ꆢ킹슶맺볒짌튵믺쏜뗈뗀뗂럧쿕ꆣ훷좨닆뢻믹뷰퓋ퟷ뗄늻춸쏷탔ꆢ튵탔ꆰ맺볒놾훷틥ꆱ탔훊뗄뇗뛋뫍쿠뛔뛀솢탔,틢캶ퟅ웤믹놾짏쫇낵쿤닙ퟷ뗄,뫜뛠탅쾢늻뛔췢릫뾪,춶뻶닟뿉쓜퓚짙쫽죋훐볤췪돉,좱랦훷좨닆뢻믹뷰뗄탂탍ꆰ맺볒놾훷틥ꆱ탔훊벰웤퓋췢뷧뗄볠뚽,닺짺뢯냜뗄뿉쓜탔뫜룟ꆣ춬쪱,킹슶맺볒ퟷ뗄뛾훘탔,뻶뚨쇋쯻쏇뗄춶탐캪늻뿉뇜쏢뗘듸폐탂짌튵믺쏜틔쒱좡쮽샻뗄믺믡튲뫜뛠,뇈죧훐춶릫쮾죫막탋뺭볃쳥뫍탍뺭볃쳥뗄맺볒틢횾,틲듋훷좨닆뢻믹뷰쏀맺뫚쪯뫍쒦룹쪿떤샻뗄훘듳쯰쪧,뻍놻튻킩죋쪿횸퓰퓚퓋ퟷꆢ맜샭뫍춶뗈랽쏦쏷쿔룼쟣쿲폚늻춸쏷,헢뛔캪뻶닟첫닖듙,뿉쓜듦퓚뢯냜뫍낵쿤닙ퟷꆣ탂탋뺭볃쳥ꆢ랢듯맺볒틔벰쫀뷧뺭볃랢햹뚼듦퓚ퟅ훘듳4.떼훂ꆰ뷰죚놣뮤훷틥ꆱ뗄탋웰뇗뛋ꆣ탂탋뺭볃쳥맺쓚햽싔탔탐튵뗄슢뛏돌뛈붫풽살풽룟,릫욽뺺헹퓢떽웆뮵,랢햹킧싊쫜떽쳴햽,맙쇅믺릹ꋙBRICs뗄웤쯻솽룶맺볒펡뛈뫍냍컷뚼퓚믽벫돯뮮붨솢훷좨닆뢻뷸튻늽엲헍,춬쪱뢯냜컊쳢붫룼캪춻돶ꆣ랢듯맺볒캪쿞믹뷰ꆣꆶ쫀뷧뺭볃퇐뺿ꆷ2009쓪뗚4웚ꆤ55ꆤ
훷좨닆뢻믹뷰뗄탂탍ꆰ맺볒놾훷틥ꆱ탔훊첽컶뛔폚훚뛠뗄컷랽랢듯맺볒뫍훷좨닆뢻믹뷰뗄잱퓚닎뾼컄쿗춶뗘살쮵,훷좨닆뢻믹뷰뗄탂탍ꆰ맺볒놾훷틥ꆱ탔[1]ꆡ훊벰웤퓋ퟷ뗄뛾훘탔national,May1,2006.,틑뺭틽웰쇋랢듯맺볒뛔탂탋뺭볃쳥햽싔탔춶탐캪뗄뿖뻥,쯻쏇뚼헹쿈뿖뫳뗘돶첨튻쾵[2]ꆡ.쇐듫쪩살놣뮤놾맺뗄놾쫐뎡,쿞훆훷좨닆뢻믹뷰뗄춶TheFinancialTimes,June8,2007.탐캪ꆣ쒿잰냄듳샻퇇ꆢ볓쓃듳ꆢ쏀맺ꆢ죕놾ꆢ얷쏋ꆢ램맺[3]ꆡ:TheRiseofSovereignWealth뫍뗂맺뗈틑뺭돶첨믲헽퓚쓢뚨쿠맘헾닟뫍램싉,냼삨횤,October15,2007.[4]ꆡ좯맦훆뫍릫쮾맜샭(SecuritiesRegulationandCorporateFinancialTimes,January14,)ꆢ췢맺춶헯뛏믺릹(ForeignInvestment[5]ꆡ)ꆢ뷰죚믺릹맦훆(,October22,)ꆢ햽싔늿쏅맦훆(RegulationofStrategicSec2[6]ꆡ,August15,1896,,andAugust29,1896,)틔벰랴슢뛏믺릹(Anti2MonopolyAgencies)뗈ꋙ,좫쟲뒦폚ꆰ뷰죚놣뮤훷틥ꆱ(퓰죎뇠벭:뛎컽욽)(financialprotectionism)ꋚ뗄뇟풵ꆣIMF쫗쾯뺭볃톧볒컷쏉ꆤ풼몲톷죏캪,ꆰ헢붫쫇퓖쓑탔뗄췋늽,늢붫뫜뿬떼훂웤쯻탎쪽뗄놣뮤훷틥ꆱ,뛸ꋙꆡ닎볻ꆰRegulationofSWFActivitiesbyRecipientCountriesꆱ,MIF,ꆰSovereignWealthFunds2AWorkAgendaꆱ,February29,2008ꆣ쒦룹쪿떤샻쫗쾯췢믣뺭볃톧볒죎폀솦죏캪,ꆰ뺭볃좫쟲ꋚꆡꆰ뷰죚놣뮤훷틥ꆱ쫇쒦룹쮹첹샻2007쓪MacroVision(뫪맛쫓뗣)뮯붫퓢폶쎳틗놣뮤훷틥횮뫳탂뗄훘듳헏낭ꆱꆣ싛첳짏쫗듎쳡돶살뗄룅쓮,폃틔쏨쫶훷좨닆뢻믹뷰쿲랢듯맺볒뷸탐햽싔탔막좨춶쪱쏦쇙뗄탂뗄뷰죚뇚생ꆣ(짏뷓뗚37튳)70%맩뷡캪쫽솿뗄퓶뎤;쯦ퟅ닺욷벼쫵몬솿쳡짽,쫽솿닎뾼컄쿗퓶뎤뛔폚볛횵솿퓶뎤릱쿗뛈훰붥퓶볓ꆣ듓뿧맺뇈뷏뾴,[1]ꆡFalm,뛠쫽맺볒틔볛룱퓶뎤캪훷,틲듋훐맺쫽솿퓶뎤쒣쪽늢늻,1987,77(5):8102822.뻟폐웕뇩탔[2]ꆡ;훐맺돶뿚뗄쫽솿룟폚듳뛠쫽맺볒,뛸볛룱뗍폚듳뛠쫽맺볒ꆣ듓헾닟닣쏦뾴ternational,훐맺쫽솿퓶뎤쒣쪽랴,1994,84(1):펳쇋훐맺샍뚯솦럡뢻ꆢ놾뫍벼쫵쿠뛔?랦뗄쿖ힴꆣ떫1572177.쫇듓뎤웚뾴[3]ꆡHummels,’sEx2,헢훖틀뾿쫽솿퓶뎤뗄쒣쪽쫇늻뿉돖탸뗄,,2005,95(3):7042723.뛔뮷뺳뫍쓜풴틑뺭퓬돉뻞듳톹솦,틲듋,쳡짽훐맺닺욷[4]ꆡ,MonopolisticCompetitionand뗄욷훊쮮욽,쪵쿖듓ꆰ틔솿좡쪤ꆱ떽ꆰ틔훊좡쪤ꆱ뗄뇤,1979,돉캪떱컱횮벱ꆣ9(4):4692479.ퟷ캪햹췻,놾컄뿉틔듓죧쿂벸룶랽쏦뷸탐삩햹:쫗[5]ꆡ,ProductDifferentiation,andthe쿈,1980,70(5):,쯤좻놾컄듓뿧맺뷇뛈퇐뺿쇋훐맺돶뿚쎳틗퓶뎤춾뺶뗄웕뇩탔컊쳢,떫쫇뛔폚돶뿚쎳틗퓶뎤춾뺶뗄뻶뚨틲쯘9502959.늢쎻폐뷸탐짮죫뗄럖컶,헢쫇뿉쓜뗄튻룶랽쿲;웤듎[6]ꆡ,듓맺볊럖릤뗄뷇뛈뾴,늻춬뗄퓶뎤춾뺶틢캶ퟅ늻춬뗄맺볊,1981,48(1):1,7235.럖릤뗘캻,춨맽쎳틗퓶뎤춾뺶살럖컶뫍퇐뺿맺볊럖릤뗘[7]ꆡ,1985ꆫ캻튲쫇튻룶뿉쓜뗄랽쿲;ퟮ뫳,죧뫎듓샭싛짏뫍쪵횤짏ingPaperSeries,2000,44.붫쎳틗퓶뎤춾뺶폫뺭볃퓶뎤랽쪽솪쾵웰살,듓늻춬캬뛈(퓰죎뇠벭:췵샶뻪)럖컶쎳틗뛔퓶뎤뗄ퟷ폃,쫇튻룶벫뻟쳴햽탔뗄컊쳢ꆣꆡꆤꆡ56ꆡꆤꆶ쫀뷧뺭볃퇐뺿ꆷ2009쓪뗚4웚
,2009(),’’,’sExporttoUS?:AnAnalysisbasedontheDecompositionofProd2uctExtensiveMargin,ProductQuantityandProductPriceShiBingzhanꆡLiKunwang(32)Basedonthesixdigittradedata,usingtheextendedHummels&Klenow(2005)’sdecompositionmethod,wedecomposeex2portgrowthofChinatoUSintoextensivemargin,:70%’stechnologycontentgrowing,’sexportgrowthpatternisnotgeneral,China’,itisurgentforChina’sexporttosubstitute"qualitystrategy"for"quantitystrategy".(38).,,’,,functionsandcontentsofthebillsbasedonrulesofWTOandIMF,,,FinancialConstraintsandtheExportPerformanceofChineseIndigenousFirms:AnEmpiricalStudybyCross2ProvincialPanelDataLinLingꆡLiJiangbingꆡLiQingyuan(45)Promotingfirms’ꆫ2006showsthatChinesefinancialdevelopmentpromotesindigenousfirms’,sofinancialmarketstructurecharacterizedwithstate2ownedcommercialbanksoligarchmonopolyrestrainsthesustainableimprovementofindigenousfirms’ꆡLiFeng(51)Sincethe80thofthelastcentury,theglobaleconomyoffreemarketisbeingreplacedbyanewtypeofstatecapitalismwhichwecalled"NewStateCapitalism".Asonetypeofthestate2ownedinvestmententitiesthatmanagingnationalreserves,sov2ereignwealthfundsarenotonlyself2governedmarketparticipants,butalsothecarriersoftheircountries’"NewStateCapitalism".Onthebasisofanalysingtheconceptionof"NewStateCapitalism",thisarticlediscussedthepropertyofsovereignwealthfundsaccordingtotheirownership,establishingmode,scale,,Chinaandothercountries,andresearchedtheadverseinfluenceofsovereignwealthfunds’dualityonthedevelopmentofneweconomicpowers,:TheoryandEvidenceDaiFengꆡZhaoShudong(57)ꆡꆤꆡ88ꆡꆤꆶ쫀뷧뺭볃퇐뺿ꆷ2009쓪뗚4웚
