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Chinese Economic StatecraftCommercial Actors, Grand Strategy, and State Control$
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William J. Norris

Print publication date: 2016

Print ISBN-13: 9780801454493

Published to Cornell Scholarship Online: August 2016

DOI: 10.7591/cornell/9780801454493.001.0001

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The China Investment Corporation

The China Investment Corporation

(p.192) 10 The China Investment Corporation
Chinese Economic Statecraft

William J. Norris

Cornell University Press

This chapter examines the China Investment Corporation's (CIC) potential as an instrument of Chinese economic statecraft. The CIC is a sovereign wealth fund whose empirics indicate that it lies somewhere between the two extremes of the State Administration of Foreign Exchange (SAFE) and the National Social Security Fund (NSSF). In the early days of the CIC, there was little state control over it and its predecessors. As the 2008 fiancial crisis unfolded, the State Council (and the Ministry of Finance in particular) consolidated its control of the CIC. This consolidation marked the second phase of the CIC case. This chapter first provides an overview of the origins, structure, and leadership of the CIC before discussing the sources and uses of the CIC's financing as well as its direct investments. It then applies the theory to better understand the CIC case as an instrument of Chinese economic statecraft. It suggests that the CIC will not be an effective tool for achieving China's foreign policy interests.

Keywords:   Chinese economic statecraft, China Investment Corporation, financing, investment, China, foreign policy, sovereign wealth fund, Chinese foreign policy

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