Beijing’s Shadowy Fund for Buying Assets

China’s government has an immense pool of savings, which has ballooned in value over the past eight years, and decisions about how to invest or spend that cash influences other nations and industries. One fund, Chinese Investment Corp., is more open than the State Administration of Foreign Exchange, which manages the world’s largest foreign-exchange reserves. The Chinese funds have gradually built up holdings in large and small companies around the globe, including major banks and oil companies. China denies holding political goals, but has pressured some countries to cut ties with Taiwan. Western leaders demand transparency about Chinese goals, but he who holds cash can set the rules. – YaleGlobal