US-China Commission Report - Fatal System Error

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107. Peter Marsh, ‘‘China to Overtake U.S. as Largest Manufacturer,’’ Financial
Times, August 10, 2008.
108. Andrew Batson, ‘‘China Inflation Eases as Trade Gap Grows,’’ Wall Street
Journal, September 10, 2008; Geoff Dyer, ‘‘Chinese Quarterly GDP [gross domestic
product] Growth Falls to 9.0%,’’ Financial Times, October 20, 2008.
109. Dexter Roberts and Frederik Balfour, ‘‘China’s Economic Torch Won’t Outlast
Olympics,’’ BusinessWeek, August 14, 2008.
110. Wang Xu, ‘‘Tax Rebate on Textiles Rises to 13%,’’ China Daily, August 1,
2008.
111. Lex, ‘‘China Goes for Growth,’’ Financial Times, August 3, 2008.
112. Nipa Piboontanasawat and Nerys Avery, ‘‘China Raises Export Rebates for
Textiles, Toys as Growth Slows,’’ Bloomberg, October 21, 2008.
113. Nipa Piboontanasawat and Nerys Avery, ‘‘China Raises Export Rebates for
Textiles, Toys as Growth Slows,’’ Bloomberg, October 21, 2008.
114. Li Yanping and William Bi, ‘‘China Cuts Rates, Tracking Global Effort to
Ease Credit Crisis,’’ Bloomberg, October 8, 2008.
115. Li Yanping and Kevin Hamlin, ‘‘China Cuts Rates as U.S. Turmoil Adds to
Global Risks,’’ Bloomberg, September 15, 2008; Jamil Anderlini, ‘‘China’s Central
Bank Cuts Interest Rates,’’ Financial Times, September 15, 2008.
116. Keith Bradsher, ‘‘As Economy Slows, China Eases Monetary Policy,’’ New
York Times, September 16, 2008.
117. Keith Bradsher, ‘‘As Economy Slows, China Eases Monetary Policy,’’ New
York Times, September 16, 2008.
118. The World’s Top 10 Sovereign Wealth Funds
Country
Fund
Year
Established
Source of
Funds
Current
Size
(billion)
UAE (Abu Dhabi) Abu Dhabi 1976 Natural resources $625–$875 *
Investment Authority
Norway Government Pension 1990 Natural resources $375
Fund—Global
Saudi Arabia Saudi Arabian 1952 Natural resources $270
Monetary Agency
Singapore Government 1981 Foreign exchange $200–$330 *
Investment
reserves, fiscal
Corporation
surpluses
Kuwait Kuwait Investment 1953 Natural resources $213
Authority
China China Investment 2007 Foreign exchange $200
Corporation
reserves
Russia Stabilization Fund 2008 Natural resources $128
Singapore Tamasek Holdings 1974 Government $110
enterprises
UAE (Dubai) Investment 2006 Natural resources $82 *
Corporation of Dubai
Qatar Qatar Investment 2005 Natural resources $60
Authority
* estimate
Sources: National authorities; IMF; public media; Edwin M. Truman, ‘‘A Blueprint for Sovereign
Wealth Fund Best Practices,’’ Peterson Institute for International Economics Working
Paper PB08–3 (Washington, DC: April 2008).
119. Barry Naughton, The Chinese Economy, Transitions and Growth (MIT Press,
Cambridge, MA: 2007), p. 303. For an in-depth discussion of the government’s control
of China’s economy, see U.S.-China Economic and Security Review Commission,
Hearing on the Extent of the Government’s Control of China’s Economy, and Implications
for the United States, May 24 and 25, 2007.
120. U.S.-China Economic and Security Review Commission, Hearing on the Implications
of Sovereign Wealth Fund Investments for National Security, written testimony
of Brad Setser, February 7, 2008.