| Since the middle of the last century, SWFs (Sovereign Wealth Funds, hereinafter referred to as "sovereign funds") has appeared and has gradually become an emerging power of the international political and economic arena. With the steady increase of our foreign exchange reserves since the new millennium and the depreciation of dollar as the major reserve currency in the international market, we have set up our own sovereign wealth fund - China Investment Corporation ("CIC") .CIC is a particular public enterprise, its legal nature is rather special, mainly for:the acts to adjust CIC are not only domestic but also international, whose legal relationship involves both the establishing country and the host country, especially there exist investment relations between CIC and the Ministry of Finance and entrusted management relations with the People's Bank should be established in theory; its legal characteristics refer to: a company's wealth comes under the authority of state directly and people indirectly, commercial running mechanism, international business scope, the superposition of state-owned and private commercial enterprises; CIC, as a legal national macro-control "safety valve" and the "stabilizer" in financial market determines its independent legal person property rights and legal property rights of personality, as well as commitment to accept supervision, and benefit-sharing obligations; legal responsibilities suited to the conduct of CIC provide a guarantee for the right ,liability and benefit unified pattern.Considering the legal nature and present situation of CIC, it is one of the necessary and feasible ways to set about the issues of responsibility , efficiency and transpar-ency in CIC, which will bring about further improvement of the legal system. |
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