[ Sovereign Funds] takes up a particular aspect of Chinas economic statecraft, showing how it employs its financial resources to promote its interests abroadGive[ s] us a much better understanding of what needs to be done to restrain China abroad. -- Edward Chancellor * Wall Street Journal * RevealingIt describes the personalities, facts and figures that undergird the labyrinthine and often secret world of Chinese state money and the strategies that Beijing deploys to secure strategic assets around the world. -- James Kynge * Financial Times * Liu, an expert on international political economy at the Council on Foreign Relations, shows how the Chinese Communist Party (CCP) uses sovereign leverage funds to promote fiscal security at home and geopolitical influence abroad. -- Francis P. Sempa * New York Journal of Books * Sovereign Funds raises broader questions about the presence of such funds in the financial system and the role that can be played by state finance in the global marketplaceIt offers an insightful look into the permutations of the Chinese state in response to privatisation. -- Seth O'Farrell * fDi Intelligence * This book is an important contribution as it delivers an urgently needed in-depth analysis of Chinese SLFs. [ It] adds an important dimension to the analysis of Chinas economic statecraft.[ and] can serve as a playbook for Western political decisionmakers that intend to create their own SLFs. -- Andreas Fuchs * China Quarterly * [ Liu] shows that Chinese sovereign funds are so different from better-known sovereign wealth funds, such as those of the governments of Abu Dhabi and Norway, that she prefers to call them sovereign leveraged fundsThese various exotic workarounds, which Liu skillfully traces, produce shadow reserves. -- Andrew J. Nathan * Foreign Affairs * A fascinating insight into the evolution of Chinas financial policy and its strategic investments using leveraged foreign exchange reserves. -- Diane Coyle * Enlightened Economist * [ An] erudite analysis of China's major sovereign funds...The book also enriches our appreciation of the strengths and weaknesses of Chinese economic (especially financial) statecraft...It makes a major contribution to our knowledge about how the country uses its wealth to pursue its domestic and foreign policy goals. -- Hongying Wang * International Affairs * Represents a truly groundbreaking research effort. Relying on open-source materials and field interviews, the author shows how China leverages its foreign exchange reserves to advance politically important projects. -- Minxin Pei * Project Syndicate * Follow the money, find the politicsLiu shows how China pioneered a whole new class of sovereign wealth funds. * Times of India * A novel and fascinating history of Chinas rich and powerful sovereign wealth funds, which play an outsize role in the countrys strategy for both international development and external influence. -- Kenneth Rogoff, Maurits C. Boas Chair of International Economics at Harvard University and former Chief Economist of the IMF Zoe Lius pathbreaking book uncovers how and why the Chinese Communist Party employs sovereign leveraged funds to further state interests at home and abroad. This is a must-read for anyone interested in the causes and consequences of Chinas rise. -- Thomas J. Christensen, author of The China Challenge: Shaping the Choices of a Rising Power Sovereign wealth funds were once considered anomalies but are now becoming the trend. Chinas sovereign wealth funds have grown rapidly and become increasingly important in the face of deglobalization; their unique model and widespread impact are worth exploring and assessing. Lius book is a fascinating account of and reflection on what she calls sovereign leveraged funds. Whether you agree with its conclusions or not, you should read it. -- Jin Xu, author of Empire of Silver: A New Monetary History of China Sovereign Funds is a revealing account of the origins and evolution of Chinas sovereign leveraged funds. This book is a must-read for any serious observer of Chinas global economic and financial strategy. -- Edwin M. Truman, Senior Fellow, Harvard Kennedy School, and former Assistant Secretary of the US Treasury Zoe Liu provides deep insight into China's sovereign leveraged funds, fascinating institutions that play a crucial role in the often fraught relationship between state and market, with implications and lessons for many other countries. This is essential reading for those interested in China's development and its economic engagement with the world. -- Martin Chorzempa, author of The Cashless Revolution Liu provides the definitive account of how wide and how deep Chinas sovereign wealth funds have penetrated global capital markets. Her identification of sovereign leveraged funds amounts to a major conceptual breakthrough in the study of global financial flows, bringing to light how any state with the political will and financial engineering prowess can launch a fund to further its strategic interests. In a moment of fraught financial tensions between the United States and China, Sovereign Funds will prove an indispensable book for policymakers and academics alike. -- John Yasuda, author of On Feeding the Masses: An Anatomy of Regulatory Failure in China
