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主权财富基金对以自由主义为核心的资本主义经济制度和以西方国家为主导的国际政治经济格局提出了挑战。作为受限制的投资者,它们比私人投资者面临更多的说服成本、更多投资审查和更高的政治风险。事实证明主权财富基金像理性的经济投资者一样为风险回报的目的而非政治动机所驱动。西方国家应放弃政治偏见,给予其公平待遇。它包括尊重主权财富基金的多样性、与私人投资者享有平等待遇和东道国政府承担相应的义务。实现其的公平待遇的关键是确保东道国以国家安全为由进行的投资审查不构成对其投资的武断的和隐蔽的限制。这很难在单个国家层面解决,所以目前最现实可行的机制就是从四个方面进一步完善《OECD关于主权财富基金的指南》。
Sovereign wealth funds challenge the capitalist economic system with liberalism as the core and the international political and economic pattern dominated by western countries. As restricted investors, they face more persuasion costs, more investment scrutiny and higher political risk than private investors. It turns out that sovereign wealth funds, like rational economic investors, are driven by risk rather than political motivation. Western countries should give up their political bias and give them fair treatment. It includes respecting the diversity of sovereign wealth funds, equal treatment with private investors and the corresponding commitment by the host government. The key to achieving its fair treatment is to ensure that investment reviews conducted by the host country on the ground of national security do not constitute arbitrary and covert restrictions on their investments. This is very difficult to solve at the level of a single country. Therefore, the most realistic and feasible mechanism at present is to further improve the OECD Guidelines on Sovereign Wealth Funds from four aspects.