China's Sovereign Wealth Fund: Developments and Policy Implications [September 23, 2010] [open pdf - 209KB]
"The Chinese government decided in 2007 to join a growing list of nations and create a sovereign wealth fund (SWF). The resulting entity--the China Investment Corporation (CIC)--with an initial capital fund of $200 billion, was a significant new addition to the existing pool of SWFs […]. The rapid expansion of SWFs in 2007, and in particular, the CIC's creation, became the subject of significant congressional inquiry in 2007 and 2008. Several congressional committees -- including the Joint Economic Committee, the Senate Banking Committee, the Senate Foreign Relations Committee, the House Financial Services Committee, and the House Foreign Relations Committee -- held hearings on the growth of SWFs and their implications for the U.S. economy and national security. In February 2008, the U.S.-China Economic and Security Review Commission, a congressional advisory panel, convened a day-long hearing on SWFs, with a focus on the CIC."
CRS Report for Congress, R41441
U.S. Department of State, Foreign Press Centers: http://fpc.state.gov/