主权基金发展遭质疑上个世纪90年代,主权财富基金在全球范围内兴起。近十余年来,主权基金得到飞速发展,最主要的背景是全球国际收支失衡的出现和长期化。一方面,美国的经常账户逆差不断扩大,另一方面,东亚地区的制造品出口国和中东等地的石油出口国的贸易顺差节节拔高,外汇储备日益膨胀,远远超过按传 Sovereign funds questioned the development of the development In the 90s of last century, sovereign wealth funds in the global rise. In the past decade or so, the sovereign funds have been developing rapidly. The most important background is the emergence and long-term imbalance of the global balance of payments. On the one hand, the current account deficit of the United States has been constantly expanding. On the other hand, the trade surplus of oil-exporting countries in the East Asian region, such as manufacturing exporters and the Middle East, has been steadily rising. The foreign exchange reserves have been expanding more and more,