Bespectacled and with a professorial demeanor, Ding Xuedong smiles broadly as he walks the hallways of China Investment Corp.’s headquarters, but the staff knows full well that the chairman carries a big stick.
Since taking the helm of CIC in July 2013, Ding has restructured China’s influential sovereign wealth fund by overhauling top management, shifting power over its $250 billion global portfolio from a handful of individual managers to investment teams, and conducting periodic audits to guard against corruption and conflicts of interest between managers and the investments they make.
Current and former staff recall how in his first months on the job Ding asked some of the more senior of CIC’s 400-plus employees to submit “self criticism” reports reminiscent of the methods used in political purges during Mao Zedong’s Cultural Revolution in the 1960s and ’70s. Those who refused risked being shown the door. Those who complied had to detail all of their errors, apologize for them and promise never to repeat them.
The new boss represented something of a culture shock for CIC. Launched in 2007 with $200 billion of the country’s prodigious foreign exchange reserves, the fund recruited dozens of China’s leading investment professionals, many of them trained on Wall Street, and gave them authority to make bold investments in everything from Western banks and fund managers, such as Morgan Stanley and Blackstone Group, to leading hedge funds. Ding wants to retain CIC’s entrepreneurial spirit, but he insists that key decisions be made by teams of investment professionals rather than by individual managers.
“我希望我们采取一个机构投资者的投资方法，”丁说亚博赞助欧冠在CIC在北京的新聚会总部大楼19楼的19楼接受会议室的采访中。“我希望我们建立一个由优秀的投资专业人士和项目经理组成的组织。”
Ding has put his own firm stamp on CIC. His self-criticism exercise, which foreshadowed tactics that President Xi Jinping would employ when he launched his national anticorruption campaign a few months later that year, marked a new era in two ways: It imposed Ding’s authority at the head of the sovereign fund, and it redefined CIC more clearly as an arm of Beijing’s economic and financial policy — and not a mere portfolio investor.
“董事长董事长忠于核心领导，代表在所有事物中保守的时代，包括投资，整合而不是扩张，以及风险或企业家华美的政治正确性，”北京律师企业家劳伦斯···贝拉姆说和中国政府的顾问。
Among the top executives who have left under Ding’s reign: Gao Xiqing, a former Wall Street lawyer and banker who helped launch the sovereign wealth fund nine years ago and served as its first CIO and later as president, and Peng Chun, a senior aide to Gao who served on the fund’s executive committee and returned to his former employer, Bank of Communications, as president. Ding initially tapped Gao’s successor as CIO, Li Keping, to become president. Li had previously been deputy chairman of the National Council for Social Security Fund, a supplementary state pension fund. After Li’s retirement in June, Ding went outside CIC to fill the presidency, tapping Tu Guangshao, former head of the Shanghai Stock Exchange and executive vice mayor of Shanghai. Tu oversaw a number of recent financial liberalizations, including the launch of Shanghai–Hong Kong Stock Connect and a pilot program opening the city to foreign hedge fund managers. He briefly served under Xi in 2007, when the future president was party chief of Shanghai. Neither Tu nor Li has ever lived outside the mainland or worked for an international financial company. Ding has not named a CIO since Li’s retirement.
除了改进高级管理外，丁先生在投资策略方面取得了重要转变，与中国主要企业（国有企业）合作，采取符合符合策略。去年主权基金创建了一个子公司CIC Capital，通过采取私募股权风格方法对房地产和基础设施等领域的近海投资引领新推动。它还形成了一个新的独立房地产部，可以自行制定投资决策。在过去的18个月中，CIC Capital在几项主要交易中领导了中国联盟，其中包括9.2亿美元购买了土耳其第三大集装箱港口的65％股权。The real estate department conducted the acquisition of ten shopping malls in France and Belgium from CBRE Global Investors for $1.44 billion and the purchase of nine office towers in Brisbane, Melbourne and Sydney from Australia’s Investa Property Trust, a Morgan Stanley subsidiary, for A$2.45 billion ($1.8 billion).
接下来，在主席的雷达屏幕上：去年12月，丁关在多伦多的CIC的北美总部 - 它唯一的海外办事处 - 并将球队搬迁到纽约。“我们对美国投资的组成不满意，”丁说。“我们希望增加我们的直接和私募股权投资。
然而，丁被重塑的方式可以挫败他冒着基金美国足迹的野心。美国政治家长期以来一直对国家经营的中国实体投资潜在的投资。In 2005, congressional opposition effectively torpedoed China National Offshore Oil Corp.’s bid for Unocal Corp. Washington was influential in getting sovereign wealth funds to sign the Santiago Principles, a 2008 voluntary agreement under which funds commit to invest primarily for economic and financial returns rather than for political or strategic objectives. Donald Trump has based much of his presidential campaign on the contention that China has stolen jobs from Americans through unfair trade practices that he will stop.
CIC must be careful not to be seen as a Beijing policy arm if it wants to grow its U.S. investments, says Brad Setser, who is senior fellow at the Council on Foreign Relations in New York and served as deputy assistant secretary for international economic analysis in the U.S. Treasury Department from 2011 to 2015. “Generally speaking, my guess is that the more the CIC supports China’s strategic initiatives globally, the more questions its investments in the U.S. will generate,” he says.
Ding insists CIC’s priority is to maximize returns on the government’s reserves — nothing more than that. He rejects the criticism that CIC is run like a ministry as unfair, pointing out that the fund often bids for assets in consortiums with foreign companies as well as private Chinese businesses. “We will not invest just because we’re told to,” he says. “The decision to invest or not invest rests in our hands. I want to make it clear: We will not invest if we believe we will lose money.”
一些观察家想知道CIC是否正在为海外投资失去胃口。他们指出了最近的购买，即主权基金在中国制定 - CIC很少完成 - 包括在Didi Chuxing，中国乘车海滨应用程序和蚂蚁金融服务集团的互联网金融联盟的股票，包括电子商务巨头阿里巴巴小组持有。“他们应该是外在的，但最近的一些中国交易提出来，CIC无法传递，”香港独立研究社东方资本研究负责人安德鲁集会说。“有人说，由于政策，他们在政治上受到限制，并且他们可能会受到投资回国的压力。”
所有这些动作的下面都是需要在日益困难的环境中产生回报，这是一个挑战与许多投资经理的挑战。在这里，CIC一直是对世界各地卑鄙的投资者的波动性和不流动的返回率免疫。CIC posted a return of –2.96 percent on its global investment portfolio in 2015, compared with a positive return of 5.47 percent in 2014. Losses on energy and commodities and the strength of the dollar (CIC’s reporting currency), which hit investments in emerging markets, were mainly responsible for the negative return, fund executives say. That decline, which compared with a 3 percent drop in the MSCI World Index last year, reduced the fund’s annualized return since inception to 4.58 percent at the end of 2015 from 5.66 percent a year earlier.
“If there is any phrase that sums up 2016, it’d be the word ‘uncertainty,’” Ding says. He cites political uncertainty first and foremost, including questions about the impact of Brexit on the U.K. and the European Union, and the outcome of the U.S. presidential election and a potential shift in U.S. policy under President Obama’s successor. “Add on top of this the ongoing economic restructuring in China and the pressures on maintaining current levels of growth, and we can say the coming year will be full of challenges and uncertainty,” he says.
CIC不是过去一年遭受的唯一主权财富基金。根据机构投资者的主权财富中心，截至3月31日，截至3月31日，截至3月31日，截至3月31日的年度增长率下降至4％，截至3月31日，截至3月31日，下降了4％。亚博赞助欧冠根据该中心，阿布扎比投资机构在过去20年的年度返回的年度返回率下降至2015年的7.4％至2015年的6.5％。
尽管如此，叮叮当当地介绍，他的56岁看起来很年轻，并每周玩网球并游泳几次保持健康 - 在CIC的栖息地看起来非常安全。主席迅速上升至中国政策制定的高级级别，并享有该国顶级领导人的助手的密切联系。他于2008年至2010年担任财政部副部长，随后担任国务院副秘书长三年，该国务委员会由中国首屈一指经营的强大机构监督在北京弥补中央政府的25个部委。虽然在国务院，但他是副总理汇莲宇副工作人员，他监督了中国庞大的农业经济。在CIC，他取代了基金的创始董事长楼吉威。
“他的前任现在是财务部长，他也在路上，”一个以北京的欧洲银行业主管在过去所说的丁说。许多人在XI的领导团队于2013年掌权，认为CIC之前的管理层“过于国际和侵略性”，并希望派人派人，他们可以信任缰绳，“银行家详细说明。“他们发送了丁让它更为纪律处分。”Many of the top executives who helped get CIC off the ground were educated and trained overseas and speak fluent English, such as Gao, who earned a law degree from Duke University and worked for a Wall Street law firm, and Jesse Wang Jianxi, the fund’s former chief risk officer, who left CIC just before Ding arrived in 2013 and now serves as chairman of the Beijing Dalio Public Welfare Foundation, an organization supported by Bridgewater Associates founder Raymond Dalio that works with orphaned and disabled children.
中国的顶级领导层为他的努力而奖励。除了CIC外，他现在还戴上中国最强大的金融机构。2013年12月，接管CIC后不久，他承担了中央汇金投资的主席，该公司在中国领先的许多金融机构中代表政府拥有多数股权。它们包括中国的工商银行，中国建设银行，中国农业银行和中国银行，分别是世界上第一个，第二大，第五大银行资产。
担任主席，丁监以理于董事会任命，但大多数情况下都不在管理汇金中央投资组合的18个金融机构方面发挥积极作用。他为全国领先的国际投资银行提供了中国国际资本公司的例外，该银行于1995年成立于中国建设银行与摩根斯坦利之间的合资企业。虽然他没有资本市场经验，但丁接着于2014年10月作为CICC董事长，并在去年11月监督公司的重组和811万美元的首次公开发行。
“他现在正在持有一些投资组合，这是前所未有的，因为这些投资组合应该是分开的，”政府顾问施塔尔说。“丁先生的三者的主席更加指示当前的政治环境集中控制一切。”
CIC does not break out results for Central Huijin, but its 2015 annual report lists Huijin’s assets as being worth $563 billion. The subsidiary has grown by 230 percent since CIC’s founding, reflecting the rapid expansion of China’s big banks, but it is not an active investment portfolio in any sense. There is a firewall between the assets of Central Huijin and CIC’s investment portfolio, and dividends earned in each portfolio must be reinvested in the same portfolio.
Asked if rising bad debts in China’s banking system could hurt Central Huijin’s assets and slow CIC’s asset growth, Ding says he is not worried. “We do notice that nonperforming loans are rising in China’s banking system and putting downward pressure on bank profits, but I don’t see it as anywhere near a crisis or creating systemic risk,” he says. “Authorities and banks are taking measures to contain the bad debts, and I remain confident about China’s economy as a whole.”
丁是出生和筹集in the city of Changzhou, northwest of Shanghai. He excelled at math in school and studied the subject at university. His disciplinarian approach harks back to his days in the mid-‘90s as a senior official in charge of audits and anticorruption efforts at what would become the State-Owned Assets Supervision and Administration Commission. While there he earned a Ph.D in economics from the Finance Ministry’s Research Institute for Fiscal Science in 1997. He left the agency the following year to become director of the Agriculture Department at the Ministry of Finance.
He set an early tone at CIC by instituting the self-criticism exercise, in which many senior employees critically examined their work and acknowledged their mistakes. One former employee, speaking on condition of anonymity, says he had to submit several drafts of his self-criticism to Ding before it was approved. “I wrote 4,000 words in my first draft,” he recalls. “Ding told me it wasn’t enough. I then submitted 8,000 words, and he told me to write more than 10,000 words. It was only when I submitted 12,000 words and gave a long, detailed list of mistakes and errors and vowed never to repeat them that I was finally told I’m off the hook.”
Ding has “shaken up the empire and instilled discipline,” says a Beijing-based Western banker who has done many deals with the fund. “In the past, investment stars could rest on their laurels and get away with a lot of lax behavior. Today, under Ding’s hawklike eyes, everyone is on the alert and focuses on driving performance not only for themselves but for their teams.”
在内部会议上董事长不断investment team members review performance, zeroing in on mistakes. “If an investment fails, we will conduct an audit,” he says. “We may cut the manager’s bonus or even impose punishment, such as firing someone for improper or negligent conduct.” That approach is essential to boosting performance and growing the fund’s portfolio, Ding insists. “I believe I have built at CIC a strong institutional framework that can maximize returns and minimize risks,” he says with a smile. “We are on track to grow CIC into a $1 trillion sovereign wealth fund,” he adds, combining CIC’s global portfolio with Central Huijin. “I believe we will achieve that between 2018 and 2019.”
CIC International，管理大部分投资组合，需要每个部门 - 资产配置和战略研究;公平;固定收入和绝对回报;私人产权;和房地产 - 在提交投资委员会之前恢复兽医投资理念。CIC Capital，直接投资臂，与其两部门做同样：一个监督基础设施，采矿和能源;另一个负责所有其他领域。
“Every investment proposal must have a thorough analysis of the risks and the potential profits,” Ding says. “Every decision is not made lightly. I give a lot of power to investment committee members. I also tell them I give them the power but at the same time I give them the responsibility.” The staff has grown to 592 people, including 466 investment professionals, since Ding took over.
The chairman says CIC plans to launch an in-house research unit next year to support the investment teams. Although he declines to share details about the timing or scale of the operation, he says researchers will focus on macroeconomic, industry and sector trends, as well as on individual companies, and will assist investment teams with due diligence and asset allocation strategies. “All major global investment houses have professional research teams, and we at CIC must have one as well,” he asserts.
直接投资将在试图履行丁的野心方面发挥关键作用。他们在2014年的26％的CIC投资组合中占据了CIC投资组合的份额，反映了一些投资的较低估值，主要是在商品和加拿大能源公司，但丁先生决心发展这个细分市场。公共市场股票占投资组合的47.47％，而直接的长期投资占22.16％，公司和政府债券14.44％，绝对返回和对冲基金战略增加了12.67％，现金和液体仪器芯片的3.26％。
在去年11月封闭土耳其的Kumport交易，最能说明Ding强调与其他中国投资者合作，特别是主要的国有产业和金融集团。CIC Capital teamed up with China Merchants Holdings (International), an arm of one of China’s leading private sector banks, and with COSCO Pacific, part of state-owned China Ocean Shipping (Group) Co., to establish a special-purpose company to make the acquisition. The Turkish port complements COSCO’s stake in the nearby Greek port of Piraeus.
“我们通过与许多其他人在内的兴趣进行战略赌注，”丁解释道。“我们专注于具有现有收入和利润的成熟企业。我们避免了绿地，因为我们不参加管理层，这就是为什么我们更愿意与能够帮助监督管理层的专家企业投资。“
A senior real estate banker with CIC who spoke on condition of anonymity says the sovereign fund “doesn’t have the manpower and lacks sector expertise,” and is always looking for investment partners that have “deep domain knowledge and experience, and who can send staff to help supervise” any new acquisitions. “Many Chinese SOEs are looking for acquisitions offshore, and it is only natural they partner with CIC,” the banker says. “We work in consortiums not because we have an ambition to take over the world or to impose Chinese hegemony. We partner because it makes business sense.”
这些伙伴关系是否将在美国工作仍然可以看出，但丁面临着在北美的CIC的表现方面面临挑战。他通过关闭基金的多伦多办事处的12月举行了他的第一个大步骤。CIC于2011年开设了该办事处，因为它开发了加拿大油和天然气性质的味道。
2009年，CIC投资了5亿美元，在蒙古矿业大量采矿业务的公司中投资了5亿美元，并获得了温哥华矿工Teck资源的17亿美元。2010年，CIC总共投入了四家基于卡尔加里的石油公司的119亿美元：Athabasca石油公司IPO的IPO 5亿美元被认为是加拿大历史上最估计的公共上市之一;在一对宾夕法尼亚州西石油的交易中1250亿美元，这在会计丑闻和其他问题中被融入了;1.5亿美元的阳光油脂，一家初级油砂公司，由于财务困难，必须停止一个主要项目的开发;而Meg Energy Corp.，其中CIC在公司公开之前投入了1亿美元。自2009年高峰以来，CIC的加拿大持股的所有CIC的股票已经陷入了超过50％，并且恢复了很长的路要走。
“石油价格的下降比我们想象的要越来越大，”丁承认。
2014年，CIC销售了4.5％的股份 - 其持有的三分之一 - 在新加坡上市的商品贸易商贵族集团报告的3.1亿美元（2.29亿美元）。该销售价格以1.32美元的价格达成，或低于CIC在2009年建立其股份的水平以下的约37％。
在中投的焦点转向美国,丁是产品g away from energy and targeting areas such as technology, infrastructure and real estate. Roughly 40 percent of CIC’s portfolio already is exposed to U.S. assets, mostly through equity and bond mandates handed out to fund managers, but Ding believes there is room to grow the exposure through direct stakes. He worries, though, about potential political and national security roadblocks, and the need in many cases to gain clearance from the interagency Committee on Foreign Investment in the United States (CFIUS). The U.S. regulatory system “is not transparent and quite difficult to maneuver,” he says.
Ding has yet to appoint a head of the five-person New York office. Winston Ma, a former Barclays Capital equity capital markets banker who joined CIC and ran the Toronto office, was transferred in December back to Beijing, where he continues to work on overseas acquisitions.
Although some Chinese entities have been successful in investing in real estate in the U.S., few have succeeded in large-scale infrastructure. A recent failed attempt by Chinese state-owned high-speed rail companies to invest in a high-speed line connecting Las Vegas and Los Angeles illustrates some of the difficulties. XpressWest, the Nevada company developing the rail line, terminated its joint venture with China Railway International U.S.A. Co., a consortium that includes China Railway Corp. and China Railway Engineering Corp., primarily because of federal requirements that high-speed trains be manufactured in the U.S.
丁已经指示他的助手和研究人员losely study the U.S. regulatory and political landscape. “We want to better understand and communicate with officials in the U.S. regulatory system,” he says. He vigorously defends CIC’s right to do business in the American market, saying the fund invests purely for financial returns. “Our ties with government are clear,” he says. “We are independently run, independently audited. We use global institutional investor standards in making investing decisions.”
Many experts believe CIC should be able to make headway in the U.S. “As long as those investments do not infringe on vital U.S. technology and core infrastructure, I see no issue with more CIC investment in the U.S.,” says Victor Shih, an associate professor of political science at the University of California, San Diego, and an expert on China’s financial sector development.
然而，一些观察者质疑CIC的发展能力，主要是因为Ding在基金中取得了变化。“过去的CIC银行家很少谈到中国公司的力量，”一位高级欧洲银行家说，他在众多路演出中采取了CIC高管，并谈到了匿名的条件。“但在董事长下，丁许多新的高管不会害羞地吹嘘关于CIC和其国有伙伴的强大程度。当交易变得艰难时，他们经常使用他们的集体力量作为谈判战略。“
丁确实有一些着名的美国盟友。返回2007年，即使在CIC正式开放之前，娄董事长娄董事长队的首次投资首次投资于其首次公开募股之前将收购公司Blackstone Group提供了31美元的份额。这些股票在金融危机期间和之后低至7美元，上个月迟到的交易价格为28.23美元。“我们对黑石的投资现在是净积极的，”丁说。“这并不像我们想要的那么高，但我们赚了钱。在此过程中，我们与黑石形成了强大的长期投资战略伙伴关系，通过伙伴关系我们收到了很多培训。“
CIC还投资于凯莱尔集团，两年前向私募股权公司第六届旗舰基金提供3.5亿美元。“CIC聘请了我们在世界上任何地方经历的任何投资者的最艰难和最严格的勤奋流程之一，”华盛顿克莱尔的投资者关系负责人Michael Arpey说。“他们在外部经理中寻求的职业高度专业的团队，一个复杂的过程和明确的目标。”2011年，CIC于650个麦迪逊大道购买了一个未指明的首选股权，这是一个27层的凯洛尔拥有的建筑物。
Ivan Shi, a director at Shanghai-based research firm Z-Ben Advisors, believes CIC should consider investing more in Europe than in the U.S. “The governments of the United Kingdom and the European Union are far more open to China investing as a passive investor in direct deals — in infrastructure, for instance,” he says. “Diplomatically, the governments of the U.K. and EU get along well with China and welcome investments from Chinese state-owned enterprises.”
具有讽刺意味的是，驱动器以更好的回报may be forcing CIC to turn to its domestic market. In September 2015, CIC and several other partners — including Capital International, an arm of the Los Angeles fund group, and Ping An Ventures, a unit of the Chinese insurer — invested $3 billion in Didi Chuxing, China’s dominant ride-hailing app, to help finance its competition with U.S. rival Uber Technologies. Didi prevailed this summer when it bought Uber’s Chinese operations and agreed to invest $1 billion in the San Francisco–based company. The deal, combined with a separate fundraising by Didi, valued the company at about $36 billion. CIC also joined a group of leading Chinese financial companies, including China Construction Bank, that invested $3.1 billion in Ant Financial Services in April. That Alibaba affiliate is now valued at some $60 billion.
For a sovereign fund that was created to diversify China’s foreign exchange reserves through offshore investment, it seems odd to invest in some of the rising stars of the country’s Internet economy — companies that face little difficulty in raising capital. But Ding says he sees nothing problematic about investing in Chinese companies or their offshore vehicles.
今年早些时候，CIC与KKR＆Co.和私人股权亚洲竞标，为中国企业竞标！品牌，肯德基和披萨屋顶菜店的运营商。据报道，该投标将业务价值为80亿美元，但该财团据报道，该联盟于5月份举报于5月份，因为在业务的利润压力。
These deals suggest CIC is “chasing Chinese assets at the expense of global assets,” a trend that is likely to intensify in the future, says Orient Capital’s Collier. “Though I have not seen a lot of evidence of that so far, my understanding is they have been under a lot of pressure to increase returns, and investing in China-related deals may be one of the strategies.”
丁也希望在中国的大区域倡议，皮带和道路上发挥作用。该计划以前称为一条腰带，一条路，寻求开发连接中国与东南亚东南部到中东和东欧国家的基础设施联系。两年前，政府推出了400亿美元的丝绸之路基金，以帮助资助其中一些项目，但它正在寻找其他支持。
“Belt and Road definitely will give Chinese enterprises many opportunities,” says Ding. CIC will look for chances to invest as well, he adds. The Chinese government regularly updates the chairman and his team on potential opportunities, he explains, “but we will only invest if we believe we will get returns from Belt and Road projects.”
自从其成立的CIC已被递送“多个和可争议的相互冲突的任务”，“外交关系安理会”的联系人“。管理主要银行政府持有的股权，支持中国对外界投资的战略举措，并通过投资风险较低的液体资产提高中国储备的回报是一个复杂的挑战，通常在一个单一的实体中没有找到。“这些不同的任务有时在我的看法中创造了紧张局势，”Setser说。“相对于成立时的期望，CIC已经扩大了它的国际投资比许多预期更慢地扩大了它的国际投资 - 部分原因是，由于与中国政府其他地区管理中国的外部投资组合的竞争。”这是对国家外汇管理局的一个不太微妙的外汇，中国人民银行监督中央银行的3.2万亿美元的外汇储备，也运行了47.4亿美元的国际投资投资组合。
管理主要国家机构之间的竞争是任何顶级官员的工作的一部分，当然，丁令人印象深刻的崛起表明他可以不仅仅是留意CIC的利益。产生强烈的回报是另一件事。丁可能在北京内圈内有很大的纽约尔，但他面临着与其他投资者相同的挑战。今天的低收回环境是真正的君主。•
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