论主权财富基金的运行、功能及其规制体系

The Sovereign Wealth Funds' Legal Attributes and Its Regulation

随着主权财富基金影响力渐增,国际社会对其规制已逐渐进入实质性阶段,但对其功能、法律规制原则与体系未能形成一致意见。主权财富基金虽然与一般投资基金存在资金来源和透明度方面的不同,但同样作为国际经济活动中的独立的经济实体,对国际经济具有重要的稳定作用;国际社会应建立以平等互利原则为前提、外部稳定原则为核心、经济安全原则和商业化原则为保障的主权财富基金法律规制体系,该规制体系包括国际法层面的多边与双边协议、国际行为准则和国内法层面的国内规范体系;我国作为主权财富基金的参与者和规制者,宜本着平等互利和对等原则,积极参与国际规制,加强国内规制,促进主权财富基金健康、有序、稳定发展。

While there are increasing debates on the regulations of Sovereign Wealth Funds (SWFs) in international communities,yet no formal agreements have been recently achieved. As a subject of international economic law,SWFs shall be constraint by general principles of international law. The system of regulation should be based on the core principle of external stability (PES),assisted by the principles of equal and mutual benefit,Economic Safety and principle of Commercialization. This regulatory system includes multilateral and bilateral protocols,behavioral codes and domestic regulations. With the growing influence of China Investment Corporation,China should actively participate in regulating SWFs,and pursue more discourse right to safeguard its own interest and promote a stable development of SWFs.