Introduction

As an organizer observed in opening the conference, although the topic of the roundtable may seem esoteric to the uninitiated, it is cutting edge. Foreign direct investment ("FDI") by state controlled entities ("SCEs"), including sovereign wealth funds and state-controlled enterprises, is on the rise. For example, China's outward FDI - 80 percent to 90 percent of which is undertaken by state-owned enterprises - doubled from $27 billion in 2007 to $52-$55 billion in 2008. It appears to have reached that level again in 2009, even though global FDI flows dropped by 40 percent that year. ...