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白宮邀請台灣出席民主峰會　北京須嚥下這口惡氣

撰文：吳迪

出版：2021-11-24 18:00更新：2021-11-26 17:19

美國國務院於11月23日正式確認，美國總統拜登將於12月9日至10日，舉行「民主峰會」（Summit for Democracy）。

根據美國務院公布的名單，受邀方盡為英國、日本等美國傳統意義上認可的「民主政制國家」，乃至包括安哥拉等前社會主義國家，卻未包括匈牙利、泰國、新加坡、越南、俄羅斯、中國等。

尤為值得注意的是，110個受邀方當中，台灣是唯一一個非主權國家。

拜登在2020年大選時曾承諾在就任首年舉辦有關活動，目的在於聯同民主國家，打擊腐敗、威權主義與促進人權。如今跨國行程猶未恢復，峰會將以線上視訊的方式展開。除了領導人以外，還會有民間組織與行業領導人出席。

11月24日，有記者向中國國台辦發言人朱鳳蓮提問：美國務院日前公佈將於12月召開的「民主峰會」，將「台灣」列入官網，大陸未在名單內，請問有何回應？朱鳳蓮的答復則是「堅決反對」、「敦促美方切實恪守一個中國原則和中美三個聯合公報規定」。

正如美國邀請台灣出席民主峰會完全符合預期一樣，中方的答復也完全符合預期——這是中方無聲的憤怒，而無聲的憤怒只能自己強忍。

朱鳳蓮11月24日表示，「首先需要指出的是，美國網站所列的涉台稱謂是錯誤的。我們堅決反對美國與中國台灣地區進行任何形式的官方往來，這個立場是一貫的、明確的。我們敦促美方切實恪守一個中國原則和中美三個聯合公報規定，妥善處理涉台問題」。（央視截圖）

美國既「講道理」　也講實力與時機

可以想象，倘若美國政府發言人被問到「如何回應朱鳳蓮的表態」，華府的答復一定是「我們沒有違背三個聯合公報，邀請台灣出席民主峰會不違背一中原則」。

是啊，美國現在就是在跟中國「講道理」。就像立陶宛與中國近來的風波一樣，無論是立陶宛、歐盟還是美國，對於立陶宛與台灣互設代表處一事的態度都是「這不違反一中原則」。拜登舉辦西式民主盛會，台灣作為大中華圈嘗試西式民主的案例，即便受到美國逾矩的隆重招待，也不為過。美國擺出的態度，仿佛就是在向中國說，「我舉辦的是『峰會』，又不是『國家領導人峰會』，且不論我最終沒有讓蔡英文來，即便我讓蔡英文作為台灣領導人出席，你又能如何？」

而在「講道理」的同時，美國更是在向中國「講實力」、「講時機」。在擺出一副「我就是要邀請台灣，我也就是要說這不違反跟你中國的聯合聲明，沒有違反我的一中政策。你要如何？有實力就武統，又或是試試看能否阻止我辦會。」

這就是中國面臨的現實。

對台灣很多民眾以及蔡英文政府而言，受邀出席美國主辦的「民主峰會」，且與其他主權國家列席，可謂莫大的鼓舞。（Getty）

北京只能隱忍

宏觀來看，拜登剛剛頂着國內「親華」和「出賣台灣」的輿論壓力，罕見地在美國時間深夜與習近平舉行會晤，且長談三個鐘頭有餘，這時白宮總需要有一些舉動，證明自己並不「親中」——無論是不久之後定然會正式出爐的對2022北京冬奧的「外交抵制」，還是對立陶宛的背書，抑或是如今逾矩邀請台灣參加民主峰會，都是為了證明拜登的「清白」。

是以這份邀約並不令人意外。反倒令人唏噓的是，美國總統竟然也到了「需要做點什麼證明自己不親中」的地步，這恰恰說明中國已經到了令美國無法輕視的地步，美國已不再是十幾二十年前那個「我想怎樣就怎樣」的絕對霸主。

可是，即便如今美國宏觀經濟數據不堪入目，兩黨亂政、民生問題都十分嚴重，政府更是捉襟見肘、左支右絀，但美國依舊是「老大」，中國也依舊無法承受「關鍵發展機遇期」被打斷的代價，不能在此時與美國全然撕破臉。

所以，北京只能像1996年面對美軍航母威脅時一樣，選擇隱忍，以「堅決反對」這種蒼白無力的口頭反對來嚥下這口惡氣。美國只將此次峰會定義為「峰會」而非「領導人峰會」，且也有行業及組織領導人等非國家元首參與，這已經是給北京留的台階，北京也必須隱忍接受。

在如今「台灣問題」於中國國內持續發酵，成為內地民意最關注的話題之時，在台灣愈發誤判國際形勢，認為美國在鼓舞台獨進程之時，白宮邀請台灣出席民主峰會，即便在北京預期之內，乃至應該是白宮在習拜會上已經知會過的安排，也無疑是對北京顏面的一次挫傷。

11月16日，中美元首視訊通話三個鐘頭有餘。可以預估，拜登於會議期間向中方知會了如今邀請台灣參加「民主峰會」的安排。（AP）

台灣更面臨「講實力」

不過，即便大失顏面，這也依舊只是個風波。

一方面，當習近平在辛亥雙十革命110年紀念活動上講出「堅持和平統一」台灣，這背後是對中國發展窗口的研判，是對「時與勢在我們一邊」這個研判的信心。所以，現階段的北京不能也不需要以武統台灣的方式宣洩自己的怒氣，不能也不需要跟美國徹底撕破臉——在動手的時刻還沒到來之前，北京必須也只能忍下這口惡氣，以「堅決反對」和軍機繞台等方式予以表達。

另一方面，中國面臨不能跟美國撕破臉的現實，台灣也同樣面臨尷尬的處境——即便美國發出峰會的邀約，台灣也不敢，又或是檯面下不被允許由領導人蔡英文出席。11月24日，台灣外交部感謝拜登總統邀請台灣參與民主峰會，不過同時也公佈將由行政院政務委員唐鳳與駐美國代表蕭美琴代表台灣出席該峰會。

這世界就是這樣「講實力」。

類似境況還會發生

話雖如此，拜登儘管沒有突破底線，終究也是做了一件令北京「堅決反對」且極為不滿的安排，這也引發筆者的另一發感慨。中國文化中有太多「胯下之辱」、「臥薪嘗膽」之類的典故，世界也都知道中國人老實、講究和氣、做事留三分，不願動手，即便動手之前也要一思二思再三思。這是中國文化的大智慧，可是在好勇鬥狠的粗淺文化眼中，不准備動手的怒氣，就是在放屁，就是好欺負，所以就欺負你中國，欺負你華人。

這種情況是華人在美歐俄等地區普遍遭受的境遇，這也是中國近幾十年來一再於國際場上經歷的境況。可以預想，這種情況在未來幾年也會一再發生。

美國佛羅里達州聯邦參議員盧比奧（Marco Rubio）曾於2016年與特朗普角逐美國總統，他亦為2024年共和黨熱門總統候選人。倘若勝選，料將全面借鑒特朗普的民粹路線。（Getty）

今年民主峰會只是線上舉行，且沒有安排蔡英文代表台灣。待到拜登明年按計劃舉行正常峰會時，又會允許誰人、以何等身份代表台灣訪美？拜登政府之後呢？

在如今愈發民粹化的美國政治氛圍下，共和黨已然和台灣民進黨一樣，將「中國」奉為選舉政治神主牌，倘若2022年中期選舉和2024年共和黨勝出，「特朗普總統」、「盧比奧總統」或是其他「某某總統」會否在任期內放棄美國在兩岸問題上的模糊政策，乃至跟台灣建交？到時美國大可以說，「我這不違反美國既有的台灣問題立場，不違反中美三個聯合公報，反正我在公報裏的措辭也是acknowledge中方的立場，中國將acknowledge翻譯為『承認』，那是你中國的問題」。

分清主次，不動如山

面對這些當下和未來的境況，中國又該如何處理？我想，還是那句「不動如山」，釐清主次矛盾，認清中國最重要的問題就是自身更進一步的發展，認清中國的優勢便在於「只要自身不亂就不會有大問題」，認清諸如台獨和美國頻打「中國牌」都是喧鬧，不可因此影響中國的發展機遇期。

只要有此戰略定力，而西方又無法解決自己國內從經濟到社會到意識形態的深層次問題，那麼眼下「邀請台灣參會」的這些事態，也不過是甚囂塵上的無謂吵雜；而一場為了證明自己而強行拼湊的「民主峰會」，折射出的反而是美式民主的末日餘暉。

https://taiwandomnews.com/?p=17826

白宮邀請台灣出席民主峰會 北京須嚥下這口惡氣

2021 年 11 月 25 日

文/多維新聞吳迪

美國國務院於11月23日正式確認，美國總統拜登將於12月9日至10日，舉行「民主峰會」（Summit for Democracy）。

根據美國務院公佈的名單，受邀方盡為英國、日本等美國傳統意義上認可的「民主政制國家」，乃至包括安哥拉等前社會主義國家，卻未包括匈牙利、泰國、新加坡、越南、俄羅斯、中國等。

尤為值得注意的是，110個受邀方當中，台灣是唯一一個非主權國家。

拜登在2020年大選時曾承諾在就任首年舉辦有關活動，目的在於聯同民主國家，打擊腐敗、威權主義與促進人權。如今跨國行程猶未恢復，峰會將以線上視訊的方式展開。除了領導人以外，還會有民間組織與行業領導人出席。

11月24日，有記者向中國國臺辦發言人朱鳳蓮提問：美國務院日前公佈將於12月召開的「民主峰會」，將「台灣」列入官網，大陸未在名單內，請問有何回應？朱鳳蓮的答覆則是「堅決反對」、「敦促美方切實恪守一個中國原則和中美三個聯合公報規定」。

正如美國邀請台灣出席民主峰會完全符合預期一樣，中方的答覆也完全符合預期——這是中方無聲的憤怒，而無聲的憤怒只能自己強忍。

朱鳳蓮11月24日表示，「首先需要指出的是，美國網站所列的涉臺稱謂是錯誤的。我們堅決反對美國與中國台灣地區進行任何形式的官方往來，這個立場是一貫的、明確的。我們敦促美方切實恪守一個中國原則和中美三個聯合公報規定，妥善處理涉臺問題」。

美國既「講道理」　也講實力與時機

可以想象，倘若美國政府發言人被問到「如何回應朱鳳蓮的表態」，華府的答覆一定是「我們沒有違背三個聯合公報，邀請台灣出席民主峰會不違背一中原則」。

是啊，美國現在就是在跟中國「講道理」。就像立陶宛與中國近來的風波一樣，無論是立陶宛、歐盟還是美國，對於立陶宛與台灣互設代表處一事的態度都是「這不違反一中原則」。拜登舉辦西式民主盛會，台灣作為大中華圈嘗試西式民主的案例，即便受到美國逾矩的隆重招待，也不為過。美國擺出的態度，彷彿就是在向中國說，「我舉辦的是『峰會』，又不是『國家領導人峰會』，且不論我最終沒有讓蔡英文來，即便我讓蔡英文作為台灣領導人出席，你又能如何？」

而在「講道理」的同時，美國更是在向中國「講實力」、「講時機」。在擺出一副「我就是要邀請台灣，我也就是要說這不違反跟你中國的聯合聲明，沒有違反我的一中政策。你要如何？有實力就武統，又或是試試看能否阻止我辦會。」

這就是中國面臨的現實。

對臺灣很多民眾以及蔡英文而言，受邀出席美國主辦的「民主峰會」，且與其他主權國家列席，可謂莫大的鼓舞。

北京只能隱忍

宏觀來看，拜登剛剛頂著國內「親華」和「出賣台灣」的輿論壓力，罕見地在美國時間深夜與習近平舉行會晤，且長談三個鐘頭有餘，這時白宮總需要有一些舉動，證明自己並不「親中」——無論是不久之後定然會正式出爐的對2022北京冬奧的「外交抵制」，還是對立陶宛的背書，抑或是如今逾矩邀請台灣參加民主峰會，都是為了證明拜登的「清白」。

是以這份邀約並不令人意外。反倒令人唏噓的是，美國總統竟然也到了「需要做點什麼證明自己不親中」的地步，這恰恰說明中國已經到了令美國無法輕視的地步，美國已不再是十幾二十年前那個「我想怎樣就怎樣」的絕對霸主。

可是，即便如今美國宏觀經濟資料不堪入目，兩黨亂政、民生問題都十分嚴重，政府更是捉襟見肘、左支右絀，但美國依舊是「老大」，中國也依舊無法承受「關鍵發展機遇期」被打斷的代價，不能在此時與美國全然撕破臉。

所以，北京只能像1996年面對美軍航母威脅時一樣，選擇隱忍，以「堅決反對」這種蒼白無力的口頭反對來嚥下這口惡氣。美國只將此次峰會定義為「峰會」而非「領導人峰會」，且也有行業及組織領導人等非國家元首參與，這已經是給北京留的臺階，北京也必須隱忍接受。

在如今「台灣問題」於中國國內持續發酵，成為內地民意最關注的話題之時，在臺灣愈發誤判國際形勢，認為美國在鼓舞臺獨程序之時，白宮邀請台灣出席民主峰會，即便在北京預期之內，乃至應該是白宮在習拜會上已經知會過的安排，也無疑是對北京顏面的一次挫傷。

台灣更面臨「講實力」

不過，即便大失顏面，這也依舊只是個風波。

一方面，當習近平在辛亥雙十革命110年紀念活動上講出「堅持和平統一」台灣，這背後是對中國發展視窗的研判，是對「時與勢在我們一邊」這個研判的信心。所以，現階段的北京不能也不需要以武統台灣的方式宣洩自己的怒氣，不能也不需要跟美國徹底撕破臉——在動手的時刻還沒到來之前，北京必須也只能忍下這口惡氣，以「堅決反對」和軍機繞台等方式予以表達。

另一方面，中國面臨不能跟美國撕破臉的現實，台灣也同樣面臨尷尬的處境——即便美國發出峰會的邀約，台灣也不敢，又或是檯面下不被允許由領導人蔡英文出席。11月24日，台灣外交部感謝拜登總統邀請台灣參與民主峰會，不過同時也公佈將由行政院政務委員唐鳳與駐美國代表蕭美琴代表台灣出席該峰會。

這世界就是這樣「講實力」。

類似境況還會發生

話雖如此，拜登儘管沒有突破底線，終究也是做了一件令北京「堅決反對」且極為不滿的安排，這也引發筆者的另一發感慨。中國文化中有太多「胯下之辱」、「臥薪嚐膽」之類的典故，世界也都知道中國人老實、講究和氣、做事留三分，不願動手，即便動手之前也要一思二思再三思。這是中國文化的大智慧，可是在好勇鬥狠的粗淺文化眼中，不準備動手的怒氣，就是在放屁，就是好欺負，所以就欺負你中國，欺負你華人。

這種情況是華人在美歐俄等地區普遍遭受的境遇，這也是中國近幾十年來一再於國際場上經歷的境況。可以預想，這種情況在未來幾年也會一再發生。

今年民主峰會只是線上舉行，且沒有安排蔡英文代表台灣。待到拜登明年按計畫舉行正常峰會時，又會允許誰人、以何等身份代表台灣訪美？拜登政府之後呢？

在如今愈發民粹化的美國政治氛圍下，共和黨已然和台灣民進黨一樣，將「中國」奉為選舉政治神主牌，倘若2022年中期選舉和2024年共和黨勝出，「川普總統」、「盧比奧總統」或是其他「某某總統」會否在任期內放棄美國在兩岸問題上的模糊政策，乃至跟台灣建交？到時美國大可以說，「我這不違反美國既有的台灣問題立場，不違反中美三個聯合公報，反正我在公報裡的措辭也是acknowledge中方的立場，中國將acknowledge翻譯為『承認』，那是你中國的問題」。

分清主次，不動如山

面對這些當下和未來的境況，中國又該如何處理？我想，還是那句「不動如山」，釐清主次矛盾，認清中國最重要的問題就是自身更進一步的發展，認清中國的優勢便在於「只要自身不亂就不會有大問題」，認清諸如臺獨和美國頻打「中國牌」都是喧鬧，不可因此影響中國的發展機遇期。

只要有此戰略定力，而西方又無法解決自己國內從經濟到社會到意識形態的深層次問題，那麼眼下「邀請台灣參會」的這些事態，也不過是甚囂塵上的無謂吵雜；而一場為了證明自己而強行拼湊的「民主峰會」，折射出的反而是美式民主的末日餘暉。

連結：習拜會後一週內美國為何如此刺激中國｜多維新聞｜全球 (dwnews.com)

Jan 26 2018 - CNBC - Ray Dalio made $50 billion for his clients, topping list of biggest hedge fund moneymakers ever

https://www.cnbc.com/2018/01/26/ray-dalio-made-50-billion-for-his-clients-topping-list-of-biggest-hedge-fund-money-makers-ever.html

Ray Dalio made $50 billion for his clients, topping list of biggest hedge fund moneymakers ever

Published Fri, Jan 26 201810:32 AM ESTUpdated Fri, Jan 26 20181:32 PM EST

Tae Kim@firstadopter

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Key Points

• Bridgewater Associates made $49.7 billion in total profit since its inception, according to data from LCH Investments.
• The firm is the world's largest hedge fund, managing about $160 billion, according to its website. Dalio started the firm in 1975 out of his two-bedroom apartment in New York.

Ray Dalio at the 2018 WEF in Davos, Switzerland on Jan. 23rd, 2018.

Adam Galica | CNBC

Ray Dalio's Bridgewater Associates has the biggest cumulative net profit for a hedge fund firm ever, according to data from LCH Investments.

Dalio's firm led the list with a nearly $50 billion gain for its investors since inception through 2017, adding a $300 million profit in 2017 despite mediocre percentage returns. Bridgewater's Pure Alpha fund returned 1.2 percent last year, according to data from Absolute Return.

Bridgewater is the world's largest hedge fund, managing about $160 billion, according to its website. Dalio started the firm in 1975 out of his two-bedroom apartment in New York. He is now worth an estimated $17 billion, according to Forbes.

Second on the list is George Soros, with nearly $44 billion in total gains and a $2.1 billion profit last year. Soros is best known for making $1 billion betting against the British pound in 1992. He currently manages money only for himself, his family and his various foundations.

Next was Ken Griffin's Citadel at $28.6 billion.

Stock picker Steve Mandel's Lone Pine Capital had the largest gain of any hedge fund firm in 2017, at $5 billion, and is now ranked fourth overall.

LCH Investments told Institutional Investor it was not able to get audited information on Renaissance Technologies' performance for that firm's ranking.

Fwd: WSJ - Ray Dalio’s Bridgewater Raises $1.25 Billion for Its Largest China Fund Yet. The Connecticut hedge-fund firm’s first yuan-denominated fund has earned a 19% annualized return

https://www.wsj.com/articles/ray-dalios-bridgewater-raises-1-25-billion-for-its-largest-china-fund-yet-11637759912

Ray Dalio's Bridgewater Raises $1.25 Billion for Its Largest China Fund Yet

The Connecticut hedge-fund firm's first yuan-denominated fund has earned a 19% annualized return

Ray Dalio speaking in an interview from Connecticut in September. Mr. Dalio has said he views exposure to China as essential for diversifying investors' portfolios.

Photo: Jeenah Moon/Bloomberg News

By

,

and

Updated Nov. 24, 2021 10:17 am ET 

Bridgewater Associates LP has raised the equivalent of $1.25 billion for its third investment fund in China, according to a person familiar with the matter, catapulting the hedge-fund firm into the ranks of the biggest foreign managers of private funds in the world's second-largest economy.

Founded by longtime China bull Ray Dalio, Bridgewater began rolling out private funds in the country in 2018 after a wholly owned unit of the American asset manager was awarded a license to raise money from high-net-worth individuals and institutional investors in China and invest it in domestic yuan-denominated securities.

Bridgewater's assets under management in China ranged between 2 billion yuan and 5 billion yuan ($313 million to $782 million) as of early August, according to the Asset Management Association of China, a quasiofficial organization. The firm's newest onshore fund was recently marketed to institutional investors and wealthy individuals and has raised 8 billion yuan, the person familiar with the matter said.

The figure is a fraction of the roughly $150 billion that Bridgewater manages globally, but the new fund is much larger than comparable products from other foreign private-fund managers in China.

So far, only one of the 35 wholly foreign-owned private fund managers registered in the country manages more than 5 billion yuan, according to their records with the domestic asset-management association, which categorizes the firms' assets under management within specified ranges.

Winton Investment Management (Shanghai) Co., Ltd. recently ranked highest, with total assets between 5 billion yuan and 10 billion yuan by Oct. 29. Most of the firms in the group, which include units of Allianz Global Investors and Abrdn PLC, manage less than 500 million yuan ($78 million).

Raising large sums of money within China to invest domestically has so far proven elusive for most foreign-owned asset managers. Few global firms have name-brand recognition in the country and established investment records in the local markets. Building a distribution network for their funds—typically by joining with Chinese banks and brokerages—also takes significant time and resources.

"Many foreign fund managers have found it difficult to compete against the local players. Bridgewater has shown them a path forward in China," said Ivan Shi, director of data analytics at Z-Ben Advisors, a Shanghai-based asset-management consulting firm.

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The new Beijing stock exchange, which began trading Monday, is meant to help smaller companies get more investment to fund innovation, according to a Chinese regulator. Its debut comes even as China tightens its grip on companies seeking listings overseas. WSJ's Anna Hirtenstein explains. Photo: Li Xin/Zuma Press

The newest fund comes in the form of a trust product overseen by state-owned China Resources Trust, with Bridgewater's China subsidiary serving as the investment adviser, according to marketing documents viewed by The Wall Street Journal.

Investors buy into the trust, which will channel the money into a new Bridgewater "All Weather Plus" fund that invests in a combination of onshore Chinese stocks, bonds and commodities. It also makes macroeconomic calls on the direction of various Chinese financial markets.

The fund aims to deliver returns that are competitive with the Chinese stock market, while taking on much less risk. The minimum subscription is 2 million yuan, equivalent to roughly $313,000, and investment advisory fees are 0.35% a year, the documents show. The trust product is being distributed by Citic Securities and Citic Bank, as well as Ping An Bank.

Bridgewater's China subsidiary launched its first private fund in October 2018. That fund has averaged a 19% annual return over the past three years, according to the recent marketing documents. The CSI 300, an index of the 300 largest stocks listed in mainland China, averaged a 16.3% annual return over the same period.

Many global financial firms have been trying to build a bigger presence in China. Large American asset managers from BlackRock Inc. to Neuberger Berman have set their sights on the country's huge individual investor base.

In September, BlackRock raised 6.68 billion yuan in its maiden mutual fund for individual investors in China. The firm, via a separate joint venture with China Construction Bank and Singapore investment company Temasek, raised another 2.5 billion yuan in a wealth-management fund targeted at wealthy individuals.

Bridgewater's wholly owned China subsidiary received a license to sell investment products in 2018, and the following year became qualified to conduct investment advisory business in the country.

Mr. Dalio first visited China in 1984 and has been fascinated with the country since. The Chinese government and Chinese institutions historically have ranked among Bridgewater's biggest clients. The Wall Street Journal in 2017 reported on Mr. Dalio's and Bridgewater's business ambitions in China, and that he had told staff to avoid writing outright negative research on China. Mr. Dalio days later in a private note reassured Bridgewater clients that they could trust him to be honest about China.

Mr. Dalio, who is the firm's co-chief investment officer as well as its co-chairman, has said he views exposure to China as essential for diversifying investors' portfolios, among other reasons.

In recent months, China's crackdown on sectors including technology firms and for-profit education companies has spooked some foreign investors. Mr. Dalio has spoken bullishly about China.

After Beijing's regulatory action on several high-profile private companies, including Jack Ma's Ant Group Co. and SoftBank Group-backed ride-hailing giant Didi Global Inc., Mr. Dalio wrote in a LinkedIn post in July that many Western observers have "missed out on what's going on in China and probably will continue to miss out." But he also said he thought it unfortunate that domestic policy makers didn't "publicly communicate the reasoning behind their moves more clearly."

WSJ - Ray Dalio’s Bridgewater Raises $1.25 Billion for Its Largest China Fund Yet. The Connecticut hedge-fund firm’s first yuan-denominated fund has earned a 19% annualized return

https://www.wsj.com/articles/ray-dalios-bridgewater-raises-1-25-billion-for-its-largest-china-fund-yet-11637759912

Ray Dalio's Bridgewater Raises $1.25 Billion for Its Largest China Fund Yet

The Connecticut hedge-fund firm's first yuan-denominated fund has earned a 19% annualized return

Ray Dalio speaking in an interview from Connecticut in September. Mr. Dalio has said he views exposure to China as essential for diversifying investors' portfolios.

Photo: Jeenah Moon/Bloomberg News

By

,

and

Updated Nov. 24, 2021 10:17 am ET 

Bridgewater Associates LP has raised the equivalent of $1.25 billion for its third investment fund in China, according to a person familiar with the matter, catapulting the hedge-fund firm into the ranks of the biggest foreign managers of private funds in the world's second-largest economy.

Founded by longtime China bull Ray Dalio, Bridgewater began rolling out private funds in the country in 2018 after a wholly owned unit of the American asset manager was awarded a license to raise money from high-net-worth individuals and institutional investors in China and invest it in domestic yuan-denominated securities.

Bridgewater's assets under management in China ranged between 2 billion yuan and 5 billion yuan ($313 million to $782 million) as of early August, according to the Asset Management Association of China, a quasiofficial organization. The firm's newest onshore fund was recently marketed to institutional investors and wealthy individuals and has raised 8 billion yuan, the person familiar with the matter said.

The figure is a fraction of the roughly $150 billion that Bridgewater manages globally, but the new fund is much larger than comparable products from other foreign private-fund managers in China.

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So far, only one of the 35 wholly foreign-owned private fund managers registered in the country manages more than 5 billion yuan, according to their records with the domestic asset-management association, which categorizes the firms' assets under management within specified ranges.

Winton Investment Management (Shanghai) Co., Ltd. recently ranked highest, with total assets between 5 billion yuan and 10 billion yuan by Oct. 29. Most of the firms in the group, which include units of Allianz Global Investors and Abrdn PLC, manage less than 500 million yuan ($78 million).

Raising large sums of money within China to invest domestically has so far proven elusive for most foreign-owned asset managers. Few global firms have name-brand recognition in the country and established investment records in the local markets. Building a distribution network for their funds—typically by joining with Chinese banks and brokerages—also takes significant time and resources.

"Many foreign fund managers have found it difficult to compete against the local players. Bridgewater has shown them a path forward in China," said Ivan Shi, director of data analytics at Z-Ben Advisors, a Shanghai-based asset-management consulting firm.

Related Video

Why China Has a New Stock Exchange in Beijing

You may also like

Up Next

Why China Has a New Stock Exchange in Beijing

The new Beijing stock exchange, which began trading Monday, is meant to help smaller companies get more investment to fund innovation, according to a Chinese regulator. Its debut comes even as China tightens its grip on companies seeking listings overseas. WSJ's Anna Hirtenstein explains. Photo: Li Xin/Zuma Press

The newest fund comes in the form of a trust product overseen by state-owned China Resources Trust, with Bridgewater's China subsidiary serving as the investment adviser, according to marketing documents viewed by The Wall Street Journal.

Investors buy into the trust, which will channel the money into a new Bridgewater "All Weather Plus" fund that invests in a combination of onshore Chinese stocks, bonds and commodities. It also makes macroeconomic calls on the direction of various Chinese financial markets.

The fund aims to deliver returns that are competitive with the Chinese stock market, while taking on much less risk. The minimum subscription is 2 million yuan, equivalent to roughly $313,000, and investment advisory fees are 0.35% a year, the documents show. The trust product is being distributed by Citic Securities and Citic Bank, as well as Ping An Bank.

Bridgewater's China subsidiary launched its first private fund in October 2018. That fund has averaged a 19% annual return over the past three years, according to the recent marketing documents. The CSI 300, an index of the 300 largest stocks listed in mainland China, averaged a 16.3% annual return over the same period.

Many global financial firms have been trying to build a bigger presence in China. Large American asset managers from BlackRock Inc. to Neuberger Berman have set their sights on the country's huge individual investor base.

In September, BlackRock raised 6.68 billion yuan in its maiden mutual fund for individual investors in China. The firm, via a separate joint venture with China Construction Bank and Singapore investment company Temasek, raised another 2.5 billion yuan in a wealth-management fund targeted at wealthy individuals.

Bridgewater's wholly owned China subsidiary received a license to sell investment products in 2018, and the following year became qualified to conduct investment advisory business in the country.

Mr. Dalio first visited China in 1984 and has been fascinated with the country since. The Chinese government and Chinese institutions historically have ranked among Bridgewater's biggest clients. The Wall Street Journal in 2017 reported on Mr. Dalio's and Bridgewater's business ambitions in China, and that he had told staff to avoid writing outright negative research on China. Mr. Dalio days later in a private note reassured Bridgewater clients that they could trust him to be honest about China.

Mr. Dalio, who is the firm's co-chief investment officer as well as its co-chairman, has said he views exposure to China as essential for diversifying investors' portfolios, among other reasons.

In recent months, China's crackdown on sectors including technology firms and for-profit education companies has spooked some foreign investors. Mr. Dalio has spoken bullishly about China.

After Beijing's regulatory action on several high-profile private companies, including Jack Ma's Ant Group Co. and SoftBank Group-backed ride-hailing giant Didi Global Inc., Mr. Dalio wrote in a LinkedIn post in July that many Western observers have "missed out on what's going on in China and probably will continue to miss out." But he also said he thought it unfortunate that domestic policy makers didn't "publicly communicate the reasoning behind their moves more clearly."

【兩年前這一刻 民主派在區議會大捷的結果陸續公佈......】渣共不亡，全球災難，遍地是災。渣共武漢病毒已把卋界的常態徹底改變了。消滅共慘黨，西方白左以及跟渣共勾兌，眉來眼去，蛇鼠一窩的猶太人是歷史的使命！

https://www.instagram.com/p/CWqsgS8JEEp/

【兩年前這一刻　民主派在區議會大捷的結果陸續公佈......】

兩年前的這一刻，區議會選舉結束，各個票站即時變為點票站。

隨著不斷消息公佈，民主派在各區取得大捷，其中黃大仙區及大埔區，所有民選議席都落入民主派中。在「民意海嘯」影響下，民主派共取得 389 席，建制派只有不足 60 席

但自梁耀忠因 8.18 案被法庭判囚囚 8 個月（緩刑一年），成了今屆首名失去議席的民主派後。其後隨著 47 人初選案提堂，加上政府修訂宣誓條例，民主派議員開始離職。高峰期一星期內有逾 200 名民主派區議員宣布辭職。

9 月起，區議員分四批進行宣誓，部分民主派缺席宣誓，被即時 DQ，另亦有不少民主派議員被指宣誓無效，同樣遭 DQ。

今天部區議會只餘下 2 至 3 名區議員，區議會復會無期，權力亦被當局剝奪不少......

渣共不亡，全球災難，遍地是災。渣共武漢病毒已把卋界的常態徹底改變了。消滅共慘黨，西方白左以及跟渣共勾兌，眉來眼去，蛇鼠一窩的猶太人是歷史的使命！

中共國北京清華大學經濟管理學院-顧問委員會名單 - 可謂是華爾街猶太佬跟中共勾兌的"Who Is Who"黑名單了

http://www.sem.tsinghua.edu.cn/about/wyhmd.html

顧問委員會名單

中共北京清華大學經濟管理學院顧問委員會

The Advisory Board of Tsinghua University School of Economics and Management

（更新：2021年10月11日）

（Updated on 11 October, 2021）

 

 

名誉主席

Honorary Chairman

 

朱镕基

清华大学经济管理学院首任院长（1984-2001）

中华人民共和国国务院总理（1998-2003）

ZHU Rongji

Founding Dean, School of Economics and Management, Tsinghua University (1984-2001)

Premier, State Council, People's Republic of China (1998-2003)

 

名誉委员

Honorary Members

 

约翰·布朗勋爵

Beyond Net Zero公司主席

BP集团原行政总裁

The Lord Browne of Madingley

Chairman, Beyond Net Zero

Former Group Chief Executive, bp p.l.c.

 

亨利·保尔森

保尔森基金会创始人兼主席

德太投资睿思气候基金执行董事长

美国原财政部部长

高盛集团原董事长兼首席执行官

Henry M. Paulson, Jr.

Founder and Chairman, Paulson Institute

Executive Chairman, TPG Rise Climate

Former U.S. Secretary of the Treasury

Former Chairman and CEO, The Goldman Sachs Group, Inc.

 

李斯阁

沃尔玛百货有限公司原总裁兼首席执行官

H. Lee Scott, Jr.

Former President and CEO, Wal-Mart Stores, Inc.

 

王岐山 ("王七三")

中华人民共和国副主席

WANG Qishan

Vice-President, People's Republic of China

 

主席

Chairman

 

蒂姆·库克

苹果公司首席执行官

Tim Cook

CEO, Apple

 

副主席

Vice Chairmen

 

邱勇

清华大学校长

QIU Yong

President, Tsinghua University

 

钱颖一

清华大学经济管理学院经济系教授、院长（2006-2018）

清华大学文科资深教授

西湖大学校董会主席

QIAN Yingyi

Professor and Dean (2006-2018), School of Economics and Management, Tsinghua University

Distinguished Professor of Arts, Humanities and Social Sciences, Tsinghua University

Chairman, Board of Trustees, Westlake University

 

委员

Members

 

玛丽·博拉

通用汽车公司董事长兼首席执行官

Mary T. Barra

Chair and Chief Executive Officer, General Motors Company

 

吉慕·布瑞尔

布瑞尔资本创始人兼首席执行官

Jim Breyer

Founder and CEO, Breyer Capital

 

博乐仁

西门子股份公司董事会主席、总裁兼首席执行官

Roland Busch

Chairman of Managing Board, President and Chief Executive Officer, Siemens AG

 

常振明

中国国际经济交流中心副理事长

中信集团原董事长

CHANG Zhenming

Vice Chairman, China Center for International Economic Exchanges

Former Chairman, CITIC Group

 

陈吉宁

北京市市长

中华人民共和国原环境保护部部长

清华大学原校长

CHEN Jining

Mayor, Beijing Municipal Government

Former Minister, Ministry of Environmental Protection, People's Republic of China

Former President, Tsinghua University

 

陈元

中国人民政治协商会议第十二届全国委员会副主席

国家开发银行原董事长

CHEN Yuan

Vice Chairperson, The 12th National Committee of the Chinese People's Political Consultative Conference (CPPCC)

Former Chairman, China Development Bank

 

瑞·达利欧

美国桥水投资公司创始人、联席首席投资官兼董事长

Raymond T. Dalio

Founder, Co-CIO and Chairman, Bridgewater Associates, LP

 

斯里坎特·达塔尔

乔治·贝克管理学讲席教授

哈佛商学院院长

Srikant M. Datar

George F. Baker Professor of Administration

Dean, Harvard Business School

 

迈克尔·戴尔

戴尔科技集团董事长兼首席执行官

Michael Dell

Chairman of the Board and Chief Executive Officer, Dell Technologies

 

杰米·戴蒙

摩根大通集团董事长兼首席执行官

Jamie Dimon

Chairman of the Board and Chief Executive Officer, JPMorgan Chase

 

邓明潇

百威集团全球首席执行官

Michel Doukeris

Global Chief Executive Officer, AB InBev

 

德尼·杜威

安盛集团董事长

Denis Duverne

Chairman of the Board, AXA Group

 

劳伦斯·芬克

贝莱德集团董事会主席兼首席执行官

Laurence D. Fink

Chairman and Chief Executive Officer, BlackRock, Inc.

 

威廉·福特

美国泛大西洋投资集团主席兼首席执行官

William E. Ford

Chairman and Chief Executive Officer, General Atlantic

 

范洁恩

花旗集团首席执行官

Jane Fraser

Chief Executive Officer, Citigroup Inc.

 

冯国经

冯氏集团主席

Victor K. Fung

Group Chairman, Fung Group

 

克里斯多夫·高尔文

Gore Creek资产管理公司联合创始人兼董事长

摩托罗拉原董事长兼首席执行官

Christopher B. Galvin

Co-Founder and Chairman, Gore Creek Asset Management LLC

Former Chairman and CEO, Motorola Inc.

 

郭台铭

鸿海富士康科技集团创办人

Terry Gou

Founder, Foxconn Technology Group

 

诸葛睿

苏黎世保险集团首席执行官

Mario Greco

CEO, Zurich Insurance Group

 

埃文•格林伯格

安达有限公司和安达集团董事长兼首席执行官

Evan G. Greenberg

Chairman and Chief Executive Officer, Chubb Limited and Chubb Group

 

莫里斯·格林伯格

美国史带保险集团董事长兼首席执行官

Maurice R. Greenberg

Chairman and Chief Executive Officer, Starr Insurance Companies

 

顾秉林

清华大学高等研究院院长

清华大学原校长

GU Binglin

Director, Institute for Advanced Study, Tsinghua University

Former President, Tsinghua University

 

郭树清

中国人民银行党委书记、副行长

中国银行保险监督管理委员会主席、党委书记

建设银行原董事长、证监会原主席

山东省原省长

GUO Shuqing

Secretary of Party Committee and Deputy Governor, People's Bank of China

Chairman and Secretary of Party Committee, China Banking and Insurance Regulatory Commission

Former Chairman of the Board, China Construction Bank; Former Chairman of China Securities Regulatory Commission

Former Governor, Shandong Province

 

何晶

先拓者基金会主席

淡马锡信托基金会董事

HO Ching

Chairman, Trailblazer Foundation

Board Member, Temasek Trust

 

出井伸之

Quantum Leaps公司创始人、代表董事兼主席

索尼集团原董事长兼首席执行官

Nobuyuki Idei

Founder, Representative Director and Chairman, Quantum Leaps Corporation

Former Chairman and CEO, Sony Corporation

 

帕布罗·伊斯拉

爱特思集团主席

Pablo Isla

Chairman, Inditex Group

 

金沐麗

宾夕法尼亚大学沃顿商学院院长

Erika James

Dean, The Wharton School of the University of Pennsylvania

 

柯睿安

SAP首席执行官

Christian Klein

Chief Executive Officer, SAP SE

 

亨利·克拉维斯

KKR联席董事长兼联席首席执行官

Henry R. Kravis

Co-Chairman and Co-Chief Executive Officer, KKR

 

龙嘉德

百事公司董事长兼首席执行官

Ramon Laguarta

Chairman and Chief Executive Officer, PepsiCo

 

乔纳森·莱文

斯坦福大学商学院院长、菲利普·奈特讲席教授

Jonathan D. Levin

Philip H. Knight Professor and Dean, Stanford Graduate School of Business

 

理查德·莱文

Coursera原首席执行官

耶鲁大学原校长

Richard C. Levin

Former CEO, Coursera

President Emeritus, Yale University

 

李泽楷

盈科拓展集团创办人兼主席

Richard Li

Founder and Chairman, Pacific Century Group

 

李彦宏

百度创始人、董事长兼首席执行官

Robin Li

Co-Founder, Chairman and Chief Executive Officer, Baidu, Inc.

 

刘鹤

中共中央政治局委员

中华人民共和国国务院副总理

中央财经委员会办公室主任

LIU He

Member, Political Bureau of CPC Central Committee

Vice-Premier, State Council, People's Republic of China

Head, General Office of the Central Commission for Financial and Economic Affairs

 

刘明康

原中国银行业监督管理委员会主席

LIU Mingkang

Former Chairman, China Banking Regulatory Commission

 

陆博纳

bp集团首席执行官

Bernard Looney

Chief Executive Officer, bp Group

 

楼继伟

中国人民政治协商会议第十三届全国委员会常务委员、外事委员会主任

全国社会保障基金理事会原理事长

中华人民共和国财政部原部长

LOU Jiwei

Standing Committee Member and Chairman of the Committee of Foreign Affairs, The 13th National Committee of the Chinese People's Political Consultative Conference (CPPCC)

Former Chairman, National Council for Social Security Fund

Former Minister, Ministry of Finance, People's Republic of China

 

安东尼克·卢克希奇

智利卢克希奇集团董事长

Andrónico Luksic

Chairman, Luksic Group

 

马云

马云公益基金会创办人

阿里巴巴合伙人

Jack Ma

Founder, Jack Ma Foundation

Partner, Alibaba Group

 

马凯

第十八届中共中央政治局委员

中华人民共和国国务院副总理（2013-2018）

MA Kai

Member, Political Bureau of the 18th CPC Central Committee

Vice-Premier, State Council, People's Republic of China (2013-2018)

 

马化腾

腾讯公司主要创办人、董事会主席兼首席执行官

Pony Ma

Core Founder, Chairman of the Board and CEO, Tencent

 

埃里克·马斯金

哈佛大学亚当斯大学讲席教授及经济和数学教授

2007年诺贝尔经济学奖获得者

Eric S. Maskin

Adams University Professor and Professor of Economics and Mathematics, Harvard University

2007 Nobel Laureate in Economics

 

董明伦

沃尔玛公司总裁兼首席执行官

Doug McMillon

President and CEO, Walmart Inc.

 

埃隆·马斯克

特斯拉公司联合创始人兼首席执行官

太空探索技术公司创始人兼首席执行官

Elon Musk

Co-founder and CEO, Tesla, Inc.

Co-founder and CEO, Space Exploration Technologies (Space X)

 

萨提亚 • 纳德拉

微软公司董事长兼首席执行官

Satya Nadella

Chairman and Chief Executive Officer, Microsoft

 

詹鲲杰

可口可乐公司董事长兼首席执行官

James Quincey

Chairman and Chief Executive Officer, The Coca-Cola Company

 

布莱恩·罗伯兹

康卡斯特集团董事长兼首席执行官

Brian L. Roberts

Chairman and Chief Executive Officer, Comcast Corporation

 

大卫·鲁宾斯坦

凯雷投资集团联合创始人兼联席执行董事长

David M. Rubenstein

Co-Founder and Co-Chairman, The Carlyle Group

 

大卫·施密特雷恩

麻省理工学院斯隆管理学院院长

David C. Schmittlein

John C Head III Dean, MIT Sloan School of Management

 

苏世民

黑石集团董事长、首席执行官兼联合创始人

Stephen A. Schwarzman

Chairman, CEO and Co-Founder, Blackstone

 

苏德巍

高盛集团董事长兼首席执行官

David M. Solomon

Chairman and Chief Executive Officer, The Goldman Sachs Group, Inc.

 

孙正义

软银集团股份有限公司代表社长、公司高管、董事长兼首席执行官

Masayoshi Son

Representative Director, Corporate Officer, Chairman and CEO, SoftBank Group Corp.

 

迈克尔·斯宾塞

斯坦福大学菲利普·奈特荣休教授

斯坦福大学胡佛研究所高级研究员

2001年诺贝尔经济学奖获得者

A. Michael Spence

Philip H. Knight Professor Emeritus of Management, Stanford University

Senior Fellow, Hoover Institution at Stanford University

2001 Nobel Laureate in Economics

 

鲍勃·斯登菲尔斯

麦肯锡公司董事长兼全球总裁

Bob Sternfels

Global Managing Partner, McKinsey & Company

 

拉坦·塔塔

塔塔信托基金会主席

塔塔有限公司、塔塔工业公司、塔塔汽车公司、塔塔钢铁公司和塔塔化工公司名誉董事长

Ratan N. Tata

Chairman, Tata Trusts

Chairman Emeritus of Tata Sons, Tata Industries, Tata Motors, Tata Steel and Tata Chemicals

 

约翰·桑顿

巴理克黄金公司董事长

柏瑞投资公司董事长

布鲁金斯学会名誉主席

John L. Thornton

Executive Chairman, Barrick Gold Corporation

Chairman, Pinebridge Investments

Chair Emeritus, Brookings Institution

 

范伯登

荷兰皇家壳牌公司首席执行官

Ben van Beurden

Chief Executive Officer, Royal Dutch Shell plc

 

雅各布·沃伦伯格

银瑞达集团董事会主席

Jacob Wallenberg

Chairman of the Board, Investor AB

 

王大中

清华大学原校长

WANG Dazhong

Former President, Tsinghua University

 

杨敏德

溢达集团董事长兼首席执行官

Marjorie Yang

Chairman and CEO, Esquel Group

 

易纲

中国人民银行行长

YI Gang

Governor, People's Bank of China

 

赵纯均

清华大学经济管理学院第二任院长（2001-2005）

ZHAO Chunjun

Dean (2001-2005), School of Economics and Management, Tsinghua University

 

周小川

中国人民政治协商会议第十二届全国委员会副主席

中国人民银行原行长

中国金融学会会长

ZHOU Xiaochuan

Vice Chairperson, The 12th National Committee of the Chinese People's Political Consultative Conference (CPPCC)

Former Governor, People's Bank of China

President, China Society for Finance and Banking

 

齐普策

宝马集团董事长

Oliver Zipse

Chairman of the Board of Management, BMW AG

 

马克·扎克伯格

Facebook公司创始人兼首席执行官

Mark Zuckerberg

Founder and CEO, Facebook