Abstract: Since the 80th of the last century, the global economy of free market is being replaced by a new type of state capitalism which we called New State Capitalism. As one type of the state-owned investment entities that managing national reserves, sovereign wealth funds are not only self-governed market participants, but also the carriers of their countries’ interests. Sovereign wealth funds are the updated representatives of New State Capitalism. On the basis of analyzing the conception of New State Capitalism , this article discussed the property of sovereign wealth funds according to their ownership, establishing mode, scale, investment field and transparency. This article also studied comparatively the operational duality of sovereign wealth funds in Russia, China and other countries, and researched the adverse influence of sovereign wealth funds’ duality on the development of new economic powers, developed countries and the global economy.
Key Words: sovereign wealth funds； New State Capitalism；duality