<b>State Capital in Global Markets: Sovereign Wealth Funds and Perceptions of State-Sponsored Financing</b>

<p dir="ltr">China’s rise in the global economy has unsettled the liberal international order, transforming relations between Western markets and state-led capitalism. Since joining the World Trade Organization, China has leveraged its manufacturing base, foreign exchange surpluses, and sovereign wealth funds (SWFs) to expand its global influence. While these investments have provided vital capital to Western economies, they have also raised suspicions of political intent—particularly in critical sectors tied to national security.</p><p dir="ltr">This dissertation argues that SWFs, particularly the China Investment Corporation (CIC), function as strategic instruments of economic statecraft. Drawing on the historical analogy of privateering, it conceptualizes SWFs as state-empowered yet ostensibly independent actors pursuing acquisitions, mergers, and market penetration while offering plausible deniability.</p><p dir="ltr">A comparative case study of Chinese investments in Australian critical minerals shows that CIC-backed transactions faced less political pushback than those financed directly by state banks, illustrating SWFs’ role in reducing host-country resistance. A survey experiment in Mexico further demonstrates that country-of-origin (COO) disclosure significantly shapes consumer choices, with attitudes toward China moderating responses to Chinese brands.</p><p dir="ltr">Using a mixed-methods approach—integrating historical analogy, computational text analysis, and experimental survey data—this research shows how China adapts investment strategies to navigate political barriers abroad, influencing both elite and consumer perceptions. The findings contribute to debates in international political economy on the blurred boundaries between public and private power, and on how state capital can operate within—and challenge—the norms of liberal markets.</p>