How to save it

摘要

IN MOST countries the priority with the public finances is how to stop debt spiralling. But some places have the opposite difficulty: how to manage piles of savings. China and Saudi Arabia are examples. Globally, governments have over $20trn stashed in state-run investment vehicles. That sum is three times the size of BlackRock，the world's biggest asset manager. Managing it is fraught and becoming more so owing to protectionism. Govern- merits with spare funds should study Singapore, which, as in many aspects of administration, has its head screwed on.