Why India is receiving more state investment than China Delhi's efforts to lure sovereign capital are paying off despite the Covid crisis, while Singapore funds GIC and Temasek lead investment into China, finds Global SWF’s first annual report. Sovereign investment flows into Indian private markets have risen each year since 2015, while those into China have been more volatile – and both countries have much to learn from each other when it comes to luring such capital. So says research house Global SWF's inaugural annual report, which assesses the post-pandemic landscape for state-owned investors (SOIs) and was released on January 1. Sovereign wealth and pension funds – notably from Asia, Canada and the Middle East – have, in 2020, poured $15.8 billion into Indian private assets, said the study. This trebles the $5 billion that went into equivalent Chinese investments and represented a further widening of the gap between the countries’ inflows since the previous year (see graph below).