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Sovereign funds can help world economy-White House

Thu Feb 7, 2008 10:03am EST

WASHINGTON, Feb 7 (Reuters) - Sovereign wealth funds can help the global economy when they are transparent and free from political decision-making, the White House said on Thursday.

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"On balance if they are transparent and they are free from political decision-making, they can contribute to overall growth in the global economy by investing in places that need capital," White House spokesman Tony Fratto said. "They can contribute to growth here in the U.S. economy and other economies."

Asked whether there was any particular concern about the Chinese government's influence, Fratto said: "No particular, no." (Reporting by Tabassum Zakaria; Editing by Gerald E. McCormick)

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