Lou Jiwei, the head of China Investment Corp, cannot contain his glee. A year ago, sovereign wealth funds were portrayed in the US, Europe and Japan as vultures bent on gaining political influence through their investments. These days, in a welcome change of attitude, governments and companies cannot throw their doors wide open enough.

The scaremongering was fuelled by a mix of xenophobia and legitimate security concerns, illustrated by US opposition to Dubai Ports World's attempt to acquire six US ports in 2006. To pre-empt such opposition, SWFs last year agreed on the “Santiago Principles”, a code of conduct promising transparent and non-political investments.

Perhaps they need not have bothered. Mr Lou says Europeans now “come to me without conditions”. Japan is relaxing tax rules that previously discouraged Middle Eastern funds from investing in the country.