Some of the world's biggest institutional investors have warned governments against "infrastructure nationalism", particularly in Europe, as countries privatise assets and seek funding for projects worth €3 trillion over the next 20 years.

At an investment conference earlier today in Hong Kong, speakers from the €140 billion Dutch pension manager PGGM and the €500 billion French public investment group Caisse des Dépôts argued that if national assets are privatised, they should ideally be sold to a mix of domestic and foreign investors.