GOOD MORNING FROM LONDON
Two recent developments underline the determination of Business to disregard the US-led anti-China policy of De-Coupling and, instead, to become more – and not less – involved in China.
In a recent interview with Nikkei News Agency, JP Morgan’s President and Chief Operating Officer said “[China} is a country that will continue to be relevant for years to come…our joint ventures were extremely useful to learn from, but there is a point where you really want to own 100% and control your own destiny…the size of the market will grow and the types of products will grow. By bringing our international expertise into the [China] market we can help our China clients…”
Norton Rose Fulbright [NRF] is one of the oldest UK law firms in Hong Kong and their clients include HSBC and AIG. The firm has laid out plans “to pivot to China”. The FT reports that “the firm is refocusing its Hong Kong business on work for mainland Chinese companies and banks” and global businesses in Hong Kong are adapting to Beijing’s increasing influence over the City’s economy. Peter Scott, the Head of Europe, Middle East and Asia at Norton Rose says “the relationship with China is even more important so there is a pivot towards China in terms of the office and the skills we need.”
The business has resisted the pressure from the human rights lobby (and their allegations of genocide in Xinjiang) to boycott China, and has, instead, committed itself more securely to China and its future. Increasingly the Trump-inspired policy to “punish” China has been disregarded. Despite frantic action in the UK House of Lords and the US Senate, China has not been cast in the role of the “Bad Boy of International Trade” but, instead, emerges as the “Must Go To” country for the long term stable commercial development.
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