GOOD MORNING FROM LONDON #241
Two back-to-back events epitomise the contradictions at the heart of US development.
JP Morgan has applied to take full control of its securities joint venture in China. Its China CEO, Mark Leung says “This is a huge market with even bigger potential so no one can afford to miss it.” This follows other Wall St big names increasing their presence in China’s rapidly liberalising financial markets.
On the same day President Biden signed an Executive Order prohibiting US companies from investing in 59 China companies including Huawei and Semiconductor Manufacturing International Corp, China’s largest chip maker which US intelligence says is critical to China’s military.
The Cold War mentality stalks Washington just as Wall Street looks for more of China. Politicians + Businessmen have different agendas. The first parades prejudices. The second promotes prosperity.
