GOOD MORNING FROM LONDON
This column – 7 days a week every week – has long stressed the Big Divide between Politicians + Business in their respective approaches to China. Politicians are increasingly locked in a Cold War with China as Business is increasingly looking for greater involvement with China.
Just as Biden tightens the screws on Beijing, Black Rock announces it has received first approval for a foreign asset manager to launch a wholly-owned mutual fund business in China. Yesterday – 11 June 2021 – China’s Securities Regulatory Commission approved Black Rock’s application. US banks want to take advantage of China’s vast pool of savings, says the FT, to more fully integrate themselves into China’s financial system.
This trend has been accelerated by Chinese government reforms of its financial system which have liberalised access by Wall Street. Larry Fink, Black Rock’s CEO “We are honoured to be in a position to support more Chinese investors to invest financial markets + build [lifetime] portfolios”
The Cold War, on the one hand, + Communist/Capitalist business harmony on the other. Who will win out? War or Peace?
