Beijing recently granted a flurry of approvals to BlackRock, Fidelity, Goldman Sachs, JPMorgan, Amundi and Schroders allowing them to operate their own businesses without any local partner in China. These moves actually give Beijing lots of upsides.
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thetimes.co.uk/article/while-…
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thetimes.co.uk/article/while-…
* more market access means deeper coupling between China and countries such as the US. Goldman Sachs, Fidelity, and JPMorgan will become “hostages” held by Beijing and will be excellent insurance against potential US financial sanctions.
* these financial institutions are
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* these financial institutions are
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obliged to do Beijing’s bidding, and lobby for, or act on behalf of, the regime when needed. Wall Street will most likely be more convincing lobbyists than Nike or Tesla.
* these financial institutions will of course help the regime secure $$$ especially in tough times.
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* these financial institutions will of course help the regime secure $$$ especially in tough times.
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Beijing will be able to extend its influences globally via these foreign financial institutions and even turn them against their own governments. Just look at Nike, Apple and Tesla.
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