BlackRock has become the first global asset manager to receive approval from the China Securities Regulatory Commission to start a wholly owned onshore mutual fund.
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Wall Streetâs new love affair with China
At a time of growing geopolitical competition, US and European investment firms are plunging into the Chinese market.
China, which by one measure now has more billionaires than the US, is opening its doors wider than ever to foreign firms.Â
AP
May 30, 2021 â 1.22pm
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Zhao Lijian, foreign ministry spokesman, accused the US of âpolitical manipulationâ and of âstigmatisingâ China â the sort of regular spat that has prompted growing comparisons to the Cold War.
But just a day earlier, another announcement told a different story about the ties between the worldâs two leading powers. Goldman Sachs, an emblem of the globally dominant American finance industry, unveiled a wealth partnership with the state-owned Industrial and Commercial Bank of China. The deal could allow the Wall Street firm to draw on the savings of hundreds of millions of the bankâs Chinese customers.