BlackRock, the world’s largest asset manager, has launched a major initiative in China. On August 30, it launched a set of investment funds and other investment products for Chinese consumers. The New York-based firm is the first foreign-owned company authorized to do so. The launch came just weeks after BlackRock recommended investors triple their allocations in Chinese assets. This will boost billions of dollars in China. “The Chinese market represents an important opportunity to help achieve the long-term goals of investors in China and internationally,” BlackRock Chairman Larry Fink wrote in a letter to shareholders.
BlackRock takes its responsibilities for its customers ’money seriously and is a leader in the environmental, social and governance movement. But he seems to misunderstand President Xi Jinping’s China.