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BlackRock, the world’s largest asset manager, has launched a major initiative in China. On August 30, it launched a set of mutual funds and other investment products for Chinese consumers. The New York-based company is the first foreign company licensed to do so. The launch came just weeks after BlackRock recommended investors triple their allocations to Chinese assets. This will push billions of dollars in China. “The Chinese market represents an important opportunity to help achieve long-term goals for investors in China and abroad,” BlackRock Chairman Larry Fink wrote in a letter to shareholders.
BlackRock takes its responsibilities to 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.
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