Global EditionASIA 中文双语Français
Home / Business / Macro

Wall Street, China getting closer despite tensions in tech industry: The Economist

Xinhua | Updated: 2020-09-08 14:28
Share - WeChat
A sign for BlackRock Inc hangs above its building in New York, US, July 16, 2018. [Photo/Agencies]

LONDON -- Although tensions between the United States and China in technology industry continue to grow, "Wall Street and China are getting closer," The Economist magazine reported.

BlackRock, an American global asset management company, Vanguard, an American registered investment advisor, and US leading investment bank and financial services company JPMorgan Chase have been continuously expanding businesses in China, wrote an article published by the magazine.

"Yet one part of the global economy the pattern is of superpower engagement, not estrangement: high finance," it wrote. "Wall Street's taste for China reflects a long-term bet that finance's center of gravity will shift east."

The article said Washington has sought to "weaponise America's pre-eminence, by pushing Chinese firms to delist their shares from New York."

"But if anything the trade war has shown the growing muscle of China in finance," it noted.

A big wave of companies are turning to China's Hong Kong for initial public offering (IPO), and then there is "the surprising rush of Wall Street firms and other foreign investors" into the Chinese mainland, according to the article.

Noting that China's ability to attract Wall Street companies during the trade war reflects "the clout its capital markets have," the article suggested that China "create its own global finance and payments infrastructure and make the yuan more freely convertible" to become a financial superpower.

Copyright 1995 - . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
License for publishing multimedia online 0108263

Registration Number: 130349