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BlackRock executives in China spend 30% working time in classes on “Xi Thought”

12 points by kvee 3y ago

hindsightbias 3y ago
Flagged misleading title. Implies execs are doing so, when they have just been ordered to.
- syndicatedjelly 3y ago
  That FT article was excellent, but did not reference BlackRock once. It's a shame, I was looking forward to discussing that here (see my previous comment)
syndicatedjelly 3y ago
https://archive.ph/2O4Jg https://archive.ph/2O4Jg The FT article the Tweet references is way more interesting and involved that whatever that tweet is implying. A lot of this has been known or suspected of for a while now: The CCP exercises their power through second-order effect. Banning civil disobedience directly doesn't work well, but banning them through a proxy (such as by writing very vague laws and using their vagueness to prosecute whatever they need to) makes it more difficult to detect their control. >> Multiple local brokerage analysts and researchers at leading universities as well as state-run think-tanks said they had been instructed by regulators, their employers and even domestic media outlets to avoid speaking negatively about topics ranging from fears of capital flight to softening prices. Notice how "the government" is not asking people to soften their tone, it's all these proxy parties. >> Full and frank disclosure to investors and regulators around the world is, in effect, now illegal under Chinese law. When will investors in Chinese companies finally understand that the (now 2nd) biggest country in the world enforces lying to their face? >> The Hong Kong Stock Exchange repealed rules requiring discussion of risks from political structure, economic environment, {...} and government interference in business operations. Making progress in Hong Kong too. >> The SEC, not completely asleep at the switch, has advised PRC firms {...} to avoid delisting of Chinese companies from us stock exchanges. What switch is the author referring to specifically? Banning people from investing in Chinese companies? Prevent investment by those countries in the US? Real question - does the prospective Chinese businessman care at all about any of this? I imagine like in any country, someone starting a business probably is first and foremost concerned with selling to their local community. (Software is a bit different, but most physical shops probably want to sell locally first). >> “If the SEC doesn’t challenge Beijing’s primacy,” Pottinger, a former US deputy national security adviser, told me, “it will end up like an airport X-ray machine operator who is good at spotting nail clippers, but misses the suitcase bombs that could bring down planes.” That is a truly terrifying image

12 points by kvee 3y ago

hindsightbias 3y ago

Flagged misleading title. Implies execs are doing so, when they have just been ordered to.

syndicatedjelly 3y ago
That FT article was excellent, but did not reference BlackRock once. It's a shame, I was looking forward to discussing that here (see my previous comment)

syndicatedjelly 3y ago

https://archive.ph/2O4Jg https://archive.ph/2O4Jg The FT article the Tweet references is way more interesting and involved that whatever that tweet is implying. A lot of this has been known or suspected of for a while now: The CCP exercises their power through second-order effect. Banning civil disobedience directly doesn't work well, but banning them through a proxy (such as by writing very vague laws and using their vagueness to prosecute whatever they need to) makes it more difficult to detect their control. >> Multiple local brokerage analysts and researchers at leading universities as well as state-run think-tanks said they had been instructed by regulators, their employers and even domestic media outlets to avoid speaking negatively about topics ranging from fears of capital flight to softening prices. Notice how "the government" is not asking people to soften their tone, it's all these proxy parties. >> Full and frank disclosure to investors and regulators around the world is, in effect, now illegal under Chinese law. When will investors in Chinese companies finally understand that the (now 2nd) biggest country in the world enforces lying to their face? >> The Hong Kong Stock Exchange repealed rules requiring discussion of risks from political structure, economic environment, {...} and government interference in business operations. Making progress in Hong Kong too. >> The SEC, not completely asleep at the switch, has advised PRC firms {...} to avoid delisting of Chinese companies from us stock exchanges. What switch is the author referring to specifically? Banning people from investing in Chinese companies? Prevent investment by those countries in the US? Real question - does the prospective Chinese businessman care at all about any of this? I imagine like in any country, someone starting a business probably is first and foremost concerned with selling to their local community. (Software is a bit different, but most physical shops probably want to sell locally first). >> “If the SEC doesn’t challenge Beijing’s primacy,” Pottinger, a former US deputy national security adviser, told me, “it will end up like an airport X-ray machine operator who is good at spotting nail clippers, but misses the suitcase bombs that could bring down planes.” That is a truly terrifying image