'Tragic Mistake': George Soros Lambasts BlackRock China Investments Push

George Soros (File) - Sputnik International, 1920, 07.09.2021
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George Soros, the billionaire investor and founder of the Open Society Foundations, has previously slammed President Xi Jinping, claiming in a Financial Times op-ed that the Chinese president "does not know how markets operate".
Investor George Soros has dubbed the company BlackRock's push for investments in China a "tragic mistake" that would allegedly lead to clients losing their money, according to the billionaire's new op-ed in The Wall Street Journal.

"Pouring billions of dollars into China now is a tragic mistake", Soros claimed in the op-ed. "It is likely to lose money for BlackRock's clients and, more important, will damage the national security interests of the US and other democracies".

Soros went on to assert that the US and China are "engaged in a life and death conflict between two systems of governance: repressive and democratic", urging the US Congress to pass legislation that would empower the Securities and Exchange Commission to "limit the flow of funds to China".
His comments follow American investment management corporation BlackRock, the largest asset manager in the world, announcing a major initiative in August aimed at pouring money into China, tapping the $3.6 trillion retail fund market.
According to BlackRock, China should no longer be considered an "emerging market", but rather be "represented more" in investment portfolios. The BlackRock Investment Institute (BII) recommended that investors triple their allocations to China, while the corporation's Chairman Larry Fink said "the Chinese market represents a significant opportunity to help meet the long-term goals of investors in China and internationally".
BlackRock Group - Sputnik International, 1920, 07.09.2021
BlackRock Group
Soros, however, appears to disagree, casting a shadow over BlackRock's investment enthusiasm about China, saying the company has drawn a clear distinction between the country's state-owned enterprises and private companies - a line that, according to Soros, is far from reality.
The billionaire earlier rolled out an op-ed for the Financial Times, criticising Chinese President Xi Jinping, saying that the latter "does not understand how markets operate".

"[...] Chinese financial authorities have gone out of their way to reassure foreign investors and markets have responded with a powerful rally", Soros wrote in the FT op-ed. "But that is a deception. Xi regards all Chinese companies as instruments of a one-party state. Investors buying into the rally are facing a rude awakening".

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