While the Covid-19 pandemic and the tensions with the U.S. have overshadowed China's historic opening up of its financial markets, Blackrock's co-founder Larry Fink said that he has huge ambitions in the «Middle Kingdom».
«We are here to work with China,» Larry Fink, chief executive, said via a video link at the Lujiazui Forum in Shanghai on Thursday.
The chief executive of the world’s largest money manager said China will continue to attract global investments, especially in Shanghai as more investors seek exposure to onshore assets, «Bloomberg» reported. «Despite the noise in the markets now, I am optimistic that the U.S.-China relationship can continue to develop for the whole world in a positive manner,» Fink said.
Market Opening
Fink has previously said he wants Blackrock to be one of China's top asset managers as the Asia region contributes a larger share of global assets. The firm is currently expanding in the country, and is looking to expand its 35-person team there to support its push to tap into a market that is estimated to reach $30 trillion in assets by 2023.
China further liberalized its asset management industry in April, allowing money managers to apply for licenses to set up wholly-owned mutual fund firms. Firms like Vanguard, Blackrock and Neuberger Berman have already applied to the securities regulator to do so, while J.P. Morgan has used the opportunity to boost its ownership of a joint venture to 100 percent.
