November 17, 2021

America’s political and business elites no longer agree on China

The business news has become a portal to the recent past. Researchers at BlackRock, the world’s largest asset manager, tell investors to as much as triple their exposure to China. Goldman Sachs is cleared to take full control of its securities business there. Apple, at least for now, withholds a Koran app from Chinese users, after officials expressed qualms.

“Three is a column,” goes the rule. But it is not a duty to stop there. The American Chamber of Commerce in Shanghai reports more confidence among its members than at any time since the trade tiff began. As for Goldman’s coup, JPMorgan Chase had already pipped it to the landmark of full ownership in China.

No one in Washington in, say, 2018 would have bet on much of the above. In their book Superpower Showdown, the reporters Bob Davis and Lingling Wei chart the raw meetings between US business and Chinese leaders…

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