News Analysis While the Securities and Exchange Commission (SEC) continues to signal tighter audit standards for Chinese companies listed in the United States, the Chinese Communist Party (CCP) has been meeting privately with Wall Street firms to launch wholly-owned mutual funds in the Chinese capital market. Experts believe Wall Street will remain as a middleman between China and the United States while the potential for profits exists. On Sept. 22, the Wall Street investment firm Neuberger Berman was officially approved by the China Securities Regulatory Commission (CSRC), to become the third wholly overseas-owned mutual fund to operate in China along with BlackRock and Fidelity. The deal was promised by the CCP during a private China–U.S. Financial Roundtable (CUFR) held online with Wall Street executives on Sept. 16. Prior to that meeting, SEC Chair Gary Gensler wrote in a Wall Street Journal op-ed on Sept. 13 that “the SEC may need to prohibit trading …
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