The country has created an entire industry for those who love it, and those who fear its rise.
JPMorgan and Goldman Sachs love being in China. It’s a whole new market of people who want to invest, and companies who want to do U.S.-style IPOs, maybe in Shanghai, maybe in Shenzhen, maybe in Hong Kong or New York. Those firm are there, and they are majority owners of their businesses now.is supposed to provide companies like that with even greater access to China. Maybe Visa and Mastercard will finally get some market share away from UnionPay. This is what they hope....
China ended 2019 with more American money going there than Chinese money coming here. It’s a one-way street. Xi’s country’s getting more of our money than Trump’s country is getting from them. The deal has not been signed, but already China is abiding by some terms in the agreement to rollback tariffs. Tariffs began in 2018 on some $50 billion worth of goods,On Friday, China said it is cutting tariffs of some relatively unsexy petrochemical derivatives—products that are not household names, like “white crude,” for instance.
China even saw a host of its favorite candidates get ransacked in a District Council election, Hong Kong’s loose version of the U.S. House of Representatives. There was no reported interference by Beijing in those elections, by and large. Team China lost in a landslide. Hong Kong pro-democracy protesters won. Trump said they should have madeIt is still unclear if China will lose Hong Kong in 2019, though that seems unlikely.
Will Hong Kong erupt again in 2020, and, if so, will the U.S. pull the plug on its special trading status with the U.S.? For sure such a move would kill the phase one trade deal, making it improbable in an election year. Xi would really have to send in the tanks before that happens.
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