Stephen Schwarzman, chairman of Blackstone Group, said on 19 May that the new U.S. administration will “soften” its approach to China, which is expected to ease the tense standoff between the two sides.
BlackRock Chairman Stephen Schwarzman
Reuters reported that Schwarzman, one of Trump‘s biggest Wall Street backers during his re-election campaign, participated in a financial forum in Hong Kong on Tuesday. There is really a big overlap of interests between these countries and global interests,” said Schwarzman. I expect tensions to ease a lot.”
Trump, who is leaving office, reportedly completed his final executive order on China in his final week in office, including assessing the security risks of Chinese Drones and requiring U.S. investors to completely drop stocks in 44 Chinese companies involved in the Communist Party’s military.
The report noted that investors expect more clarity from the Biden administration on the rules, but are not hopeful for substantial changes in the relationship
According to Schwarzman’s autobiography published in 2019, Schwarzman served as chairman of the Trump Strategy and Policy Forum and participated in the U.S.-China trade dialogue.
Schwarzman’s Blackstone Group also invests in China in other areas such as real estate and pharmaceuticals; Schwarzman also founded the Schwarzman Scholarship, an international graduate scholarship program at Tsinghua University in China.
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