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Wall Street’s new love affair with China At a time of growing geopolitical competition, US and European investment firms are plunging into the Chinese market. China, which by one measure now has more billionaires than the US, is opening its doors wider than ever to foreign firms.  AP May 30, 2021 – 1.22pm Save Share Zhao Lijian, foreign ministry spokesman, accused the US of “political manipulation” and of “stigmatising” China – the sort of regular spat that has prompted growing comparisons to the Cold War. But just a day earlier, another announcement told a different story about the ties between the world’s two leading powers. Goldman Sachs, an emblem of the globally dominant American finance industry, unveiled a wealth partnership with the state-owned Industrial and Commercial Bank of China. The deal could allow the Wall Street firm to draw on the savings of hundreds of millions of the bank’s Chinese customers.

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