Beijing clamps down on ‘expert networks’ over threats to national security, sending shockwaves through the financial world with experts saying the move will derail China’s push to attract foreign investors
Private conversations with corporate insiders and ex-government officials that cost upwards of US$10,000 an hour. Coded language and blurred regulatory lines.
For hedge funds and other global investors, China’s vast web of “expert networks” has become a key tool for navigating an opaque but potentially lucrative economic powerhouse. For Xi Jinping’s (習近平) Communist Party, the secretive industry represents something far more ominous: a threat to national security that must be reined in.
That contradiction is now sending shockwaves through the financial world as China’s government cracks down on the expert networks it had showered in praise less than a decade ago during Xi’s first term as president. The anti-espionage campaign — which centers on Capvision, a giant of the industry with offices in Shanghai and New York — has reignited concern among China watchers that Xi’s fixation on security and tightening grip on information will derail his push to attract foreign investors.
In this image taken from undated video footage run by China’s CCTV, Chinese police raid the Capvision office in Shanghai. China’s chief foreign intelligence agency has raided the offices of business consulting firm Capvision in Beijing and other Chinese cities as part of an ongoing crackdown on foreign businesses that provide sensitive economic data. Photo: AP
ABRUPT CRACKDOWN
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