At a time when many nations in the West — including the United States — are condemning China for human rights abuses and genocide against the Muslim Uyghurs, investment firm BlackRock and CEO Larry Fink are doubling down on their business partnership with the communist government.
From Pensions & Investments:
Bing Ji was named general manager of BlackRock’s newly launched wealth management joint venture in Shanghai, BlackRock CCB Wealth Management, a spokeswoman confirmed Friday…
On Wednesday, BlackRock said that the joint venture it unveiled last August with a subsidiary of China Construction Bank and Singapore investment company Temasek had garnered regulatory approval to start operations…
BlackRock said it holds a majority 50.1% stake in BlackRock CCB Wealth Management. CCB Wealth Management Co., a wholly-owned unit of China Construction Bank, has 40% and Temasek holds the remaining 9.9%. The joint venture “will draw on BlackRock’s expertise in investment and risk management, as well as China Construction Bank’s client base and national distribution network to meet Chinese investors’ demand for diversified asset management solutions and support the development of the local wealth and asset management industry,” the release Wednesday said…
Laurence D. “Larry” Fink, BlackRock’s chairman and CEO, in the news release said, “We are committed to investing in China to offer domestic assets for domestic investors and look forward to creating a better financial future for more people.”
As followers of the National Legal and Policy Center know, Fink has moralized for years now about the need for “corporate social responsibility” by investing in environmental, social, and governance (ESG) priorities, yet has willfully ignored the corrupt, dictatorial, repressive and genocidal Chinese government. He has refused to divest from the 137 Chinese companies listed on American stock exchanges, as has been urged by National Legal and Policy Center. Revelations about the Communist Chinese Party’s abuses in Hong Kong, and of the Muslim minority Uighurs in Xinjiang, have not held back Fink’s ambitions.
On Monday a coalition of human rights groups called for a complete boycott of the 2022 Winter Olympics in Beijing.
“The Chinese Communist Party is engaged in a merciless crackdown on Chinese human rights defenders, activists, faith communities, and journalists and implementing an intense strategy of intimidation and geopolitical bullying against Taiwan,” the groups said in a joint statement.
And Republican Sen. Rick Scott of Florida has called upon sponsors to withdraw to pressure the Chinese, and he also has asked President Joe Biden to move the Olympics to a U.S. city.
“I am sure you agree the crimes committed by General Secretary Xi (Jinping) are horrific. We cannot give a nation that is so overtly abusing human rights a platform to whitewash its crimes by hosting the Olympic Games,” Scott wrote to the corporate sponsors. “Therefore, I am asking you to stand for human rights and freedom, and use your considerable leverage as a sponsor of the 2022 Olympic Games to publicly urge the IOC to move the games to a nation that values human dignity and freedom.”
While believers in human rights see genocide, torture, and oppression as abhorrent and worthy of boycotts and sanctions, Larry Fink sees it as a business opportunity worthy of an increased partnership.