The billionaire oligarch’s fortune is tied inextricably with the communist super-power, and the two have often found themselves aligned in the common cause of undermining US democracy.
That may be why Soros feels particularly threatened by BlackRock’s recent venture into his territory.
“The Chinese market represents a significant opportunity to help meet the long-term goals of investors in China and internationally,” wrote BlackRock CEO Larry Fink about the investment company’s exclusive entry into the Chinese market in a recent letter to shareholders. “It also provides us an opportunity to help address the challenge of retirement for millions of people in China.”
But in a follow-up op-ed for the Wall Street Journal, Soros sounded the alarm.
“The launch came just weeks after BlackRock recommended that investors triple their allocations in Chinese assets,” he wrote. “This will push billions of dollars into China.”
His appeal for “bipartisan” regulation of the arrangement immediately raised questions about the underlying motives.
It isn’t the first time the globalist supervillain has made a pragmatic appeal to the other side.
He previously lauded the Trump administration’s efforts to impose tough trade restrictions on China, and particularly warned about its edge in the 5G race.
“The greatest—and perhaps only—foreign policy accomplishment of the Trump administration has been the development of a coherent and genuinely bipartisan policy toward Xi Jinping ’s China,” Soros began in an op-ed piece published Monday by the Wall Street Journal.
Soros’s apparent hostility toward China likely offers a window as to where his current investments lie. He notoriously reaped profits by doubling down on the Chinese yuan shortly before a 2008 crash sent the US economy into recession and forced trillions in stimulus relief funds to flood the market.
With the US now in virtual ruins, its global standing largely diminished by the Biden administration, and public confidence in many other institutions now cratering, Soros may yet again be trying to play the competing economies against one another—this time on a race to the bottom.
He said his BlackRock could inadvertently be contributing to China’s aggressive, imperialist ambitions by failing to note the blurred lines between private enterprise and the Chinese Communist Party.
“The firm seems to have taken the statements of Mr. Xi’s regime at face value,” Soros wrote.
“It has drawn a distinction between state-owned enterprises and privately owned companies, but that is far from reality,” he continued. “The regime regards all Chinese companies as instruments of the one-party state.”
While Soros’s true intentions may be wicked, he may also have a point about BlackRock’s less-than-savory movements.
The company’s sudden interest in China seems deeply suspicious given the fact that at least three members of the Biden Cabinet boast leadership experience with the top asset-management firm on their resumes.