But Western banks and asset managers are more than willing to up their bets on the world's second biggest economy, convinced that the opportunities remain too good to pass up. And the state-owned China Securities Journal reported Wednesday thatwants to establish its own wealth management joint venture in the country. "China represents a significant growth opportunity for global financial service companies," said Brendan Ahern, chief investment officer for KraneShares, an asset management firm focused on China stocks and bonds. "In other words, Western banks are playing the long game under the guise of portfolio diversification," he added. He added that China understands it needs to maintain access to foreign markets, technology and capital, necessitating those continued partnerships with Western firms.

Source: CNN January 14, 2022 11:25 UTC