Billionaire investor Mark Mobius says he's been able to get his money out of China, but investing in the country is still a 'dilemma' amid national security laws
Richard Brian/Reuters
- Mark Mobius said in an interview with Fox Business that he was finally able to get his cash out of China.
- He previously had trouble withdrawing his funds, due to Chinese capital controls that limit outflows.
- But investment in China is still concerning amid national security laws, he warned.
Mark Mobius said he was able to take his money out of China, but investing in the country is still a concern amid national security laws, the billionaire warned.
In a March interview with Fox Business, the Mobius Capital Partners founder said he was unable to withdraw his funds from his HSBC account based in Shanghai, citing government capital controls that limit the flow of money out of China.
But on Tuesday, he said he was able to withdraw his cash soon after his complaint aired.
"As soon as we had the program, it went viral, and my bank immediately called me from Shanghai and said, 'let's do something about this,'" Mobius said in a follow-up interview with Fox Business. "I think the Chinese government was also upset, and they said, look, there's no reason why the money can't come out."
Still, Mobius remains wary on investments headed into the country, as China's national security laws could put American firms' assets or intellectual property at risk.
"China is also trying to attract American companies to come into China, and of course, they will try to get information from these companies as much as they can. So it's a real dilemma," he said.
That comes amid new updates to China's anti-espionage laws, which have broadened the definition of spying and have led Chinese regulators to scrutinize foreign businesses operating in the country.
Recently, authorities questioned staff and raided the China-based offices of various American firms operating in the country, leading the US Chamber of Commerce to call the new laws a "serious concern."
Meanwhile, US lawmakers are reportedly considering limiting American investments into China, as well as Chinese investments in the US.
Still, American firms with key production and manufacturing ties in the country are keen to continue business: on Tuesday, Tesla CEO Elon Musk made his way to China for the first time in nearly three years. JPMorgan CEO Jamie Dimon also traveled to China this week, and urged the US not to break its economic ties with the nation.
from Business Insider https://ift.tt/ZplchQY
Comments
Post a Comment