Recent data from Dealogic shows that wall street investment banks face bleak prospects in the Chinese market. Lucia Dunn, an economics professor at Ohio State University, says that the Chinese Communist Party (CCP) will never deal with them in a Western-standard fairway.
After lobbying the Trump administration to sign a trade war ceasefire agreement with the CCP, Wall Street was thrown a sweet pie by the CCP, allowing foreign banks to operate wholly owned subsidiaries in China. According to the U.S.–China trade agreement, the CCP authorities lifted the foreign ownership limits in the mutual fund and securities industries on April 1, 2020.
