Blackstone’s Schwarzman says new US administration to take ‘softer tone’ towards China

Photo: REUTERS/Brendan McDermid

Blackstone Group Inc Chairman Stephen Schwarzman said on Tuesday that the new U.S. administration was going to take a “softer tone” towards China, and that he expected lower tensions between the two countries.

Schwarzman, one of Wall Street’s biggest donors to President Donald Trump’s re-election campaign, was speaking at a finance forum in Hong Kong.

“There is really a very substantial overlap of interest in these countries and the interest of the world,” he said. “I expect to see much less tension.”

Schwarzman’s remarks came one day before President-elect Joe Biden’s inauguration.

Outgoing President Donald Trump rushed through final executive orders against China during his last week in office, including assessment of security risks of Chinese drones and requiring U.S. investors to completely divest from the securities of 44 companies deemed to be linked to the Chinese military.

Investors expected more clarity from Biden’s administration regarding the rules but were not hopeful for a fundamental change of relationship between the world’s two biggest economies.

Schwarzman served as chair of Trump’s Strategic and Policy Forum and was involved in trade talks between the U.S. and China, according to his autobiography published in 2019.

His firm Blackstone invests in China’s real estate, pharmaceutical and other sectors.

Schwarzman also founded the Schwarzman Scholars, an international postgraduate scholarship programme at China’s Tsinghua University.

Reuters

Singapore Reporter/s

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Following vacancies can be applied for (only in Singapore).   

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.