“Chinese Finance Executives Prioritize ‘Xi Jinping Thought’ Study, Impacting International Firms”
Finance professionals in China, including employees at the global financial firm BlackRock, are reportedly dedicating a significant portion of their workday—up to one-third of their working hours—to studying “Xi Jinping Thought,” a set of principles outlining China’s path to prosperity. This mandatory commitment to ideological study has extended to foreign staff members at international companies.
First introduced in 2017, “Xi Jinping Thought” comprises 14 guiding principles for China’s development, building upon the foundational teachings of Marxism-Leninism. This practice aligns with China’s shift towards emphasizing ideology to maintain the Communist Party’s control amid mounting economic pressures.
In addition to the pressure to study Xi’s doctrine, recent amendments to counter-espionage laws have disrupted standard business practices for international banks operating in China. These changes hinder information collection on local markets, potential partners, and competitors, making accurate reporting to investors and regulators more challenging for non-local businesses.
In March, Deloitte faced a $31 million fine following an official investigation that uncovered “serious deficiencies” in its audit of a state-owned debt management firm.
Furthermore, China’s foreign relations law stipulates that foreign nationals are not exempt from the country’s increasing control over private businesses. The law states that foreigners and foreign organizations in mainland China must comply with Chinese law and not jeopardize national security, harm public interests, or disrupt public order.
These developments reflect China’s evolving regulatory landscape and its growing focus on ideological adherence and control within the business sector.
A version of this post originally appeared at https://www.businessinsider.com/blackrock-execs-in-china-ordered-spend-working-day-xi-thought-2023-9
