China’s Great Firewall 2.0 will repel smart money

The Great Firewall of China is starting to work in two directions. Once focused on blocking offshore websites, authorities are increasingly hiding information from prying foreign eyes. It will obstruct the flow of the most useful capital.

Brv, Clm

1/14/2022 11:23:00 AM

Chinese authorities are hiding government pages, ship movements and even bus schedules from prying foreign eyes. They’re confident overseas funds will keep flowing in even with less access to information. That’s only half-right, says petesweeneypro

The Great Firewall of China is starting to work in two directions. Once focused on blocking offshore websites, authorities are increasingly hiding information from prying foreign eyes. It will obstruct the flow of the most useful capital.

$3.2 trillion in foreign direct investment stockby 2020.Access to the internet also allowed journalists to listen in to local complaints, contradicting rosy state media. Short sellers could use discrepancies between domestic corporate reports and U.S. securities filings to sniff out fraud. Overseas critics translated official pronouncements, police blogs and more to bolster their campaigns. Parochial local politicians who once naively assumed foreigners could not or would not read Chinese have learned otherwise.

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China’s Great Firewall 2.0 will repel smart moneyOnce focused on blocking offshore websites, authorities are increasingly hiding government pages, ship movements and even bus schedules from prying foreign eyes. They’re confident overseas funds will keep flowing in even with less access to information. That’s only half-right.

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Chinese bureaucrats have never been particularly welcoming to outsiders, but the post-Mao Zedong reform and opening movement did give them a clearer view. More reliable data helped the country attract over $3.2 trillion in foreign direct investment stock by 2020. Access to the internet also allowed journalists to listen in to local complaints, contradicting rosy state media. Short sellers could use discrepancies between domestic corporate reports and U.S. securities filings to sniff out fraud. Overseas critics translated official pronouncements, police blogs and more to bolster their campaigns. Parochial local politicians who once naively assumed foreigners could not or would not read Chinese have learned otherwise. Register now for FREE unlimited access to Reuters.com Register stopped broadcasting location data . Municipalities no longer feed bus and train schedules to Google Maps. Domestic economists and stock analysts are required to be upbeat in public, diluting the value of domestic content. Even LinkedIn China, a banal corporate network, has been shut down. The combined effect makes it harder to visit or invest in China, or connect with Chinese professionals. Beijing seems confident that