Bad news. The Americans are terrified of Chinas economic potential.
I think they are just looking after investors. The quality of audits in China is pretty poor and we have had numerous fraud scandals. The Big Four accountancy companies rent out their brands in Asia but do not perform quality control over the audits so it looks like they have been performed by KPMG etc. but really it is KPMG China. These fraud cases have resulted in massive losses for retail investors (i.e. Luckin Coffee).
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