Vanguard Group Shuts Its Businesses in Communist China

According to media reports, on March 21st, Vanguard Group Inc., the US asset management giant decided to shutter its business in Communist China and abandon the RMB 27 trillion (US$ 3.9 trillion) fund market.

Vanguard Group Inc is a highly pro-Chinese Communist Party (CCP) fund, with its Fund’s presence in most of the investments related to the CCP. Two years ago, in 2021, Vanguard Group started to withdraw from Communist China, surprisingly canceling its plans to apply for a joint fund management license in Communist China and focusing on the BangNiTou collaboration project launched by Ant Financial in 2020. Since then, Vanguard Group has wholly withdrawn. Vanguard Group has informed the CCP government that it intended to shutter its branch in Shanghai. It also planned to exit its robo-advisory business in partnership with Jack Ma’s Ant Financial. The moves will mark a complete exit from Communist China for the $7.1 trillion giant. The reversal is a cautionary tale for global peers, including BlackRock Inc. and Fidelity International Ltd.

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