{
  "id": 2763219,
  "title": "Wall Street helped build modern China. But is it now being cast aside?",
  "url": "https://urgent.news/2026/08/23/wall-street-helped-build-modern-china-but-is-it-now-being-cast-aside",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-08-23T10:00:08.000Z",
  "source": {
    "name": "SCMP Business",
    "slug": "scmp-business",
    "url": "https://www.scmp.com/business/banking-finance/article/3364838/wall-street-helped-build-modern-china-it-now-being-cast-aside"
  },
  "original_language": "en",
  "account": "For decades, American finance titans such as Henry Paulson, Stephen Schwarzman, and Ray Dalio were revered as \"old friends of China\" by senior officials and given unprecedented access to the country's leaders. However, despite ongoing visits to China and ongoing commercial ties, private meetings with top leadership have dwindled. This shift has sparked a question among global investors: can Wall Street still serve as a link to Beijing amid a shifting US-China relationship? Christopher Marquis, a professor at Cambridge Judge Business School, believes the decline in these roles indicates their diminished usefulness. He notes that China's economy no longer requires the foreign capital and expertise it once did. The \"honeymoon period\" between Wall Street and Beijing began during the late 1990s and 2000s China reform era, when Beijing depended heavily on foreign financial expertise to modernize its economy. Key players like Goldman Sachs, Morgan Stanley, and China International Capital Corporation played significant roles, leading to substantial returns such as Alibaba's record-breaking IPO. However, the economic dynamics have shifted; China is now focusing on self-sufficiency and technology innovation, distancing finance from foreign help. This change, coupled with increased regulatory friction and stricter capital flow controls, has resulted in a marked decrease in cross-border deals and foreign ownership in mainland securities brokerages. Despite these challenges, at least seven foreign firms now wholly own mainland brokerages, but analysts doubt this will revive Wall Street's previous role.",
  "summary": "For decades, Wall Street titans – from former Goldman Sachs chief Henry Paulson to Blackstone co-founder Stephen Schwarzman and Bridgewater founder Ray Dalio – were hailed as “old friends of China”, feted by senior officials and granted rare access to the country’s top leadership. Today, while American financiers continue to visit China and maintain commercial links, those private meetings with…",
  "key_points": [
    "Wall Street titans like Paulson and Dalio were once China's trusted advisors.",
    "Declining private meetings with top leadership indicate reduced usefulness.",
    "China now prioritizes self-sufficiency, reducing need for foreign finance."
  ],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}