"BlackRock Implements New Security Guidelines"
Bloomberg reported on July 22 (local time) that BlackRock, the world's largest asset manager, has established security guidelines prohibiting employees traveling to China from using company-issued devices such as mobile phones.
According to an internal BlackRock memo obtained by Bloomberg, this measure has been in effect since July 16. Employees traveling to China are required to use temporary loaner mobile phones. In addition, remote access via VPN (Virtual Private Network) is also prohibited, and employees were notified that access to company networks will be blocked even when traveling to China for personal reasons, Bloomberg reported.
This measure comes amid a series of recent incidents in which foreign business personnel have been prevented from leaving China. Previously, foreign media reported that a senior trade finance executive from the American bank Wells Fargo was recently barred from leaving China after a visit, and a U.S. Department of Commerce employee has reportedly been stranded in China for several months.
Analysts say that geopolitical tensions between the U.S. and China, as well as China's strengthened data security measures since 2021, are making it more difficult for global financial firms to operate in China. According to the Asia Securities Industry and Financial Markets Association (ASIFMA), foreign financial firms have had to operate separate onshore systems to store data within China, leading to increased costs and management inefficiencies.
Currently, BlackRock operates a mutual fund company in China in which it holds a 100% stake, as well as an asset management joint venture established with China Construction Bank (CCB).
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