British businessman Martin Sorrell has warned that it's unwise for companies to completely ignore China despite the challenges that exist in the country.
"It is the world's second largest economy," Sorrell told CNBC's "Squawk Box Europe" on Monday. "It's going to be the world's largest economy in a few years, not on a per capita basis, but on an absolute basis, and you ignore it at your peril."on multiple companies this year, prompting a sharp sell-off in Chinese stocks. Regulators are specifically clamping down on areas like gaming and data-sharing.
"We doubled up in China early in the year when we bought another agency in Shanghai into our family," Sorrell said. "We have intentions to continue to broaden our business, but I think the structures that we deploy in China might end up being very different as a result of this rift in U.S.-China relationships."
Sorrell said the actions of the Chinese government on privacy, data, education and gaming shouldn't come as a surprise given China made it quite clear in its 45-year plan that it had concerns.Last week, billionaire George Soros criticized Blackrock, the world's largest asset manager, for its investments in China.on Sept. 7, Soros described BlackRock's initiative in China as a "tragic mistake" that would "damage the national security interests of the U.S.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Martin Short reveals 1 tweak he’d make to his iconic 'Father of the Bride' characterMartin Short and Steve Martin starred together in the beloved 1991 comedy.
Read more »
Martin Compston baffles fans by 'refusing to stand' for Joan Collins at NTAsThe viewing public were on the cusp of 'going full AC-12' to get to the bottom of why Line of Duty star Martin Compston didn't stand for the iconic octogenarian, and even Lorraine Kelly told fans she was baffled by the 'snub'
Read more »
Pro-China Online Network Used Fake Accounts to Urge Asian-Americans to Attend Protests, Researchers SayFake social-media accounts linked to the Chinese government tried to draw Americans out to real-world protests against racism and anti-Chinese Covid-19 rhetoric, according to U.S. security firms. 'They’re copying the Kremlin’s playbook.'
Read more »
Emma Raducanu, US Open winner, finds new fans in ChinaTennis fans in China celebrated Emma Raducanu's performance on the court Sunday, taking pride in her Chinese heritage.
Read more »