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“The Unknown Unknowns Have Increased”: Wall Street Ponders the China Conundrum

Serious China watchers fear that businesses have underestimated the gravity of Xi’s “regulatory crackdown”—but privately worry that Washington isn’t responding with nearly enough nuance. “It's impossible to decouple,” warns one China expert. “[You] can't afford to not be there.”

Joe Biden and Xi Jinping
Photo by Chip Somodevilla/Getty Images
William D. Cohan
October 6, 2021

In a September research report, the mighty Goldman Sachs asked the important question: “Is China Investable?” By this, Goldman wasn’t necessarily thinking about retail investors. Instead, the firm was hypothesizing about the risk tolerance for the companies that it specializes in advising, and raising capital for, around the globe. Should they still feel comfortable doing business in the country?