Unlike other American car-makers, Tesla does not have factories in China. Xi didn’t provide any clarity on whether foreign automakers would be able to set up manufacturing facilities without Chinese joint venture partners entirely, but since Beijing wants to dominate EV technology and develop its own EV supply chain, some in China’s auto industry have speculated that Tesla could receive favorable treatment.
Elsewhere, J.P. Morgan and BlackRock are both looking to expand their asset management businesses in China, said Peter Alexander, founder of Z-Ben Advisors. “Among U.S. managers, the likes of JPM, Blackrock and Invesco are currently the best positioned. They’ve been strategically adept — more than others — and have multiple platforms to access the China market,” he said.
Met Life has its toe in the Chinese market and could also benefit, said Sam Radwan, CEO of ENHANCE International. He added that the life insurance industry would likely see changes first.