China’s asset management industry is undergoing explosive growth. With its economy and export market humming, the stock market soaring, and household wealth expanding, the nation’s fund management companies now have more than $2 trillion in assets under management, up from about $1.3 billion in 1998, when the government first allowed six firms to begin building the industry. By 2025, the size of China’s fund management business could double, according to the Boston Consulting Group (BCG). And with Beijing liberalizing its financial markets and loosening restrictions on foreign financial firms doing business here, the race is now on to capture share in the world’s fastest growing market. Although Beijing’s relations with Washington have soured during the past four years, over human rights, Covid-19 and economic sanctions, China has courted Wall Street and global financial firms with promises of greater access and more control over their local operations. Firms like Black