China raids, fines US firm for foreign-related statistical investigations without approval

<p>China imposed roughly US$1.5 mn in financial penalties on the Beijing arm of Mintz Group for allegedly conducting unapproved statistical work.</p><p>The info comes from a <a href="https://www.wsj.com/world/china/china-punishes-u-s-due-diligence-firm-mintz-over-statistical-work-835a1bd1" target="_blank" rel="nofollow">Wall Street Journal (gated)</a> report, in brief:</p><ul><li>Beijing Municipal Bureau of Statistics said Mintz’s Beijing office had carried out “foreign-related statistical investigations” without seeking and obtaining approvals for such work, and that such unsanctioned activities were in violation of Chinese regulations.
</li><li>Mintz allegedly engaged in unapproved foreign-related statistical investigations across 37 projects conducted from March 2019 to July 2022, according to the ruling</li></ul><p>This sort of garbage is what is weighing on foreign investment into China and thus economic growth. If you are considering sinking funds into China and perhaps mulling the RMB as a reserve currency (LOL), just remember that the Chinese Communist Party is not your friend. </p><p>—</p><p>You may recall these raids?</p><ul><li><a href="https://www.forexlive.com/news/reports-that-us-firm-minz-group-beijing-office-raided-chinese-staff-detained-20230324/" target="_blank" rel="follow">Reports that US firm Minz Group Beijing office raided, Chinese staff detained</a></li><li><a href="https://www.forexlive.com/news/more-on-the-raid-of-us-firms-beijing-office-5-chinese-citizens-detained-20230324/" target="_blank" rel="follow">More on the raid of US firm's Beijing office, 5 Chinese citizens detained</a></li><li><a href="https://www.forexlive.com/centralbank/china-is-increasingly-banning-people-from-leaving-the-country-to-weigh-on-the-economy-20230502/" target="_blank" rel="follow">China is increasingly banning people from leaving the country – to weigh on the economy</a></li></ul><p>Aimed at foreigners, and at his own country in a roundabout fashion. </p>

This article was written by Eamonn Sheridan at www.forexlive.com.