Story perspectives

China’s private banker meetings fade as “old friends” remain

8/24/2026

Summary

Story summary

U.S. financiers report that private meetings with Chinese top leadership have largely diminished, though they still travel to China.
Former Goldman Sachs chief Henry Paulson and Blackstone co-founder Stephen Schwarzman were labeled “old friends of China.”
Bridgewater founder Ray Dalio also received the “old friends of China” label.
Cambridge Judge professor Christopher Marquis said the decline shows China no longer needs foreign bankers’ capital and expertise.

History

Historical Context

In February 1972 President Richard Nixon’s historic visit to Beijing began a thaw that culminated in the Jan 1 1979 Joint Communiqué establishing full diplomatic ties. The opening spurred U.S. banks—Citibank opened a Shanghai branch in 1979 and other banks expanded throughout the 1980s. Decades later financiers such as Henry Paulson see Beijing curbing foreign capital, reversing that early opening.

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Story summary

U.S. financiers report that private meetings with Chinese top leadership have largely diminished, though they still travel to China.
Former Goldman Sachs chief Henry Paulson and Blackstone co-founder Stephen Schwarzman were labeled “old friends of China.”
Bridgewater founder Ray Dalio also received the “old friends of China” label.
Cambridge Judge professor Christopher Marquis said the decline shows China no longer needs foreign bankers’ capital and expertise.

1 / 2