China Puts Spymaster in Charge of U.S. Corporate Crackdown

China's state-security czar Chen Yixin is in charge of the campaign to crackdown on overseas firms, sparking fears of risks for American companies operating in China and weakening the country's economy.

May 18, 2023 . 9:06 PM

1 min read

China puts state-security czar Chen Yixin in charge of overseas crackdown on firms.
Campaign includes raids on Chinese offices of US due-diligence firms and questioning of staff at Bain consulting firm.
Xi Jinping's aim is to displace technocrats and prioritize domestic security over economic development.
Shift risks alienating US companies and could further weaken China's economy.
Foreign direct investment in China expected to keep dropping.