Concern in China over Blackstone investment

The sale of a minority stake in the Blackstone Group to China was announced without controversy in the U.S. In China, however, there is a fair amount of hand-wringing going on, The New York Times notes. The deal could pose some political issues especially if Blackstone starts buying more assets in China. The move seems to be part of a larger effort to invest more abroad. An investment company is being set up to hold the Blackstone and other investments. Clearly, China has a lot of dollars that it wants to put to work. Like other institutions, it wants high returns. The problem is, what happens if the fund starts converting dollars into yuan to invest in China. That might be a problem for the state.

For more:
- here's the New York Times article