Counting the cost of Beijing’s private fund rules reversal

As Beijing has swiftly dismantled capital controls in recent years, it has increasingly realised that to attract foreign investment it must raise onshore standards of governance and working practices. As part of this process its financial watchdogs have, in the space of just a few months, moved from holding a laissez faire attitude to tens of thousands of private fund managers to clamping down aggressively upon them.  Many market participants feel the authorities have shifted th…