Larry Fink’s BlackRock imposes new restrictions, asks employees not to carry phones and laptops to…, company also plans to…

New Delhi: In a major development, BlackRock has imposed new restrictions on company-issued devices for employees traveling to China. As per the new directive, the company employees will be requiring staff to use temporary loaner phones and prohibiting company laptops during business trips, according to Bloomberg News and Reuters reports.

BlackRock, the company co-founded by Larry Fink, has detailed the “policy enhancement” in an internal memo effective July 16, barring the use of BlackRock-issued iPhones, iPads, laptops, and remote access via virtual private networks while in China.

What Does The Move Reflect?

Experts suggest that the move reflects the raising corporate anxiety about business operations in China as geopolitical tensions between Washington and Beijing continue to strain international business relationships.

It is important to note that the restrictions come after a series of high-profile incidents involving Western business executives being prevented from leaving China. To recall, the Wells Fargo suspended travel to China last week after one of its senior trade financing bankers, Chenyue Mao, was blocked from departing the country. The move was termed by Beijing’s foreign ministry a criminal matter.

Earlier this month, China also prevented a US Patent and Trademark Office employee from leaving during a personal visit, while a US Commerce Department worker has reportedly been unable to leave China for several months

BlackRock and China:

BlackRock has a significant footprint in China, operating through its wholly owned mutual fund company and a wealth management joint venture with China Construction Bank Corp. The firm’s new travel policy reflects the broader challenges facing global financial institutions operating in an increasingly complex regulatory and security environment between the world’s two largest economies.

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