Billion dollar investment: The Rockefeller Foundation is preparing to expand to China

The foundation announced this news at an expo in Shanghai.
14.Nov 2020
 
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A gigantic art center with several galleries, museums and a business residence. This is exactly what the Rockefeller Foundation is going to build in Shanghai, China. It wants to start construction of the center next year and the work should be completed in 2026. In addition, the construction is to be the first significant investment of the Rockefeller Foundation in China - it wants to invest what amounts to 20 billion crowns there.

Combining art and industry

The Shanghai Arts Center is supposed to have several sections. The arts section should include a museum, theater, information center and art exchange center, art trade center, performing arts center and much more. The foundation wants to attract foreign experts to this section, but also train Chinese artists.

The next part should be the industrial section, which should be a key part of ​​the Rockefeller chain in the field of art trade in Asia.

"We hope that thanks to the construction of the Rockefeller Arts Center (in Shanghai), we will be able to work together to create a place that combines world-class art and industry to promote integration and exchange between China and the rest of the world,"

said the CEO of the Rockefeller Foundation in China Jack Hui at the China International Import Expo. He believes that the project could open trade channels between China and the United States and deepen cooperation.

Rockefeller Foundation Expo v Číně
Rockefeller Foundation Expo v Číně • Source: Profimedia

Trump continues his measures

The relationship between China and the United States is currently the most strained it has been in decades. Just the day before yesterday, the Donald Trump administration introduced other anti-Chinese measures - specifically, it banned American investments in companies owned or managed by the Chinese military. This could affect some of the largest Chinese companies, such as China Mobile or China Telecom.

Icy tension

However, this is just another step in the US-China trade war. Although the two countries announced last year that they had reached the first phase of a trade agreement, the relationship between the two countries then became more complicated again.

For example, in September, the Chinese Ministry of Commerce published a list of so-called "unreliable entities" that threaten Chinese interests. They could be banned from importing or exporting. However, China could also refuse to let their employees into the country or impose a fine on them. However, the specific names of the companies are not yet known. Donald Trump's government again imposed additional tariffs on Chinese goods last year. It has also limited the mobile phone maker Huawei and is fighting the apps Tik Tok and WeChat.

What will Biden do?

Joe Biden řeční
Joe Biden řeční • Source: Profimedia

The question of how could Democrat Joe Biden's presidency change the situation remains. China, which had previously waited to congratulate him on his win, joined other countries yesterday and congratulated Biden.

And what is Biden's attitude toward China? No one knows. During his campaign, however, Biden expressed several negative stances towards China, such as calling the Chinese president a "robber" and saying China's economic rise posed "the biggest strategic threat" to the United States. Therefore, many experts do not expect him to revoke Trump's measures any time soon. So far, however, he has not presented any concrete steps in relation to China and emphasized in his winning speech that he primarily wants to address the issue of the coronavirus in the USA. As an example, experts from The Wall Street Journal believe that Biden at least should not impose new tariffs.

Vila na prodej Střešovice 441m
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