Fred Hu says China's finance sector is its weakness in U.S. rivalry

According to CNBC, Primavera Capital Group Chairman and CEO Fred Hu said China's financial system is the country's main weakness in its rivalry with the United States, rather than AI, semiconductors or tariffs. Speaking in Singapore last week, Hu said Beijing's private equity firms still depend heavily on U.S. fundraising, while Chinese regulators have tightened controls on capital flows and Washington has restricted American investment in sensitive Chinese technologies.