US-Sino tensions help spawn China card game craze

us-sino-tensions-help-spawn-china-card-game-craze
US-Sino tensions help spawn China card game craze

China’s bankers and business executives have increasingly relied on domestic capital in recent years due to a lack of foreign funding. One popular method of accessing this capital is through a card game called Guandan, which has gained popularity among venture capitalists and local government officials in eastern regions. Investment banker Yang Yiming explains that they play the game because officials enjoy it and it helps build connections. The game’s popularity has grown nationwide, partly due to financial constraints resulting from strained relations with the United States. President Joe Biden’s recent restrictions on investment in semiconductors and other sensitive sectors have further limited foreign venture-capital investment in China. Additionally, President Xi Jinping’s crackdowns on various industries have reduced domestic private capital. As investment prospects dim, financiers see Guandan as a way to establish connections with officials who control local projects, especially those deemed too risky by foreign investors. The game provides an opportunity for chit-chat and the exchange of useful information. Many players enjoy the mental stimulation and social aspects of the game, making it appealing to people from all walks of life. While some officials have been censured in the past for receiving bribes through card games like Guandan, Beijing seems unfazed by the game’s growing interest and has even organized a nationwide competition.

About News Team

Hi, I'm Alex Perez, an experienced writer with a focus on lifestyle and culture news. From food and fashion to travel and entertainment, I love exploring the latest trends and sharing my insights with readers. I also have a strong interest in world news and business, and enjoy covering breaking stories and events.

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