Beijing's Diplomatic Release: A Move to Reassure Global Business Partners

Chinese authorities have freed Mintz Group employees detained in Beijing two years ago. The release aims to reassure foreign businesses as China confronts declining investment amid a crackdown on due diligence firms. The move coincides with outreach efforts to enhance China's appeal to international corporations.

In a significant diplomatic gesture, Chinese authorities have released employees of the U.S.-based corporate due diligence firm, Mintz Group, who were detained in Beijing two years ago. The move is seen as an effort to restore confidence among foreign businesses as China grapples with a decline in foreign investment.

The release of the Chinese nationals was confirmed by a company spokesperson and coincided with the conclusion of the China Development Forum in Beijing. This platform was utilized by Chinese officials to underscore China's openness to foreign capital, amidst a backdrop of increased scrutiny on consultancy firms operating within its borders.

The crackdown, which began with raids on Mintz Group and included Bain & Company and Capvision Partners, has been linked to investigations into forced labor in supply chains tied to China's Xinjiang region. Meanwhile, despite welcoming foreign trade, China maintains that national security remains a priority.

(With inputs from agencies.)