World’s largest asset manager BlackRock tells employees: You cannot carry your phones and laptops for China Travel

The world’s largest asset manager, BlackRock, has asked its employees not to carry company-issued phones and laptops while travelling to China and has asked to use temporary loaner phones, according to Bloomberg News and Reuters reports.

The company has detailed the policy enhancement in an internal memo which is effective from July 16 which mentions barring use of BlackRock issue iPhones, iPads, laptops and remote access via virtual private networks while in China.

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According to a Bloomberg report, the company further mentioned that employees will also lose access to BlackRock network during personal travel to the country.

The move highlights growing corporate unease over operating in China amid escalating geopolitical tensions between Washington and Beijing, which are putting pressure on global business ties.

The report comes as firms witness China’s growing hold over access during the travel to the nation, as reported by Reuters.

On Monday, the U.S. State Department said that the Chinese government had blocked an unnamed U.S. Patent and Trademark Office employee visiting the Asian country in a personal capacity from leaving. Earlier this month, a Wells Fargo banker was also blocked from leaving China. Beijing's foreign ministry said the banker was involved in a criminal case, Reuters further reported.

As China implemented stricter data security laws in 2021, global financial firms have struggled to balance operational needs with compliance requirements.

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BlackRock maintains a substantial presence in China through a wholly owned mutual fund company and a wealth management company in a joint venture with China Construction Bank Corporation.