In August 2021, BlackRock set up its first mutual fund in China after raising over one billion dollars from 111,000 Chinese investors. BlackRock became the first foreign-owned company allowed by the Chinese government to operate a wholly-owned business in China's mutual fund industry.[110][111][112] Writing in The Wall Street Journal, George Soros described BlackRock's initiative in China as a "tragic mistake" that would "damage the national security interests of the U.S. and other democracies."[113]