China frees Mintz staff in move to soothe foreign sentiment

25/3/2025 11:43

Chinese authorities have released all employees of a U.S. corporate due diligence firm detained in Beijing two years ago in an apparent move to reassure foreign firms operating in China amid sliding foreign investment in the world's No.2 economy.



The detained Beijing employees at Mintz Group, all Chinese nationals, have been freed, a company spokesperson told Reuters on Tuesday.



News of their release came on the heels of the just-concluded China Development Forum in Beijing attended by dozens of foreign CEOs, a platform that Chinese officials had used to bring home the message that China is open to foreign capital.



Chinese authorities had detained the five local staff in a raid that turned out to be the beginning of a sweeping crackdown on consultancy and due diligence firms including Bain & Company's office in Shanghai, as well as Capvision Partners.



The employees of Mintz, which specialises in background checking, fact gathering and internal investigations, were detained in March 2023 just before the same high-profile economic forum, casting a chill on foreign sentiment towards China.