(Bloomberg) -- Carlyle Group Inc. co-founder David Rubenstein said U.S.-China relations are at their lowest since the 1989 Tiananmen crackdown, but are likely to improve after the U.S. elections.
Rubenstein is the latest to weigh in on tensions between the two countries, which companies including TikTok owner ByteDance Ltd. and HSBC Holdings have had to grapple with. The U.S. private equity giant manages about $221 billion in assets.
“Whoever is elected president, the relationship will improve,” Rubenstein said at the SuperReturn Asia Virtual conference on Tuesday. “Things will be said during a campaign that are not really meant to be taken as seriously after the campaign is over.”
If Joe Biden wins, Rubenstein said he suspects more displeasure will be expressed by the U.S. administration on Hong Kong and the security law there, and human rights issues in China.
U.S and China have had a “pretty good” relationship in private equity, and Rubenstein sees deal activity picking up after the elections.
“A number of American firms are investing heavily, including my own firm, in China,” said Rubenstein.
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