China has come down hard on controlling its economy and society has rattled investors and heightened U.S. policymakers’ concerns about the government—even as some money managers highlight the risk of avoiding investments in the world’s second-largest economy.

On Wednesday, panelists at a hearing held by the U.S.-China Economic and Security Review Commission outlined the risks to both investors and companies trying to do business there. They stressed that China’s authorities see the economy as a means to the end of a socialist state fully controlled by the Chinese Communist Party, and they voiced concern some U.S. investors are unaware of the risks, especially as U.S.—China relations worsen.

The hearing echoed some of the concerns from others, like George Soros, who warned in an op-ed in the Wall Street Journal that investing in China now “was a tragic mistake” and criticized Blackrock (ticker: BLK), which raised nearly $1 billion from Chinese individuals for a mutual fund in China.

The takeaway was that the risks related to China are on policymakers’ radars, with many commissioners commenting on their reservations about investments in China.

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