by Jacob Goldstein

China's state-run media outlets are joining a global trend, the FT reports: bashing Goldman Sachs.

Here's a tidbit from an article that ran last week in a state-owned newspaper and was widely distributed through government news portals.

Many people believe Goldman Sachs, which goes around the Chinese market slurping gold and sucking silver, may have, using all kinds of deals, created even bigger losses for Chinese companies and investors than it did with its fraudulent actions in the US.

 

The article didn't make any specific allegations; in the U.S., Goldman has been accused of fraud but denies the charges.

Other Chinese publications have been complaining about Goldman as well. And the complaints seem to have a similar source to those in the U.S.: Goldman has been making money in China, even when some of its clients have lost.

For example, Goldman designed and sold oil hedging contracts to state-owned companies; those hedges didn't pan out when oil prices plunged, contrary to the predictions of Goldman analysts, the FT says.

"We’ve a very strong track record in China and one we’re proud of, but we need to help people better understand our business," a Goldman spokesman told the FT.

That's very similar to what Goldman's CEO Lloyd Blankfein has been saying in the U.S.

"[W]e have a lot of work to do explaining to people what it is that we do," Blankfein said on Charlie Rose.

China Bonus: Listen to our recent interview with Ian Bremmer, who argues that free-market capitalism will increasingly conflict with "state capitalism," in China and around the world.