Commentary Despite tensions between Beijing and Washington ratcheting up over the last five years, Wall Street firms have steadily increased their business footprint in China while carefully navigating the political whirlwinds. But recent events involving the two of the most important firms on Wall Street signal that the industry is resolute in making China its most important growth market. In other words, the die has been cast and there is no turning back. On May 25, New York-based investment bank Goldman Sachs won approval from Beijing regulators for a 51 percent ownership stake in a wealth management joint venture with the Industrial and Commercial Bank of China (ICBC), one of China’s biggest commercial banks. Also in May, BlackRock—the world’s biggest asset manager with almost $9 trillion in assets—received approval to set up a wealth management business, of which it will own 50.1 percent, along with its partners China Construction Bank …