by Harry Wilmerding

A U.S. billionaire and hedge fund manager with massive investments in China defended the communist regime in response to queries about his decisions to invest in the country.

Ray Dalio, manager of the world’s largest hedge funds, said the Chinese government disappears people because it’s a “top down” nation where the government that acts like a “strict parent” in an interview with CNBC on Tuesday.

“What they have is an autocratic system, and one of the leaders described it, he said that the United States is a country of individuals and individualism,” while China’s government acts as “an extension of the family.”

“As a top down country, what they’re doing is it’s that kind of like a strict parent,” Dalio said.

Dalio, worth roughly $20 billion, made similar remarks regarding China during a Sept. 15 interview on CNBC. Dalio was pressed about his investments in China given the recent regulatory crackdown by the Chinese Communist Party.

“I can’t tell you whether their approach, our approach, my job isn’t to do that but they have a top down approach rather than a bottom up approach, very much like a strict parent,” Dalio said.

Dalio is reportedly launching a new China fund which aims to raise almost $500 million, according to CNBC.

Dalio’s hedge fund, Bridgewater Associates, is the largest in the world, having $223 billion in assets under management as of July, according to CNBC.

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