Despite the fact that U.S. government officials have been allegedly looking toward American divestment from Communist China, American pension funds continue to invest in China to the tune of billions of dollars. The Chinese Communist Party (CCP) is America’s main and existential enemy in the world. The CCP is a genocidal and authoritarian dictatorship that oppresses millions of its own citizens and ethnic minorities. Yet Americans seem incapable of facing up to the reality of the CCP’s goals to supersede and undermine America. For instance, according to the Epoch Times, American pension funds continue to invest largely in China even as the Biden White House attempts some insufficient divestment policies. Why are U.S. entities so determined to prop up and profit from the insidious CCP? American public pensions have invested about $68 billion over the past three years that ended on June 30, according to recent data from a nonpartisan trade group called Future Union. The organization’s research revealed that 72 pension funds in 42 states possess at least one public pension that has been invested in China or Hong Kong through various funds, including in sensitive industries. Thirty-nine percent made investments in the past 12 months. Unsurprisingly, New York and the People’s Republic of Commiefornia — ahem, California — are the top culprits. The New York State Common Retirement Fund (NYSCRF) committed the largest cash amount for public pension funds at $8.392 billion, Epoch Times reported. The California Public Employees Retirement System ($7.8 billion) and the California State Teachers Retirements System ($5.559 billion) were second and third. Other states with China-investing funds include Pennsylvania, Maryland, and Washington. Unfortunately, Epoch Times explained, many state and local public pension funds are looking for solutions as they face billions of dollars’ worth in unfunded liabilities. A recent Truth in Accounting study, “Financial State of Cities,” found that pension debt at the local level totaled nearly $176 billion and that post-employed benefits, particularly health care, exceeded $135 billion. Academic endowments have also turned to Chinese investment, Epoch Times added, including University of California, University of Texas, and University of Michigan. Meanwhile the “MacArthur Foundation, the Carnegie Foundation, and the Andrew W. Mellon Foundation” were among the foundations with Chinese-related private fund investments. The Biden White House, meanwhile, at least made a pretense of recognizing the investment in China issue. “This past summer, the current administration issued an executive order prohibiting investment in specific Chinese sectors, particularly its technology industry, which involves artificial intelligence, semiconductors, and quantum computing,” Epoch Times stated. Unsurprisingly, considering Biden’s track record of China-pandering and receiving Chinese money, policymakers and market observers say the federal efforts are insufficient. Ultimately, Future Union (via Epoch) summed up the issue at hand very well. “The U.S. tax code gives special privileges to encourage wealthy individuals and entities to maintain generous giving preferences and risk-taking in return for shielding wealth under legal tax status exemptions,” the report stated. “Many of these benevolent institutions’ investment decisions have been unprincipled, betraying our country’s interest by investing in countries of concern like China.”
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