Some U.S. states are scrapping investments in Chinese companies amid tensions between countries with the world's largest economies. Indiana, Florida and Missouri all have taken actions requiring their public retirement systems to divest from certain Chinese companies. A similar measure was vetoed this year in Arizona.
FILE - The American and Chinese flags wave at Genting Snow Park ahead of the 2022 Winter Olympics, Feb. 2, 2022, in Zhangjiakou, China . Some U.S. states are scrapping investments in Chinese companies amid tensions between countries with the world’s largest economies. Missouri State Treasurer Vivek Malek stands for a photo on Jan. 4, 2024, at his office in the state Capitol in Jefferson City, Mo. Malek pushed for the Missouri State Employees’ Retirement System to divest from Chinese companies.
“Most of these policies are unwise and would make U.S. citizens poorer,” said Ben Powell, an economics professor who is executive director of the Free Market Institute at Texas Tech University. Indiana last year became the first to enact a law requiring the state’s public pension system to gradually divest from certain Chinese companies. As of March 31, 2023, the system had about $1.2 billion invested in Chinese entities with $486 million subject to the divestment requirement. A year later, its investment exposure in China had fallen to $314 million with just $700,000 still subject to divestment, the Indiana Public Retirement System said.
Two of Malek’s main challengers in the Republican primary — state Rep. Cody Smith and state Sen. Andrew Koenig — also support divestment from China.“In China, the line between public and private is much more blurry than it is in America,” Smith said. “So I don’t think we can fully know that if we are investing in Chinese companies that we are not also aiding an enemy of the United States.”
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