These groups are funneling American money into the CCP and its military. Where is your money?
From The Epoch Times. The world’s largest asset manager and leading index provider are facing congressional probes for facilitating American dollars into Chinese companies that the United States has deemed to be fueling Chinese military growth or human rights abuses.
Have you taken your place on the wall?
In letters to heads of BlackRock and MSCI, Larry Fink and Henry Fernandez, the top Republican and Democrat on the House China Select Committee made known their investigation of the firms. A brief review of MSCI indexes and BlackRock funds, they said, showed that the two companies together have directed investments into over 60 Chinese entities already on the U.S. blacklist.
In the case of BlackRock, across five funds alone, the asset manager has invested more than $429 million in red-flag Chinese firms, while nearly 5 percent of the MSCI China A Index are pegged to problematic entities. …
As a “direct result” of BlackRock’s and MSCI’s decisions, Americans who invested savings in their funds are now “unwittingly funding” Chinese companies that build weapons for the Chinese military known as the People’s Liberation Army, giving a hand to “the CCP’s stated mission of technological supremacy,” wrote committee chairman Rep. Mike Gallagher (R-Wis.) and ranking member Rep. Raja Krishnamoorthi (D-Ill.) on July 31.
“It is unconscionable for any U.S. company to profit from investments that fuel the military advancement of America’s foremost foreign adversary and facilitate human rights abuses,” the lawmakers wrote. …
The Chinese entities on MSCI indexes include state-owned aerospace firm Aviation Industry Corporation China, which makes aircraft for the Chinese military; BGI Genomics, a military-linked Chinese gene giant that the United States has found complicit in supporting forced labor; and ZTE, whose telecom equipment the United States banned last year citing national security risks.
BlackRock, meanwhile, has funded a major subsidiary of China General Nuclear Power Group that the U.S. authorities accused of stealing U.S. nuclear technology, as well as that of China North Industries Group Co., producer of artillery shells and munitions for the Chinese military. …
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(Excerpt from The Epoch Times. Photo Credit: Spencer Platt/Getty Images)