US. Federal Retirement Fund Halts Planned China Investment Under Pressure
A government retirement fund on Wednesday halted plans to invest in Chinese stocks this year, after growing criticism that the move would channel the savings of government workers to companies that are working against the national security goals of the United States.
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In a statement, the Federal Retirement Thrift Investment Board, which manages the retirement savings plan, said it had “deferred the transition” of the fund as a result of “a meaningfully different economic environment” related to the pandemic, as well as the nomination of three new board members to oversee the fund.
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The fund, part of the Thrift Savings Plan, which is similar to a 401(k), is not well known outside Washington policy circles. But the plan’s effort to diversify the international stock portion of the $593.7 billion it has in assets under management has become a flash point in an increasingly contentious relationship between the United States and China.
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Read more @NY Times
