The Canada Pension Plan has invested more than $7 billion in China, despite Canadian politicians calling out Chinese companies for unfair trade practices and human rights violations,
Feds put $604M of Canadians' pension funds in blacklisted Chinese EV companies | Western Standard | Jen Hodgson:
July 2, 2024 - "The Canada Pension Plan Investment Board disclosed it held $604 million in shares in the Chinese electric vehicle sector, per Blacklock's Reporter. Finance Minister Chrystia Freeland, meanwhile, blamed Chinese industry for job-killing schemes....
"On June 24, Freeland named the Chinese sector as predatory and announced a 30-day Customs Tariff review of trade practices in the electric auto market. 'Workers and the auto sector currently face unfair competition from China,' said Freeland.
"Stock bought with Canada Pension premiums included $287 million in Contemporary Amperex Technology Co. Ltd. of Fujian Province, the world’s largest electric auto battery manufacturer. Canadians also own $12 million worth of stock in Great Wall Motor Co., maker of Ora-brand electric cars.
"Other Pension Plan holdings include $116 million in automakers BYD Co., $69 million in Li Auto Inc., $26 million in Chongqing Changan Automobile Co.and $19 million Nio Inc. Millions more were put in battery manufacturers and suppliers including $13 million in Tianqi Lithium Corp., $7 million in Eve Energy Co. and $6 million in Ganfeng Lithium Group. Freeland, in announcing the tariff review to autoworkers in Vaughan, ON, made no mention of CPP investments in Chinese industry....
"The CPP board holds a total $7.5 billion worth of shares in Chinese companies of all types. A parliamentary committee in a report last December 13 had urged the board to pull investments from Chinese companies involved in unethical or illegal practices.
“'There is no legislative or regulatory provision that would prevent investments in the People’s Republic of China (PRC),' wrote the Special Committee on Canada-China Relations. However the Board could 'compile and maintain an official list of companies deemed unsuitable,' said the report on the exposure of Canadian investment funds to human rights violations in the PRC."
Canadian Pension Funds prefer investing in China & private equities over Canada's natural resources | Red Cloud TV | February 7, 2024:
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