Texas Gov. Greg Abbott discusses President-elect Trump’s deportation plan, Texas reportedly increasing the Rio Grande buoy border, government orders to guard against the China menace, and job creation.
Texas Gov. Greg Abbott has ordered all companies within the state to cease investing in China and to unload any holdings as quickly as doable, citing monetary and safety dangers.
In a letter dated Nov. 21, Abbott stated that “belligerent actions” of the Chinese language Communist Occasion (CCP) “throughout the Southeastern Pacific area and the world” had elevated dangers to Texas’ investments in China and informed buyers to get out.
Texas Gov. Greg Abbott speaks throughout an information convention at the Texas State Capitol on June 8, 2023, in Austin, Texas. (Brandon Bell/Getty Pictures / Getty Pictures)
“I direct Texas investing entities that you’re prohibited from making any new investments of state funds in China,” the Republican wrote. “To the extent you have any present investments in China, you might be required to divest on the first accessible alternative.”
The state of Texas has been taking a more and more activist stance in its companies’ investments, having beforehand restricted public pension funds from doing enterprise with Wall Avenue companies that have embraced environmental, social, and governance ideas.
STATE LEADERS URGED TO DIVEST PENSION FUNDS FROM CHINA: WATCHDOG
Its state companies embrace the Instructor Retirement System of Texas, which had $210.5 billion beneath administration at the finish of August, in keeping with its annual report.
Atlas Group founder Jonathan D.T. Ward discusses Jimmy Lai’s trial, U.S. executives taking part in a summit in Hong Kong, China getting ready for Trump’s tariffs and the adversary advising the U.S. to not gasoline stress in the Ukraine battle.
The TRS has roughly $1.4 billion publicity to Chinese language yuan and Hong Kong greenback belongings and listed Tencent Holdings as its tenth largest place, priced at about $385 million at present costs.
Abbott’s letter stated he had informed the College of Texas/Texas A&M Funding Administration Firm (UTIMCO), which manages almost $80 billion, to divest from China earlier this year.
US COMPANIES WITH HIGH CHINA EXPOSURE FACE MORE RISKS
The Texas governor has warned repeatedly that China is a rising menace to the U.S.
Throughout an interview on “Mornings with Maria” final year, Abbott mentioned Latin American nations turning more and more dependent on China and the lasting impression it might have on Texas in addition to the U.S.
Texas Governor Greg Abbott at a press convention at the Texas State Capitol on May 18, 2020, in Austin, Texas. (Picture by Lynda M. Gonzalez-Pool/Getty Pictures / Getty Pictures)
“China is absolutely coming in and altering the attitudes now of Central and South American nations,” Abbott stated, suggesting that the U.S. adversary’s effect over the “total area across the southern part of the USA” is “fairly alarming.”
GET FOX BUSINESS ON THE GO BY CLICKING HERE
In an op-ed printed on Fox Information days earlier, Abbott argued that “China’s sights are firmly set” on our southern neighbors as Texas stands on the “gateway of our nation and Latin American nations” as a buying and selling accomplice.
Reuters and FOX Enterprise’s Alicia Warren contributed to this report.
………………………….
AI GLOBAL NEWS, Sourcing from >>> FOXBUSINESS NEWS
Subscribe for updates!