BlackRock, MSCI draw scrutiny from US House Committee on China

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The worldโ€™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.

The worldโ€™s largest asset manager and a leading investment index provider are facing congressional probes for allegedly facilitating the flow of U.S. dollars into Chinese companies that the United States has deemed to be fueling Chinaโ€™s military or the regimeโ€™s human rights abuses.

In letters dated July 31 to BlackRock CEO Larry Fink and MSCI head Henry Fernandez, the U.S. Houseโ€™s China Select Committee stated that a brief review of MSCI indexes and BlackRock funds showed that the two companies together have directed investments to more than 60 Chinese entities already on the U.S. blacklist.

As a โ€œdirect resultโ€ of BlackRockโ€™s and MSCIโ€™s decisions, Americans who invested savings in their funds are now โ€œunwittingly fundingโ€ Chinese companies that build weapons for the Chinese military known as the Peopleโ€™s Liberation Army, giving a hand to โ€œthe CCPโ€™s stated mission of technological supremacy,โ€ Rep. Mike Gallagher (R-Wis.), the committeeโ€™s chairman, and Rep. Raja Krishnamoorthi (D-Ill.), the ranking Democrat, wrote.

โ€œIt is unconscionable for any U.S. company to profit from investments that fuel the military advancement of Americaโ€™s foremost foreign adversary and facilitate human rights abuses,โ€ the lawmakers wrote, adding that the โ€œmassive flows of American capitalโ€ to these entities are โ€œexacerbating an already significant national security threat and undermining American values.โ€

In the case of BlackRock, across five funds alone, the asset manager has invested more than $429 million in flagged Chinese firms, while nearly 5 percent of the MSCI China A Index is pegged to blacklisted entities. Such numbers, the lawmakers suspect, are only the tip of the iceberg.

The probe makes up part of the committeeโ€™s ongoing investigation into U.S. investments in China, which, in July, included venture capital firms that have invested in China-based artificial intelligence, semiconductor, and quantum companies.

Byย Eva Fu

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