Texas Gov. Greg Abbott discusses the deportation plan of President-elect Trump, it is reported that Texas expands the border buoy of the Rio Grande, directives to protect against the threat of China and the creation of jobs.
Texas Gov. Greg Abbott has ordered all state agencies to stop investing in China and sell any holdings immediately, citing financial and security risks.
In a letter dated November 21, Abbott said the Chinese Communist Party’s (CCP) “brutal actions” “throughout the Southeast Pacific region and the world” increased the risk to Texas investments in China, and told investors to get out.
Texas Gov. Greg Abbott speaks during a news conference at the Texas State Capitol on June 8, 2023, in Austin, Texas. (Photos by Brandon Bell / Getty Images)
“I am directing Texas investment entities that are not allowed to invest government funds in China,” the Republican wrote. “To the extent that you have any investment in China, you need to spend money at the first available opportunity.”
The state of Texas has been taking an activist stance on the investment of its agencies, as they have previously restricted public pension funds from doing business with Wall Street firms that have adopted environmental, social and governance principles.
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Its state institutions include the Teacher Retirement System of Texas, which had $210.5 billion in assets at the end of August, according to its annual report.
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TRS has about $1.4 billion in exposure to Chinese dollar and Hong Kong dollar assets, and lists Tencent Holdings as its 10th largest position, worth about $385 million at current rates.
Abbott’s letter said he told the University of Texas/Texas A&M Investment Management Company (UTIMCO), which manages about $80 billion, to divest from China earlier this year.
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The Texas governor has repeatedly warned that China is a growing threat to the US
In an interview on “Mornings with Maria” last year, Abbott discussed Latin America’s growing dependence on China and the lasting impact it could have on Texas and the US.
Texas Governor Greg Abbott at a press conference at the Texas State Capitol on May 18, 2020 in Austin, Texas. (Photo by Lynda M. Gonzalez-Pool/Getty Images / Getty Images)
“China is really coming in and changing the mindset now of Central and South America,” Abbott said, suggesting that the influence of America’s adversary over “the entire region around the southern half of the United States” is “very scary.”
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In a letter published on Fox News a few days ago, Abbott asserted that “the things of China are firmly placed” for our southern neighbors as Texas stands “at the gate of our nation and the countries of Latin America” as a trading partner.
Reuters and FOX Business’ Alicia Warren contributed to this report.
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