U.S. public pension funds investing in China growth.

While there are ups and downs in the Biden administration’s relationship with the People’s Republic of China, hostility remains a constant.

That is not true for investors representing U.S. public pensions who continue to be bullish about investing our retirement funds in China’s economic growth.

In the interest of peace and my pension system’s return on investments, I hope the bullishness continues.

Of the top 74 pension funds cited in one report cited by CNBC, three-quarters made investments within the last 36 months. Four in 10 (39%) committed funds within the past 12 months.

The California Public Employees Retirement System (CaIPERS) — which describes itself as “the nation’s largest public pension fund,” serving more than 2 million of California’s public employees — ranked second. The fund has invested an aggregate $7.8 billion in China, a quarter ($1.8 billion) of which was committed over the past three years, including in 2023.

A spokesperson for CaIPERS said it is “a global investor and believes diversification is a key component to generating the returns needed to meet the retirement security of our 2 million members.” They added that the fund is “closely monitoring” discussions in Washington and elsewhere, and said that it will comply with “any additional government requirements that might be initiated.”

My Illinois teacher pension fund, TRS, has not disclosed information about investments in China.

Both the California State Teachers Retirement System (CaISTRS) and the New York State Teachers’ Retirement Fund invested $5.6 billion and $3.1 billion in China, respectively with each allocating one-quarter of those sums within the last 36 months.

CalSTRA is the largest public pension fund in the country.

Washington State Investment Board also committed over $5 billion to China, around 20% of which in the past 36 months.

The Minnesota State Board of Investment committed more than $1.3 billion in China since 2008, with a notable 70% — or $900 million – invested in the last 36 months.

The Teachers Retirement Fund of Texas invested more than $2.7 billion to China funds, 23% over the last 36 months.