"Despite China-Bashing, Jane Corwin Invests In Chinese State-Run Companies"
In a bid to boost the Republican candidate in the New York 26th district special election, Jane Corwin, the National Republican Campaign Committee released an ad claiming Democrat Kathy Hochel supported a stimulus that “created green jobs in China.” The ad, which grossly misinterprets a clean energy tax credit provision in the economic stimulus program, attempts to portray Hochul as more interested in helping China than western New York. Press release after press release from Corwin and her allies attack Hochul for seeking to “leave future generations indebted to foreign countries like China.”
However, a review of Corwin’s personal finance disclosures show that Corwin has personally invested in state-run companies in China. Corwin appears willing to stretch the truth to use anti-China populism against Hochul, but has no problem directly profiting from corporations fully entwined with a repressive, communist regime:
– Corwin owns up to $15,000 in China Resources Enterprises, a state-owned conglomerate of textiles, beverages, and food processing businesses.
– Corwin owns up to $15,000 in stock from China Merchants Bank, a bank owned largely by a state-run holding company and chaired by an official from the Chinese People’s Political Consultative Conference.
– Corwin recently sold her investment in iShares China 25 Index, an ETF of various state-run Chinese companies, like China Telecom, and made up to $2,500.
Of course, there is nothing inherently wrong with investing in companies in China. But if Corwin wants to falsely accuse her opponents of helping China over the 26th district, it seems hypocritical for her to be banking on the success of those same companies. Moreover, as ThinkProgress’ Scott Keyes reported, Corwin has invested millions into American corporations that have shipped tens of thousands of jobs to China.