Documents show more than $600 million in Canadian Pension Plan (CPP) funds are in China’s electric vehicle sector — which was accused by cabinet of unfair trade practices. The Canada Pension Plan Investment Board disclosed it held $604 million in shares in the Chinese electric vehicle sector, per Blacklock's Reporter. No reason was given.Finance Minister Chrystia Freeland, meanwhile, blamed Chinese industry for job-killing schemes, telling Canadian workers: “We are going to protect you.”On June 24, Freeland named the Chinese sector as predatory and announced a 30-day Customs Tariff review of trade practices in the electric auto market.“Workers and the auto sector currently face unfair competition from China,” said Freeland.Stock bought with Canada Pension premiums included $287 million in Contemporary Amperex Technology Co. Ltd. of Fujian Province, the world’s largest electric auto battery manufacturer. Canadians also own $12 million worth of stock in Great Wall Motor Co., maker of Ora-brand electric cars.Other Pension Plan holdings include $116 million in automakers BYD Co., $69 million in Li Auto Inc., $26 million in Chongqing Changan Automobile Co.and $19 million Nio Inc. Millions more were put in battery manufacturers and suppliers including $13 million in Tianqi Lithium Corp., $7 million in Eve Energy Co. and $6 million in Ganfeng Lithium Group.Freeland, in announcing the tariff review to autoworkers in Vaughan, ON, made no mention of CPP investments in Chinese industry. “The most important people here are all the great workers,” she said.“One, we believe in you.” “Two, we have invested in you and we are going to keep on investing in you because you are literally one of the engine rooms of Canada.” “And three, we are going to protect you and defend you from unfair competition and I want you to know that 100%.”“I just want to say to every one of you, you are remarkable. You work so hard every day and thanks to how hard you work, thanks to your teamwork, thanks to how smart you are, you are putting Canada on the cutting edge of one of the most important industries in the world. I am so grateful to you and I am so proud of you.”The CPP board holds a total $7.5 billion worth of shares in Chinese companies of all types. A parliamentary committee in a report last December 13 had urged the board to pull investments from Chinese companies involved in unethical or illegal practices.“There is no legislative or regulatory provision that would prevent investments in the People’s Republic of China (PRC),” wrote the Special Committee on Canada-China Relations. However the Board could “compile and maintain an official list of companies deemed unsuitable,” said the report on the exposure Of Canadian investment funds to human rights violations in the PRC.
