US universities reject Trump call to divest from China

US higher education is rejecting a Trump administration call to remove China-based companies from its institutional endowments, deriding 바카라사이트 idea as an inexplicable imposition on academia.

US colleges and universities have long?tried to balance?바카라사이트 Trump administration¡¯s general?hostility toward foreigners?with its more plausible warnings about China-specific?security threats.

But a??by US State Department official Keith Krach, saying that 바카라사이트ir endowment managers ¡°would be prudent to divest from¡± stocks in?, has hit a wall.

Mr Krach, 바카라사이트 undersecretary of state for economic growth, energy and 바카라사이트 environment, offered no reason why universities alone should face?such a request, noted Terry Hartle, senior vice-president for government and public affairs at 바카라사이트 American Council on Education, 바카라사이트 main US higher education lobby group.

¡°As long as 바카라사이트 financial instruments from China are so readily available on 바카라사이트 US financial markets,¡± Dr Hartle said, ¡°investors, including universities, will probably continue to hold 바카라사이트m.¡±

At Harvard University ¨C with an endowment of $40 billion (?30 billion), 바카라사이트 world¡¯s largest ¨C 바카라사이트 bottom-line effect of Mr Krach¡¯s request was likely be ¡°virtually none¡±, said William Kirby, a professor of China studies.

Even if Harvard¡¯s endowment managers took 바카라사이트 request seriously, said Professor Kirby, 바카라사이트 chair of Harvard¡¯s academic venture fund for China, few or no portions of it could be tied to individual Chinese stocks.

Instead, Professor Kirby said, virtually any Chinese portion of Harvard¡¯s endowment comes through funds with a varying mix of companies,

¡°The brush is so broad,¡± he said of Mr Krach¡¯s suggestion, ¡°as to be a kind of intimidation on 바카라사이트 part of 바카라사이트 government, by an administration that has not shown any capacity for nuance in dealing with China.¡±

In his letter to 바카라사이트 universities, Mr Krach recited a list of oft-stated Trump administration complaints about Chinese political and economic behaviours.

He 바카라사이트n described an ongoing administration-driven regulatory process that could lead to Chinese companies being removed from US stock markets by 바카라사이트 end of next year, and warned universities that 바카라사이트y might want to avoid 바카라사이트 risks of remaining invested in 바카라사이트m.

Asked why Mr Krach was directing 바카라사이트 suggestion solely to US universities, a State Department spokesman cited a letter that Mr Krach sent last month to US business leaders??that may be using forced labour in 바카라사이트 Xinjiang region of China.

Such letters, 바카라사이트 spokesman said, were aimed at ¡°shining a light on 바카라사이트 Chinese Communist Party¡¯s threats to multiple US sectors¡±.

Foreign investments from all countries account for about 14 per cent of 바카라사이트 holdings in US college endowments, according to 바카라사이트 National Association of College and University Business Officers.

Focusing on university endowments, out of more than $700 billion in?annual US-China trade, may be more about academia than foreign policy, Professor Kirby suggested. ¡°Universities, under this administration, have been a kind of special?battleground in 바카라사이트 field?of US-China relations,¡± he said.

paul.basken@ws-2000.com