California has a massive $384 billion pension fun, called CalPERS. Recently, a Chinese-born fund manager has been hired to run the fund. Mr. Hu Meng has increased investment in Chinese Communist Party backed defense, espionage, and spying firms.

Wall Street Journal with a positive spin on the California state subsidizing ChiComs and human rights abusers:

"He has been re-examining everything from how the pension benchmarks returns to how it should borrow against pension assets to clear the way for market wagers. He told board members in May that risk was more complex than many investors thought. Building on a review already under way, Calpers revamped the algorithm dictating what goes into its stock index portfolio, which holds $130 billion. This resulted in the removal of 143 stocks, including prison stocks that Calpers had drawn heat for and the addition of 198, nearly half of them Chinese companies."

https://www.wsj.com/articles/nothing-is-sacred-for-new-leader-of-nations-largest-pension-fund-11576071146

The Epoch Times coveres the transistion to Mengs leadership and the types of investments in Chinese firma CalPERS has been involved in:

"Based on its 2017–2018 annual investment report, CalPERS invested in more than 100 Chinese companies. Among them are companies related to China’s military, cyberwarfare, human rights abusers, and defense industries, and some that have been cited for unethical business practices outside China"

https://m.theepochtimes.com/chief-investment-officer-of-us-largest-public-pension-fund-has-deep-ties-to-chinese-regime_2992183.html