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Dave McCormick’s former company invested in Chinese manufacturers of military equipment: Report

“This shows exactly why it’s important for the government to crack down on China,” McCormick said in response to the report.

Dave McCormick, a Republican running for U.S. Senate, speaks to supporters at the February Wyoming County Lincoln Day Dinner in Tunkhannock, Pa.
Dave McCormick, a Republican running for U.S. Senate, speaks to supporters at the February Wyoming County Lincoln Day Dinner in Tunkhannock, Pa.Read moreTyger Williams / Staff Photographer

Republican U.S. Senate candidate Dave McCormick led a hedge fund that invested millions in Chinese companies that produced military equipment.

While McCormick was CEO or co-CEO of Bridgewater Associates, the hedge fund held more than $200 million in stock in at least 20 Chinese companies that were later sanctioned by the United States for being part of China’s military industrial complex, Bloomberg Government reported Friday.

McCormick, who is challenging incumbent Democratic Sen. Bob Casey to represent Pennsylvania in the Senate, has made a hawkish approach to China a key element of his campaign. He’s advocated for banning any U.S. investment that could benefit the country’s national security.

» READ MORE: Dave McCormick wants to ban China from these six things as he debuts more hawkish campaign tactics

In a statement to The Inquirer, McCormick said Bridgewater’s decision to stop the investments after sanctions were imposed highlighted the need for stricter federal rules around China.

“This shows exactly why it’s important for the government to crack down on China, the way Donald Trump did, which is something career politicians Joe Biden and Bob Casey have failed to do,” McCormick said.

The sanctions against the Chinese firms were imposed by both then President Donald J. Trump and President Joe Biden in 2020 and 2021, respectively.

“The private sector follows the government’s lead, and in the case of Bridgewater, once the government issued its executive orders, Bridgewater complied with all its terms,” McCormick said. “I continue to fully oppose US investments in Chinese companies that the US government has determined are threats to US national security and I think we now need to decouple our economy from China’s in strategically sensitive industries.”

McCormick left Bridgewater in 2022 before his first run for the U.S. Senate. According to Bloomberg, the company’s investment in Chinese firms grew during his time with the company beginning in 2017.