David McCormick, a former CEO of the world’s largest hedge fund, has faced criticism for his investments in Chinese companies during his time at Bridgewater Associates. These investments have been used by both Republican primary rivals and Democratic opponents to attack McCormick’s run for the U.S. Senate in Pennsylvania. Sen. Bob Casey has accused McCormick of profiting from investments in Chinese companies involved in military and surveillance activities, painting him as someone who prioritized financial gains over American interests.
Despite the increasing tension between the U.S. and China, U.S. investment in Chinese companies surged during McCormick’s time at Bridgewater, reflecting the complex economic ties between the two countries. McCormick has defended his investments in China, attributing them to client expectations and the rapid growth of the Chinese economy. However, he has also acknowledged China as an “existential” threat to the United States and called for a comprehensive strategy to outperform China economically and technologically, signaling a shift in his stance on the issue.
While McCormick rarely talks about his time at the hedge fund during his campaign, focusing instead on his military service and tenure in the Bush administration, he continues to receive significant financial support from super PACs in the finance sector. His connections with China through Bridgewater have come under scrutiny, with opponents highlighting his involvement with a company that managed money for the Chinese government. McCormick lost narrowly in the 2022 GOP primary and is now facing a tough challenge from Sen. Casey, who has launched ads attacking McCormick over his ties to Chinese investments.
The contrast between McCormick’s former role as a CEO and his current political aspirations has become a focal point of the campaign, with both candidates vying to position themselves as tougher on China. McCormick has shifted his stance on U.S. investments in China critical to national security or tied to military activities, aligning more closely with the prevailing sentiment in Washington. As the campaign heats up, McCormick and Casey are engaged in a battle to prove who is better suited to address the challenges posed by China and safeguard American interests in the global economy.
