I guess I don't necessarily view this from a simple ND first kind of deal. The Legacy fund, first and foremost, is supposed to bring a financial reward back to the residents of ND, if it can be done with in-state companies and projects, that's great. But given how recessions and other poor economic conditions are often geographically defined, investing all of the $8 billion into ND would probably be riskier than any of us would do with our own retirement plans.
That being said, since the State Investment Board tends to favor pretty conservative returns on its investments, I am not sure we don't have the expertise in State to largely manage it, all while dedicating a fair amount (20-50%) to ND based companies and projects.
Nonetheless, I am not very excited about it investing in anything Chinese.