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China's Recent Stock Market Volatility: What Are the Implications? [January 9, 2016]
"China's two main stock markets, the Shanghai Stock Exchange (SSE) and the Shenzhen Stock Exchange (SZSE), experienced rapid price increases from about mid-2014 to mid-2015. However, from June 12 to July 7, 2015, the Shanghai and Shenzhen Composite Indices fell by 32% and 40%, respectively. The Chinese government intervened to halt the slide via stock purchases and other measures. Stock prices later stabilized, but experienced sharp declines in mid-August 2015 and again during the first week of 2016. The volatility of China's stock exchanges, and the government's interventionist policies, have raised concerns over the health of the Chinese economy as well as the government's commitments to implement free market reforms. Such concerns may have contributed to volatility in global stock exchanges over the past year."
Library of Congress. Congressional Research Service
Morrison, Wayne M.; Nelson, Gabriel M.
2016-01-09
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China-U.S. Trade Issues [December 15, 2015]
"U.S.-China economic ties have expanded substantially over the past three decades. Total U.S.-China trade rose from $2 billion in 1979 to $591 billion in 2014. China is currently the United States' second-largest trading partner, its third-largest export market, and its biggest source of imports. In addition, according to one estimate, sales by foreign affiliates of U.S. firms in China totaled $364 billion in 2013. Many U.S. firms view participation in China's market as critical to staying globally competitive. […] China is the largest foreign holder of U.S. Treasury securities ($1.26 trillion as of September 2015). China's purchases of U.S. government debt help keep U.S. interest rates low. Despite growing commercial ties, the bilateral economic relationship has become increasingly complex and often fraught with tension. From the U.S. perspective, many trade tensions stem from China's incomplete transition to a free market economy. While China has significantly liberalized its economic and trade regimes over the past three decades, it continues to maintain (or has recently imposed) a number of state-directed policies that appear to distort trade and investment flows. Major areas of concern expressed by U.S. policymakers and stakeholders include China's alleged widespread cyber economic espionage against U.S. firms; relatively poor record of intellectual property rights (IPR) enforcement; discriminatory innovation policies; mixed record on implementing its World Trade Organization (WTO) obligations; extensive use of industrial policies (such as financial support of state-owned firms and trade and investment barriers) in order to promote and protect industries favored by the government; and interventionist policies to control the value of its currency. Many U.S. policymakers argue that such policies negatively impact U.S. economic interests and have contributed to U.S. job losses."
Library of Congress. Congressional Research Service
Morrison, Wayne M.
2015-12-15
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U.S. Trade Concepts, Performance, and Policy: Frequently Asked Questions [November 5, 2015]
"Congress plays a major role in U.S. trade policy through its legislative and oversight authority. There are a number of major trade issues that are currently the focus of Congress. For example, bills were introduced in the 113th Congress to reauthorize Trade Promotion Authority (TPA), the U.S. Generalized System of Preferences (GSP), and the U.S. Export-Import Bank, and legislative action on these issues could be forthcoming in the 114th Congress. Additionally, Congress has been involved with proposed free trade agreements (FTAs), including the Trans-Pacific Partnership (TPP) involving the United States and 11 other countries and the Transatlantic Trade and Investment Partnership (TTIP) between the United States and the European Union (EU). Also of interest to Congress are current plurilateral negotiations for a Trade in Services Agreement (TISA) and an updated multilateral Information Technology (ITA) agreement in the World Trade Organization (WTO). Trade and investment policies of major U.S. trading partners (such as China), especially when they are deemed harmful to U.S. economic interests, are also of continued concern to Congress. Recent improved U.S. relations with Cuba have resulted in the introduction of several bills to boost bilateral commercial ties. The costs and benefits of trade to the U.S. economy, firms, workers, and constituents, and the future direction of U.S. trade policy, are the subject of ongoing debates in Congress. This report provides information and context for these and many other trade topics."
Library of Congress. Congressional Research Service
Morrison, Wayne M.; Bolle, Mary Jane; Jackson, James K., 1949- . . .
2015-11-05
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China's Economic Rise: History, Trends, Challenges, and Implications for the United States [October 21, 2015]
"Prior to the initiation of economic reforms and trade liberalization 36 years ago, China maintained policies that kept the economy very poor, stagnant, centrally-controlled, vastly inefficient, and relatively isolated from the global economy. Since opening up to foreign trade and investment and implementing free market reforms in 1979, China has been among the world's fastest-growing economies, with real annual gross domestic product (GDP) growth averaging nearly 10% through 2014. In recent years, China has emerged as a major global economic power. It is now the world's largest economy (on a purchasing power parity basis), manufacturer, merchandise trader, and holder of foreign exchange reserves. The global economic crisis that began in 2008 greatly affected China's economy. China's exports, imports, and foreign direct investment (FDI) inflows declined, GDP growth slowed, and millions of Chinese workers reportedly lost their jobs. The Chinese government responded by implementing a $586 billion economic stimulus package and loosening monetary policies to increase bank lending. Such policies enabled China to effectively weather the effects of the sharp global fall in demand for Chinese products. However, the Chinese economy has slowed in recent years, due in part to sharp slowdowns in the growth rates of export and fixed investment. Real GDP fell from 10.4% in 2010 to 7.8% in 2012, to 7.3% in 2014. The IMF projects that China's real GDP growth will slow to 6.8% in 2015 and to 6.3% in 2016."
Library of Congress. Congressional Research Service
Morrison, Wayne M.
2015-10-21
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China's Recent Stock Market Volatility: What Are the Implications? [October 21, 2015]
"China's two main stock markets, the Shanghai Stock Exchange (SSE) and the Shenzhen Stock Exchange (SZSE), experienced rapid price increases from about mid-2014 to mid-2015. However, from June 12 to July 7, 2015, the Shanghai and Shenzhen Composite Indices fell by 32% and 40%, respectively. The Chinese government intervened to halt the slide via stock purchases and other measures, raising concerns among financial analysts about the Chinese government's commitment to allowing the market to play a greater role in China's economy. Both the SSE and the SZSE regained some stability in the wake of the government intervention, but begun to experience sharp losses again beginning around mid-August. From June 12 to August 25, 2015, combined market capitalization of losses by the SSE and SZSE totaled approximately $5 trillion, essentially wiping out most of the gains made in the first half of 2015."
Library of Congress. Congressional Research Service
Morrison, Wayne M.; Nelson, Gabriel M.
2015-10-21
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China-U.S. Trade Issues [October 14, 2015]
From the Introduction: "Economic and trade reforms begun in 1979 have helped transform China into one of the world's fastest-growing economies. China's economic growth and trade liberalization, including comprehensive trade commitments made upon entering the World Trade Organization (WTO) in 2001, have led to a sharp expansion in U.S.-China commercial ties. Yet, bilateral trade relations have become increasingly strained in recent years over a number of issues, including a large and growing U.S. trade deficit with China, resistance by China to appreciate its currency to market levels, China's mixed record on implementing its WTO obligations, infringement of U.S. intellectual property (including through cyberespionage), and numerous Chinese industrial policies that appear to impose new restrictions on foreign firms or provide unfair advantages to domestic Chinese firms (such as subsidies). Several Members of Congress have called on the Obama Administration to take a tougher stance against China to induce it to eliminate trade and economic policies deemed harmful to U.S. economic interests and/or inconsistent with WTO rules. This report provides an overview of U.S.-China commercial relations, including major trade disputes."
Library of Congress. Congressional Research Service
Morrison, Wayne M.
2015-10-14
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China's Economic Rise: History, Trends, Challenges, and Implications for the United States [October 9, 2015]
"Prior to the initiation of economic reforms and trade liberalization 36 years ago, China maintained policies that kept the economy very poor, stagnant, centrally-controlled, vastly inefficient, and relatively isolated from the global economy. Since opening up to foreign trade and investment and implementing free market reforms in 1979, China has been among the world's fastest-growing economies, with real annual gross domestic product (GDP) growth averaging nearly 10% through 2014. In recent years, China has emerged as a major global economic power. It is now the world's largest economy (on a purchasing power parity basis), manufacturer, merchandise trader, and holder of foreign exchange reserves. […] China's economic rise has significant implications for the United States and hence is of major interest to Congress. This report provides background on China's economic rise; describes its current economic structure; identifies the challenges China faces to maintain economic growth; and discusses the challenges, opportunities, and implications of China's economic rise."
Library of Congress. Congressional Research Service
Morrison, Wayne M.
2015-10-09
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China's Economic Rise: History, Trends, Challenges, and Implications for the United States [September 11, 2015]
"Prior to the initiation of economic reforms and trade liberalization 36 years ago, China maintained policies that kept the economy very poor, stagnant, centrally-controlled, vastly inefficient, and relatively isolated from the global economy. Since opening up to foreign trade and investment and implementing free market reforms in 1979, China has been among the world's fastest-growing economies, with real annual gross domestic product (GDP) growth averaging nearly 10% through 2014. In recent years, China has emerged as a major global economic power. It is now the world's largest: economy (on a purchasing power parity basis), manufacturer, merchandise trader, and holder of foreign exchange reserves. The global economic crisis that began in 2008 greatly affected China's economy. China's exports, imports, and foreign directly investment (FDI) inflows declined, GDP growth slowed, and millions of Chinese workers reportedly lost their jobs. The Chinese government responded by implementing a $586 billion economic stimulus package and loosening monetary policies to increase bank lending. Such policies enabled China to effectively weather the effects of the sharp global fall in demand for Chinese products. However, the Chinese economy has slowed in recent years, due in part to sharp slowdowns in the growth rates of export and fixed investment. Real GDP fell from10.4% in 2010 to 7.8% in 2012, to 7.4% in 2014. The IMF projects that China's real GDP growth will slow to 6.8% in 2015 and to 6.1% in 2016."
Library of Congress. Congressional Research Service
Morrison, Wayne M.
2015-09-11
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U.S. Trade Concepts, Performance, and Policy: Frequently Asked Questions [August 3, 2015]
"Congress plays a major role in U.S. trade policy through its legislative and oversight authority. There are a number of major trade issues that are currently the focus of Congress. For example, bills were introduced in the 113th Congress to reauthorize Trade Promotion Authority (TPA), the U.S. Generalized System of Preferences (GSP), and the U.S. Export-Import Bank, and legislative action on these issues could be forthcoming in the 114th Congress. Additionally, Congress has been involved with proposed free trade agreements (FTAs), including the Trans-Pacific Partnership (TPP) involving the United States and 11 other countries and the Transatlantic Trade and Investment Partnership (TTIP) between the United States and the European Union (EU). Also of interest to Congress are current plurilateral negotiations for a Trade in Services Agreement (TISA) and a new multilateral Information Technology (ITA) agreement in the World Trade Organization (WTO). Trade and investment policies of major U.S. trading partners (such as China), especially when they are deemed harmful to U.S. economic interests, are also of continued concern to Congress. Recent improved U.S. relations with Cuba have resulted in the introduction of several bills to boost bilateral commercial ties. The costs and benefits of trade to the U.S. economy, firms, workers, and constituents, and the future direction of U.S. trade policy, are the subject of ongoing debates in Congress."
Library of Congress. Congressional Research Service
Morrison, Wayne M.; Bolle, Mary Jane; Jackson, James K., 1949- . . .
2015-08-03
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China's Recent Stock Market Volatility: What Are the Implications? [July 20, 2015]
"China's two main stock markets, the Shanghai Stock Exchange (SSE) and the Shenzhen Stock Exchange (SZSE), experienced rapid price increases during the first half of 2015. Beginning around mid-June 2015, both began to decline sharply. From June 12 to July 7, the Shanghai and Shenzhen Composite Indices fell by 32% and 40%, respectively, resulting in a drop in combined market capitalization of approximately $3.6 trillion. Some immediate effects were felt in regional stock markets as well, with Hong Kong's Hang Seng Index dropping by more than 8% over the same period. China intervened to halt the slide via stock purchases and other measures, raising concerns among financial analysts about the Chinese government's commitment to allowing the market to play a greater role in China's economy. Both the SSE and the SZSE regained some stability in the wake of the government intervention."
Library of Congress. Congressional Research Service
Morrison, Wayne M.; Nelson, Gabriel M.
2015-07-20
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China's Economic Rise: History, Trends, Challenges, and Implications for the United States [June 14, 2015]
"Prior to the initiation of economic reforms and trade liberalization 35 years ago, China maintained policies that kept the economy very poor, stagnant, centrally controlled, vastly inefficient, and relatively isolated from the global economy. Since opening up to foreign trade and investment and implementing free market reforms in 1979, China has been among the world's fastest-growing economies, with real annual gross domestic product (GDP) growth averaging nearly 10% through 2014. In recent years, China has emerged as a major global economic power. It is now the world's largest: economy (on a purchasing power parity basis), manufacturer, merchandise trader, and holder of foreign exchange reserves."
Library of Congress. Congressional Research Service
Morrison, Wayne M.
2015-06-14
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China-U.S. Trade Issues [March 17, 2015]
"There are a number of views in the United States over how to more effectively address commercial disputes with China: [1] Take a more aggressive stand against China, such as increasing the number of dispute settlement cases brought against China in the WTO [World Trade Organization], or threatening to impose trade sanctions against China unless it addresses policies (such as IPR [intellectual property rights] infringement and cyber theft of trade secrets) that hurt U.S. economic interests. [2] Intensify negotiations through existing high-level bilateral dialogues, such as the U.S.-China Strategic and Economic Dialogue (S&ED), which was established to discuss long-term challenges in the relationship. In addition, seek to complete ongoing U.S. negotiations with China to reach a high-standard bilateral investment treaty (BIT), as well as to finalize negotiations in the WTO toward achieving China's accession to the Government Procurement Agreement (GPA). [3] Encourage China to join the Trans-Pacific Partnership (TPP) negotiations and/or seek to negotiate a bilateral free trade agreement (FTA) with China, which would require it to significantly reduce trade and investment barriers. [4] Continue to press China to implement comprehensive economic reforms, such as diminishing the role of the state in the economy and implementing policies to boost domestic consumption, which, many economists contend, would benefit both the Chinese and U.S. economies."
Library of Congress. Congressional Research Service
Morrison, Wayne M.
2015-03-17
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U.S. Trade Concepts, Performance, and Policy: Frequently Asked Questions [January 30, 2015]
"Congress plays a major role in U.S. trade policy through its legislative and oversight authority. There are a number of major trade issues that are currently the focus of Congress. For example, bills were introduced in the 113th Congress to reauthorize Trade Promotion Authority (TPA), the U.S. Generalized System of Preferences (GSP), and the U.S. Export-Import Bank, and legislative action on these issues could be forthcoming in the 114th Congress. Additionally, Congress has been involved with proposed free trade agreements (FTAs), including the Trans-Pacific Partnership (TPP) involving the United States and 11 other countries and the Transatlantic Trade and Investment Partnership (TTIP) between the United States and the European Union (EU). Also of interest to Congress are current plurilateral negotiations for a Trade in Services Agreement (TISA) and a new multilateral Information Technology (ITA) agreement in the World Trade Organization (WTO). Trade and investment policies of major U.S. trading partners (such as China), especially when they are deemed harmful to U.S. economic interests, are also of continued concern to Congress. Recent improved U.S. relations with Cuba have resulted in the introduction of several bills to boost bilateral commercial ties. The costs and benefits of trade to the U.S. economy, firms, workers, and constituents, and the future direction of U.S. trade policy, are the subject of ongoing debates in Congress."
Library of Congress. Congressional Research Service
Morrison, Wayne M.; Bolle, Mary Jane; Elwell, Craig Kent, 1947- . . .
2015-01-30
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U.S.-Taiwan Relationship: Overview of Policy Issues [December 11, 2014]
"This CRS Report, updated through the 113th Congress, provides an overview with analysis of the major issues in U.S. policy on Taiwan. Taiwan formally calls itself the Republic of China (ROC), tracing its political lineage to the ROC set up after the revolution in 1911 in China. The ROC government retreated to Taipei in 1949. The United States recognized the ROC until the end of 1978 and has maintained a non-diplomatic relationship with Taiwan after recognition of the People's Republic of China (PRC) in 1979. The State Department claims an 'unofficial' U.S. relationship with Taiwan, despite official contacts that include arms sales. The Taiwan Relations Act (TRA) of 1979, P.L. 96-8, has governed policy in the absence of a diplomatic relationship or a defense treaty. […] For decades, Taiwan has been of significant security, economic, and political interest to the United States. In 2013, Taiwan was the 12th-largest U.S. trading partner. Taiwan is a major innovator and producer of information technology (IT) products, many of which are assembled in the PRC by Taiwan-invested firms there. Ties or tension across the Taiwan Strait affect international security (with potential U.S. intervention). While the United States does not diplomatically recognize Taiwan, it is an important autonomous actor. […] Another approach has viewed closer cross-strait engagement as allowing U.S. attention to shift to expand cooperation with a rising China, which opposes U.S. arms sales to and other dealings with Taiwan. In any case, Washington and Taipei have put more efforts into their respective relations with Beijing, while contending that they have pursued positive, parallel U.S.-Taiwan cooperation."
Library of Congress. Congressional Research Service
Morrison, Wayne M.; Kan, Shirley
2014-12-11
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China-U.S. Trade Issues [December 5, 2014]
"U.S.-China economic ties have expanded substantially over the past three decades. Total U.S.- China trade rose from $2 billion in 1979 to $562 billion in 2013. China is currently the United States' second-largest trading partner, its third-largest export market, and its biggest source of imports. China is estimated to be a $350 billion market for U.S. firms. […] In addition, U.S. imports of low-cost goods from China greatly benefit U.S. consumers, and U.S. firms that use China as the final point of assembly for their products, or use Chinese-made inputs for production in the United States, are able to lower costs. China is the largest foreign holder of U.S. Treasury securities (nearly $1.3 trillion as of September 2014). China's purchases of U.S. government debt help keep U.S. interest rates low. […] Major areas of concern expressed by U.S. policy makers and stakeholders include China's relatively poor record of intellectual property rights (IPR) enforcement and alleged widespread cyber economic espionage against U.S. firms by Chinese government entities; its mixed record on implementing its World Trade Organization (WTO) obligations; its extensive use of industrial policies (such as financial support of state-owned firms, trade and investment barriers, and pressure on foreign-invested firms in China to transfer technology in exchange for market access) in order to promote the development of industries favored by the government and protect them from foreign competition; and its policies to hold down the value of its currency. Many U.S. policy makers argue that such policies negatively impact U.S. economic interests and have contributed to U.S. job losses."
Library of Congress. Congressional Research Service
Morrison, Wayne M.
2014-12-05
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U.S.-Taiwan Relationship: Overview of Policy Issues [November 26, 2014]
"This CRS Report, updated through the 113th Congress, provides an overview with analysis of the major issues in U.S. policy on Taiwan. Taiwan formally calls itself the Republic of China (ROC), tracing its political lineage to the ROC set up after the revolution in 1911 in China. The ROC government retreated to Taipei in 1949. The United States recognized the ROC until the end of 1978 and has maintained a non-diplomatic relationship with Taiwan after recognition of the People's Republic of China (PRC) in 1979. The State Department claims an 'unofficial' U.S. relationship with Taiwan, despite official contacts that include arms sales. The Taiwan Relations Act (TRA) of 1979, P.L. 96-8, has governed policy in the absence of a diplomatic relationship or a defense treaty. […] For decades, Taiwan has been of significant security, economic, and political interest to the United States. In 2013, Taiwan was the 12th-largest U.S. trading partner. Taiwan is a major innovator and producer of information technology (IT) products, many of which are assembled in the PRC by Taiwan-invested firms there. Ties or tension across the Taiwan Strait affect international security (with potential U.S. intervention). While the United States does not diplomatically recognize Taiwan, it is an important autonomous actor. […] Another approach has viewed closer cross-strait engagement as allowing U.S. attention to shift to expand cooperation with a rising China, which opposes U.S. arms sales to and other dealings with Taiwan. In any case, Washington and Taipei have put more efforts into their respective relations with Beijing, while contending that they have pursued positive, parallel U.S.-Taiwan cooperation."
Library of Congress. Congressional Research Service
Kan, Shirley; Morrison, Wayne M.
2014-11-26
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U.S. Trade Concepts, Performance, and Policy: Frequently Asked Questions [November 17, 2014]
"Congress plays a major role in U.S. trade policy through its legislative and oversight authority. There are a number of major trade issues that are currently the focus of Congress. For example, bills were introduced in the 113th Congress to reauthorize Trade Promotion Authority (TPA), the U.S. Generalized System of Preferences (GSP), and the U.S. Export-Import Bank. Congress has also been involved with proposed free trade agreements (FTAs), including the Trans-Pacific Partnership (TPP) involving the United States and 11 other countries and the Transatlantic Trade and Investment Partnership (TTIP) between the United States and the European Union (EU). Also of interest to Congress are current plurilateral negotiations for a Trade in Services Agreement (TISA) and a new multilateral Information Technology (ITA) agreement in the World Trade Organization (WTO). Trade and investment policies of major U.S. trading partners (such as China), especially when they are deemed harmful to U.S. economic interests, are also of continued concern to Congress. Events in the Ukraine have prompted U.S. trade sanctions against Russia. The costs and benefits of trade to the U.S. economy, firms, workers, and constituents, and the future direction of U.S. trade policy, are hotly debated topics in Congress. This report provides information and context for these and many other trade topics. It is intended to assist Members and staff who may be new to trade issues. The report is divided into four sections in a question-and-answer format: trade concepts; U.S. trade performance; formulation of U.S. trade policy; and trade and investment issues. Additional suggested readings are provided in an appendix."
Library of Congress. Congressional Research Service
Villarreal, M. Angeles; Jones, Vivian Catherine; Jackson, James K., 1949- . . .
2014-11-17
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President Obama's November 2014 Visit to China: The Bilateral Announcements [November 13, 2014]
"At times in 2014, China has appeared to challenge U.S. leadership in Asia. It has employed what the United States has called 'coercive' tactics against U.S. allies Japan and the Philippines over disputed maritime territory; proposed a new Asian security concept defined by the idea, as expressed by Chinese President Xi Jinping, that, 'it is for the people of Asia to run the affairs of Asia, solve the problems of Asia, and uphold the security of Asia'; and launched a $50 billion Asian Infrastructure Investment Bank outside of the post-World War II U.S.-led Bretton Woods economic system. When President Obama visited China November 10-12 for the Asia Pacific Economic Cooperation (APEC) leaders meeting and a state visit, however, the United States and China rolled out a series of major announcements that highlighted another side of their relationship. That side is focused on increasing cooperation on global and regional challenges such as climate change, global economic governance, non-proliferation, and pandemic diseases like Ebola; improving the military-to-military relationship; and expanding business and people-to-people ties. Explaining the Obama Administration's pursuit of such cooperation, a senior Administration official stated, 'Disagreements, areas of competition, are normal and natural, but we want to build a relationship that is not defined by them.'"
Library of Congress. Congressional Research Service
Lawrence, Susan V.; Leggett, Jane A.; Morrison, Wayne M.
2014-11-13
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China's Economic Rise: History, Trends, Challenges, and Implications for the United States [October 9, 2014]
"Prior to the initiation of economic reforms and trade liberalization 35 years ago, China maintained policies that kept the economy very poor, stagnant, centrally controlled, vastly inefficient, and relatively isolated from the global economy. Since opening up to foreign trade and investment and implementing free market reforms in 1979, China has been among the world's fastest-growing economies, with real annual gross domestic product (GDP) growth averaging nearly 10% through 2013. In recent years, China has emerged as a major global economic and trade power. It is currently the world's largest merchandise trading economy, second-largest destination of foreign direct investment (FDI), largest manufacturer, largest holder of foreign exchange reserves, and is projected to become the world's largest economy in 2014."
Library of Congress. Congressional Research Service
Morrison, Wayne M.
2014-10-09
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China's Economic Rise: History, Trends, Challenges, and Implications for the United States [August 21, 2014]
"Prior to the initiation of economic reforms and trade liberalization 35 years ago, China maintained policies that kept the economy very poor, stagnant, centrally controlled, vastly inefficient, and relatively isolated from the global economy. Since opening up to foreign trade and investment and implementing free market reforms in 1979, China has been among the world's fastest-growing economies, with real annual gross domestic product (GDP) growth averaging nearly 10% through 2013. In recent years, China has emerged as a major global economic and trade power. It is currently the world's second-largest economy, largest trading economy, second largest destination of foreign direct investment (FDI), largest manufacturer, and largest holder of foreign exchange reserves. […] China's economic rise has significant implications for the United States and hence is of major interest to Congress. On the one hand, China is a large (and potentially huge) export market for the United States. Many U.S. firms use China as the final point of assembly in their global supply chain networks. China's large holdings of U.S. Treasury securities help the federal government finance its budget deficits. However, some analysts contend that China maintains a number of distortive economic policies (such as protectionist industrial policies and an undervalued currency) that undermine U.S. economic interests. They warn that efforts by the Chinese government to promote indigenous innovation, often through the use of subsidies and other distortive measures, could negatively affect many leading U.S. industries. This report surveys the rise of China's economy, describes major economic challenges facing China, and discusses the implications of China's economic rise for the United States."
Library of Congress. Congressional Research Service
Morrison, Wayne M.
2014-08-21
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China-U.S. Trade Issues [July 10, 2014]
"Economic and trade reforms begun in 1979 have helped transform China into one of the world's fastest-growing economies. China's economic growth and trade liberalization, including comprehensive trade commitments made upon entering the World Trade Organization (WTO) in 2001, have led to a sharp expansion in U.S.-China commercial ties. Yet, bilateral trade relations have become increasingly strained in recent years over a number of issues, including a large and growing U.S. trade deficit with China, resistance by China to appreciate its currency to market levels, China's mixed record on implementing its WTO obligations, infringement of U.S. intellectual property (including through cyber espionage), and numerous Chinese industrial policies that appear to impose new restrictions on foreign firms or provide unfair advantages to domestic Chinese firms (such as subsidies). Several Members of Congress have called on the Obama Administration to take a tougher stance against China to induce it to eliminate trade and economic policies deemed harmful to U.S. economic interests and/or inconsistent with WTO rules. This report provides an overview of U.S.-China commercial relations, including major trade disputes."
Library of Congress. Congressional Research Service
Morrison, Wayne M.
2014-07-10
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China's Economic Rise: History, Trends, Challenges, and Implications for the United States [July 9, 2014]
"Prior to the initiation of economic reforms and trade liberalization 35 years ago, China maintained policies that kept the economy very poor, stagnant, centrally controlled, vastly inefficient, and relatively isolated from the global economy. Since opening up to foreign trade and investment and implementing free market reforms in 1979, China has been among the world's fastest-growing economies, with real annual gross domestic product (GDP) growth averaging nearly 10% through 2013. In recent years, China has emerged as a major global economic and trade power. It is currently the world's second-largest economy, largest trading economy, secondlargest destination of foreign direct investment (FDI), largest manufacturer, and largest holder of foreign exchange reserves. The global economic crisis that began in 2008 greatly affected China's economy. China's exports, imports, and FDI inflows declined, GDP growth slowed, and millions of Chinese workers reportedly lost their jobs. The Chinese government responded by implementing a $586 billion economic stimulus package, loosening monetary policies to increase bank lending, and providing various incentives to boost domestic consumption. Such policies enabled China to effectively weather the effects of the sharp global fall in demand for Chinese products, while several of the world's leading economies experienced negative or stagnant economic growth. From 2008 to 2011, China's real GDP growth averaged 9.6%. However, the economy has shown signs of slowing in recent years. Real GDP grew by 7.7% in both 2012 and 2013."
Library of Congress. Congressional Research Service
Morrison, Wayne M.
2014-07-09
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U.S.-Taiwan Relationship: Overview of Policy Issues [April 22, 2014]
"The purpose and scope of this CRS [Congressional Research Service] report is to provide a succinct overview with analysis of the major issues in the U.S. policy on Taiwan. This report will be updated as warranted. Taiwan formally calls itself the sovereign Republic of China (ROC), tracing its political lineage to the ROC set up after the revolution in 1911 in China. The ROC government retreated to Taipei in 1949. The United States recognized the ROC until the end of 1978 and has maintained a nondiplomatic relationship with Taiwan after recognition of the People's Republic of China (PRC) in 1979. The State Department claims an 'unofficial' U.S. relationship with Taiwan, despite official contacts that include arms sales. The Taiwan Relations Act (TRA) of 1979, P.L. 96-8, has governed policy in the absence of a diplomatic relationship or a defense treaty. Other key statements that guide policy are the three U.S.-PRC Joint Communiqués of 1972, 1979, and 1982; as well as the 'Six Assurances' of 1982. (See also CRS Report RL30341, 'China/Taiwan: Evolution of the 'One China' Policy--Key Statements from Washington, Beijing, and Taipei.') For decades, Taiwan has been of significant security, economic, and political interest to the United States. In 2013, Taiwan was the 12th-largest U.S. trading partner. Taiwan is a major innovator and producer of information technology (IT) products, many of which are assembled in the PRC by Taiwan-invested firms there. Ties or tension across the Taiwan Strait affect international security (with potential U.S. intervention)."
Library of Congress. Congressional Research Service
Kan, Shirley; Morrison, Wayne M.
2014-04-22
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U.S.-Taiwan Relationship: Overview of Policy Issues [April 1, 2014]
"The purpose and scope of this CRS [Congressional Research Service] report is to provide a succinct overview with analysis of the major issues in the U.S. policy on Taiwan. This report will be updated as warranted. Taiwan formally calls itself the sovereign Republic of China (ROC), tracing its political lineage to the ROC set up after the revolution in 1911 in China. The ROC government retreated to Taipei in 1949. The United States recognized the ROC until the end of 1978 and has maintained a nondiplomatic relationship with Taiwan after recognition of the People's Republic of China (PRC) in 1979. The State Department claims an 'unofficial' U.S. relationship with Taiwan, despite official contacts that include arms sales. The Taiwan Relations Act (TRA) of 1979, P.L. 96-8, has governed policy in the absence of a diplomatic relationship or a defense treaty. Other key statements that guide policy are the three U.S.-PRC Joint Communiqués of 1972, 1979, and 1982; as well as the 'Six Assurances' of 1982. (See also CRS Report RL30341, 'China/Taiwan: Evolution of the 'One China' Policy--Key Statements from Washington, Beijing, and Taipei.') For decades, Taiwan has been of significant security, economic, and political interest to the United States. In 2013, Taiwan was the 12th-largest U.S. trading partner. Taiwan is a major innovator and producer of information technology (IT) products, many of which are assembled in the PRC by Taiwan-invested firms there. Ties or tension across the Taiwan Strait affect international security (with potential U.S. intervention)."
Library of Congress. Congressional Research Service
Kan, Shirley; Morrison, Wayne M.
2014-04-01
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U.S.-Taiwan Relationship: Overview of Policy Issues [February 28, 2014]
"The purpose and scope of this CRS [Congressional Research Service] report is to provide a succinct overview with analysis of the major issues in the U.S. policy on Taiwan. This report will be updated as warranted. Taiwan formally calls itself the sovereign Republic of China (ROC), tracing its political lineage to the ROC set up after the revolution in 1911 in China. The ROC government retreated to Taipei in 1949. The United States recognized the ROC until the end of 1978 and has maintained a nondiplomatic relationship with Taiwan after recognition of the People's Republic of China (PRC) in Beijing in 1979. The State Department claims an 'unofficial' U.S. relationship with Taiwan, despite official contacts that include arms sales. The Taiwan Relations Act (TRA) of 1979, P.L. 96-8, has governed policy in the absence of a diplomatic relationship or a defense treaty. Other key statements that guide policy are the three U.S.-PRC Joint Communiqués of 1972, 1979, and 1982; as well as the 'Six Assurances' of 1982. (See also CRS Report RL30341, 'China/Taiwan: Evolution of the 'One China' Policy--Key Statements from Washington, Beijing, and Taipei.)'"
Library of Congress. Congressional Research Service
Kan, Shirley; Morrison, Wayne M.
2014-02-28
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China-U.S. Trade Issues [February 10, 2014]
"U.S.-China economic ties have expanded substantially over the past three decades. Total U.S.- China trade rose from $2 billion in 1979 to $562 billion in 2013. China is currently the United States' second-largest trading partner, its third-largest export market, and its biggest source of imports. China is estimated to be a $300 billion market for U.S. firms (based on U.S. exports to China and sales by U.S.-invested firms in China). Many U.S. firms view participation in China's market as critical to staying globally competitive. General Motors (GM), for example, which has invested heavily in China, sold more cars in China than in the United States each year from 2010 to 2013. In addition, U.S. imports of low-cost goods from China greatly benefit U.S. consumers, and U.S. firms that use China as the final point of assembly for their products, or use Chinesemade inputs for production in the United States, are able to lower costs. China is the largest foreign holder of U.S. Treasury securities ($1.3 trillion as of November 2013). China's purchases of U.S. government debt help keep U.S. interest rates low. Despite growing commercial ties, the bilateral economic relationship has become increasingly complex and often fraught with tension. From the U.S. perspective, many trade tensions stem from China's incomplete transition to a free market economy. While China has significantly liberalized its economic and trade regimes over the past three decades, it continues to maintain (or has recently imposed) a number of state-directed policies that appear to distort trade and investment flows."
Library of Congress. Congressional Research Service
Morrison, Wayne M.
2014-02-10
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China's Economic Rise: History, Trends, Challenges, and Implications for the United States [February 3, 2014]
"China's economic rise has significant implications for the United States and hence is of major interest to Congress. On the one hand, China is a large (and potentially huge) export market for the United States. Many U.S. firms use China as the final point of assembly in their global supply chain networks. China's large holdings of U.S. Treasury securities help the federal government finance its budget deficits. However, some analysts contend that China maintains a number of distortive economic policies (such as protectionist industrial policies and an undervalued currency) that undermine U.S. economic interests. They warn that efforts by the Chinese government to promote indigenous innovation, often through the use of subsidies and other distortive measures, could negatively affect many leading U.S. industries. This report surveys the rise of China's economy, describes major economic challenges facing China, and discusses the implications of China's economic rise for the United States."
Library of Congress. Congressional Research Service
Morrison, Wayne M.
2014-02-03
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China-U.S. Trade Issues [January 13, 2014]
"Despite growing commercial ties, the bilateral economic relationship [between China and the U.S.] has become increasingly complex and often fraught with tension. From the U.S. perspective, many trade tensions stem from China's incomplete transition to a free market economy. While China has significantly liberalized its economic and trade regimes over the past three decades, it continues to maintain (or has recently imposed) a number of state-directed policies that appear to distort trade and investment flows. Major areas of concern expressed by U.S. policy makers and stakeholders include China's relatively poor record of intellectual property rights (IPR) enforcement and alleged widespread cyber espionage against U.S. firms by Chinese government entities; its mixed record on implementing its World Trade Organization (WTO) obligations; its extensive use of industrial policies (such as financial support of state-owned firms, trade and investment barriers, and pressure on foreign-invested firms in China to transfer technology in exchange for market access) in order to promote the development of industries favored by the government and protect them from foreign competition; and its policies to maintain an undervalued currency. Many U.S. policy makers argue that such policies harm U.S. economic interests and have contributed to U.S. job losses. For example, one study estimated that Chinese IPR infringement cost the U.S. economy up to $240 billion annually."
Library of Congress. Congressional Research Service
Morrison, Wayne M.
2014-01-13
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China's Economic Rise: History, Trends, Challenges, and Implications for the United States [December 17, 2013]
"The rapid rise of China as a major economic power within a time span of about three decades is often described by analysts as one of the greatest economic success stories in modern times. From 1979 (when economic reforms began) to 2012, China's real gross domestic product (GDP) grew at an average annual rate of nearly 10%. It is estimated that to date 500 million people in China have been raised out of extreme poverty. China has emerged as a major global economic power. It is now the world's largest manufacturer, merchandise exporter, and holder of foreign exchange reserves. China is currently the second-largest economy after the United States, and some analysts predict that it could become the largest within the next five years or so. On a per capita basis (a common measurement of a nation's standard of living), however, China is significantly less developed than the United States. China's rapid economic growth has led to a substantial increase in bilateral commercial ties with the United States. According to U.S. trade data, total trade between the two countries grew from $5 billion in 1980 to $536 billion in 2012. China is currently the United States' second-largest trading partner, its third-largest export market, and its largest source of imports. Many U.S. companies have extensive operations in China in order to sell their products in the booming Chinese market and to take advantage of lower-cost labor for export-oriented manufacturing. These operations have helped some U.S. firms to remain internationally competitive and have supplied U.S. consumers with a variety of low-cost goods. China's large-scale purchases of U.S. Treasury securities (which totaled $1.3 trillion as of October 2013) have enabled the federal government to fund its budget deficits, which help keep U.S. interest rates relatively low. […] This report provides background on China's economic rise; describes its current economic structure; identifies the challenges China faces to maintain economic growth; and discusses the challenges, opportunities, and implications of China's economic rise for the United States."
Library of Congress. Congressional Research Service
Morrison, Wayne M.
2013-12-17
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China-U.S. Trade Issues [December 16, 2013]
"Economic and trade reforms begun in 1979 have helped transform China into one of the world's fastest-growing economies. China's economic growth and trade liberalization, including comprehensive trade commitments made upon entering the World Trade Organization (WTO) in 2001, have led to a sharp expansion in U.S.-China commercial ties. Yet, bilateral trade relations have become increasingly strained in recent years over a number of issues, including a large and growing U.S. trade deficit with China, resistance by China to appreciate its currency to market levels, China's mixed record on implementing its WTO obligations, infringement of U.S. intellectual property (including through cyber espionage), and numerous Chinese industrial policies that appear to impose new restrictions on foreign firms or provide unfair advantages to domestic Chinese firms (such as subsidies). Several Members of Congress have called on the Obama Administration to take a tougher stance against China to induce it to eliminate trade and economic policies deemed harmful to U.S. economic interests and/or inconsistent with WTO rules. This report provides an overview of U.S.-China commercial relations, including major trade disputes."
Library of Congress. Congressional Research Service
Morrison, Wayne M.
2013-12-16
