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China's 14th Five-Year Plan: A First Look [Updated January 5, 2021]
From the Document: "The Communist Party of China (CPC)'s 19th Central Committee--a body of China's 376 top Party officials-- held its 5th Plenum in late October 2020 to deliberate on China's 14th Five-Year Plan (FYP) for 2021-2025 and economic goals out to 2035. China's annual Central Economic Work Conference reviewed the plans in December ahead of the scheduled ratification of final versions at the annual session of China's legislature in March 2021. Initial details suggest that Chinese leaders plan to expand the state's role in the economy and advance national economic security interests; use market restrictions and its 'One Belt, One Road' global networks to foster Chinese-controlled supply chains; and sharpen the use of antitrust, intellectual property (IP), and standards tools to advance industrial policies. To develop strategic technologies prioritized in its plans, China is prioritizing efforts to obtain foreign technology through global pathways that are not yet restricted, such as partnerships in open technology and basic research, the establishment of research and development (R&D) centers overseas, and talent programs for foreign experts to work in China. Plans for new market openings are limited to trade zones and areas where China seeks foreign expertise (emerging technologies and education) and capital (financial services)."
Library of Congress. Congressional Research Service
Sutter, Karen M.; Sutherland, Michael D.
2021-01-05
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China's Economy: Current Trends and Issues [Updated January 12, 2021]
From the document: "China emerged in June 2020 as the first major country to announce a return to economic growth since the outbreak of the COVID-19 pandemic. product (GDP) growth in the second quarter and 4.9% GDP growth in the third quarter of 2020. The International Monetary Fund (IMF) projects China's economy to grow by 1.9% in 2020. China is still grappling with a slow recovery of domestic demand and its top export markets and has relied on government spending and exports to boost growth. China is facing growing restrictions on its overseas commercial activities and access to foreign technology and pressures for firms to diversify China-based supply chains. Against this backdrop, China's leadership is deliberating the country's economic direction and industrial plans for the next 5 to 15 years."
Library of Congress. Congressional Research Service
Sutter, Karen M.; Sutherland, Michael D.
2021-01-12
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Regional Comprehensive Economic Partnership: Status and Recent Developments [Updated November 19, 2020]
From the Document: "The Regional Comprehensive Economic Partnership (RCEP) is a regional trade agreement between the ten members of the Association of Southeast Asian Nations (ASEAN) and five of their individual FTA [free trade agreement] partners--Australia, China, Japan, New Zealand, and South Korea. After eight years of challenging talks, the agreement was signed on November 15, 2020, at the 4th RCEP Summit, hosted by Vietnam. Many viewed RCEP's signing as an achievement for the multilateral trading system, which faces myriad challenges, including a global economic slowdown and rising protectionism and trade disputes. It also follows the recent entry into force of 'mega-regional' trade deals, including the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP or TPP-11), which includes seven RCEP members [...]. Although RCEP is generally less comprehensive than other agreements, including TPP-11, its members constitute approximately 30% of global trade and GDP, giving it the potential to restructure some trade patterns and supply chains in Asia through lower trade costs and streamlined rules. As RCEP enters into force, Congress might consider how U.S. commercial interests could be affected by an agreement that allows firms from other developed economies to make supply chains more efficient, as well as the impact of the perceived diminishing U.S. role in shaping trade rules and economic integration in the region and globally."
Library of Congress. Congressional Research Service
Cimino-Isaacs, Cathleen D.; Sutherland, Michael D.
2020-11-19
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COVID-19: China Medical Supply Chains and Broader Trade Issues [Updated December 23, 2020]
From the Summary: "The outbreak of Coronavirus Disease 2019 (COVID-19), first in China, and then globally, including in the United States, has drawn attention to the ways in which the U.S. economy depends on manufacturing and supply chains based in China. This report aims to assess current developments and identify immediate and longer range China trade issues for Congress. An area of particular concern to Congress has been U.S. shortages in medical supplies-- including personal protective equipment (PPE) and pharmaceuticals--as the United States stepped up efforts to contain the COVID-19 pandemic with limited domestic stockpiles and insufficient U.S. industrial capacity. Because of China's role as a global supplier of PPE, medical devices, antibiotics, and active pharmaceutical ingredients, reduced exports from China led to shortages of critical medical supplies in the United States. Exacerbating the situation, in early February 2020, the Chinese government nationalized control of the production and distribution of medical supplies in China-- directing all production for domestic use--and directed the bureaucracy and Chinese industry to secure supplies from the global market. Once past the initial peak of its COVID-19 outbreak, the Chinese government appears to have prioritized certain countries and selectively released some medical supplies for overseas delivery."
Library of Congress. Congressional Research Service
Sutter, Karen M.; Schwarzenberg, Andres B.; Sutherland, Michael D.
2020-12-23
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Global Economic Effects of COVID-19 [Updated December 23, 2020]
From the Summary: "In the months since the COVID-19 [coronavirus disease 2019] outbreak was first diagnosed, it has spread to over 200 countries and all U.S. states. The pandemic has negatively affected global economic growth beyond anything experienced in nearly a century. Estimates so far indicate the virus could reduce global economic growth to an annualized rate of -4.5% to -6.0% in 2020, with a partial recovery of a rate of 2.5% to 5.2% in 2021. Compared with the synchronized nature of the global economic slowdown in the first half of the year, the global economy showed signs of a two-track recovery in the third quarter with developed economies experiencing a nascent recovery, while growth rates in developing economies lagged behind. However, a resurgence in infectious cases in Europe, the United States, and various developing economies since September renewed calls for lockdowns and curfews and threatened to weaken or delay a sustained economic recovery. The economic fallout from the pandemic could risk continued labor dislocations as a result of lingering high levels of unemployment not experienced since the Great Depression of the 1930s and high levels of debt among developing economies. Job losses have been concentrated more intensively in the services sector where workers have been unable to work offsite. The human costs in terms of lives lost will permanently affect global economic growth in addition to the cost of rising levels of poverty, lives upended, careers derailed, and increased social unrest."
Library of Congress. Congressional Research Service
Jackson, James K., 1949-; Weiss, Martin A.; Schwarzenberg, Andres B. . . .
2020-12-23
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Global Economic Effects of COVID-19 [Updated November 19, 2020]
From the Summary: "In the months since the COVID-19 [coronavirus disease 2019] outbreak was first diagnosed, it has spread to over 200 countries and all U.S. states. The pandemic has negatively affected global economic growth beyond anything experienced in nearly a century. Estimates so far indicate the virus could reduce global economic growth to an annualized rate of -4.5% to -6.0% in 2020. [...] The economic fallout from the pandemic could also risk continued labor dislocations as a result of lingering high levels of unemployment not experienced since the Great Depression of the 1930s and high levels of debt among developing economies. The human costs in terms of lives lost will permanently affect global economic growth in addition to the cost of rising levels of poverty, lives upended, careers derailed, and increased social unrest. Some estimates indicate that 100 million to 110 million people globally could enter extreme poverty as a result of the contraction in the global economy. Global trade could fall by an annual amount of 9.2%, depending on the depth and extent of the global economic downturn, exacting an especially heavy economic toll on trade-dependent developing and emerging economies. The full impact will not be known until the effects of the pandemic peak. This report provides an overview of the global economic costs to date and the response by governments and international institutions to address these effects."
Library of Congress. Congressional Research Service
Jackson, James K., 1949-; Weiss, Martin A.; Schwarzenberg, Andres B. . . .
2020-11-19
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COVID-19: Tax Policy Options to Address Medical Supply Chain Concerns [November 20, 2020]
From the Document: "The outbreak of Coronavirus Disease 2019 (COVID-19) in the United States has drawn attention to the ways in which the U.S. economy depends on global manufacturing and supply chains. Many Members of Congress have expressed a strong interest in responding to U.S. shortages of medical supplies-- particularly personal protective equipment (PPE) and pharmaceuticals--as the United States steps up efforts to contain and counter COVID-19. This Insight summarizes the current state of U.S. reliance on foreign medical supplies and identifies potential tax policy options Congress may consider to encourage domestic production of certain medical goods. Changes to tax policies in combination with other economic policies and market forces could encourage domestic production, particularly for companies that are already looking to reshore manufacturing or diversify existing supply chains."
Library of Congress. Congressional Research Service
Marples, Donald J.; Schwarzenberg, Andres B.; Sutherland, Michael D.
2020-11-20
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China's Corporate Social Credit System [October 24, 2019]
From the Document: "China's construction of a nationwide 'social credit system' has been identified as a major concern by both the executive branch and some Members of Congress because of the broad controls such a system is likely to give the Chinese government over U.S. citizens and companies operating in China. Recent reports of Chinese officials invoking the social credit system to pressure U.S. firms to take positions that align with Beijing's interests raise questions for Congress about how to respond to the potential threat the system may pose to U.S. commercial actors in China."
Library of Congress. Congressional Research Service
Sutherland, Michael D.
2019-10-24
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Coronavirus: U.S.-China Economic Considerations [February 19, 2020]
From the Document: "The novel coronavirus outbreak (COVID-19) is slowing economic activity in China and raising concerns about potential U.S. supply chain vulnerabilities in a range of sectors that rely directly and indirectly on China-based suppliers. These sectors include medical supplies, pharmaceuticals, auto parts, microelectronics, and strategic raw materials. Similar to the outbreak of severe acute respiratory syndrome (SARS) in China in 2002-2003, most cases so far are concentrated in China, but the current number of infections is already an order greater and every Chinese province is affected. U.S. senior officials have expressed concerns about the completeness and timeliness of the information China is reporting, complicating assessments of the scope, trajectory, and economic impact of the outbreak. The Chinese government has also imposed tight content controls on media reporting and placed Sina Weibo, Tencent, ByteDance, and other Internet firms under 'special supervision' of the Cyberspace Administration of China, further limiting coverage of the outbreak."
Library of Congress. Congressional Research Service
Sutter, Karen M.; Sutherland, Michael D.
2020-02-19
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Regional Comprehensive Economic Partnership: Status and Recent Developments [November 19, 2019]
From the Document: "The Regional Comprehensive Economic Partnership (RCEP) is a prospective trade agreement between the ten members of the Association of Southeast Asian Nations (ASEAN) and five of their major FTA [free trade agreement] partners--Australia, China, Japan, New Zealand, and South Korea. [...] India, the primary holdout in recent negotiations, announced its withdrawal from the pact, though indicated it may consider rejoining. Despite India's announcement, the other RCEP members indicated that they aim to sign the deal in 2020. The text or exact details of the agreement are not yet public, limiting analysis of its implications, though some members have released general summaries. [...] Although RCEP is not considered likely to be as comprehensive as other agreements in terms of the scope and depth of prospective commitments, its current members constitute about 30% of global trade and GDP [gross domestic product], giving it the potential to restructure some trade patterns in Asia. As these initiatives advance without U.S. participation, Congress may consider how U.S. commercial interests in the region, as well as the U.S. role in shaping trade rules and economic integration efforts in the Indo-Pacific and globally, could be affected."
Library of Congress. Congressional Research Service
Cimino-Isaacs, Cathleen D.; Sutherland, Michael D.
2019-11-19
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COVID-19: U.S.-China Economic Considerations [Updated March 2, 2020]
From the Document: "The novel coronavirus outbreak (COVID-19) is slowing economic activity in China and raising concerns about potential U.S. supply chain vulnerabilities in a range of sectors that rely directly and indirectly on China-based suppliers. These sectors include medical supplies, pharmaceuticals, auto parts, microelectronics, and strategic raw materials. Similar to the outbreak of severe acute respiratory syndrome (SARS) in China in 2002-2003, most cases so far are concentrated in China, but the current number of infections is already an order greater and every Chinese province is affected. U.S. senior officials have expressed concerns about the completeness and timeliness of the information China is reporting, complicating assessments of the scope, trajectory, and economic impact of the outbreak. The Chinese government has also imposed tight content controls on media reporting and placed Sina Weibo, Tencent, ByteDance, and other Internet firms under 'special supervision' of the Cyberspace Administration of China, further limiting coverage of the outbreak."
Library of Congress. Congressional Research Service
Sutter, Karen M.; Sutherland, Michael D.
2020-03-02
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International Trade and Finance: Overview and Issues for the 116th Congress [Updated January 17, 2020]
From the Document: "The U.S. Constitution grants authority to Congress to lay and collect duties and regulate foreign commerce. Congress exercises this authority in numerous ways, including through oversight of trade policy and consideration of legislation to implement trade agreements and authorize trade programs. Policy issues cover areas such as U.S. trade negotiations, U.S. trade and economic relations with specific regions and countries, international institutions focused on trade, tariff and nontariff barriers, worker dislocation due to trade liberalization, enforcement of trade laws and trade agreement commitments, import and export policies, international investment, economic sanctions, and other trade-related functions of the federal government. Congress also has authority over U.S. financial commitments to international financial institutions and oversight responsibilities for trade- and finance-related agencies of the U.S. government."
Library of Congress. Congressional Research Service
Schwarzenberg, Andres B.; Nelson, Rebecca M.; Akhtar, Shayerah Ilias . . .
2020-01-17
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China's Corporate Social Credit System [Updated January 17, 2020]
From the Document: "China's construction of a nationwide social credit system has been identified as a major concern by both the executive branch and some Members of Congress, because of the broad controls such a system is likely to give the Chinese government over U.S. citizens and companies operating in China. Recent reports of Chinese officials invoking the social credit system to pressure U.S. firms to take positions that align with Beijing's interests raise questions for Congress about how to respond to the potential threat the system may pose to U.S. firms operating in China."
Library of Congress. Congressional Research Service
Sutherland, Michael D.
2020-01-17
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COVID-19: China Medical Supply Chains and Broader Trade Issues [April 6, 2020]
From the Document: "The outbreak of Coronavirus Disease 2019 (COVID-19), first in China, and then globally, including in the United States, is drawing attention to the ways in which the U.S. economy depends on manufacturing and supply chains based in China. This report aims to assess current developments and identify immediate and longer range China trade issues for Congress."
Library of Congress. Congressional Research Service
Sutter, Karen M.; Sutherland, Michael D.; Schwarzenberg, Andres B.
2020-04-06
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China's Economy in 2020: Navigating Headwinds [October 19, 2020]
From the Document: "China emerged in June 2020 as the first major country to announce a return to economic growth since the outbreak of the COVID-19 [coronavirus disease 2019] pandemic. The government reported 3.2% gross domestic product (GDP) growth in the second quarter and 4.9% GDP growth in the third quarter of 2020. The International Monetary Fund (IMF) projects China's economy to grow by 1.9% in 2020. China is still grappling with the economic effects of the COVID-19 pandemic, however, including sluggish domestic consumption, slow recovery in its top export markets, and reliance on government spending and exports to boost initial growth. China also is facing growing restrictions on its overseas commercial activities and access to foreign technology and pressures for firms to diversify China-based supply chains. Against this backdrop, China's leadership is deliberating the country's economic direction and national industrial plans for the next 5 to 15 years."
Library of Congress. Congressional Research Service
Sutter, Karen M.; Sutherland, Michael D.
2020-10-19
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COVID-19: China Medical Supply Chains and Broader Trade Issues [Updated October 8, 2020]
From the Summary: "The outbreak of Coronavirus Disease 2019 (COVID-19), first in China, and then globally, including in the United States, is drawing attention to the ways in which the U.S. economy depends on manufacturing and supply chains based in China. This report aims to assess current developments and identify immediate and longer range China trade issues for Congress. An area of particular concern to Congress is U.S. shortages in medical supplies-- including personal protective equipment (PPE) and pharmaceuticals--as the United States steps up efforts to contain COVID-19 with limited domestic stockpiles and insufficient U.S. industrial capacity. Because of China's role as a global supplier of PPE, medical devices, antibiotics, and active pharmaceutical ingredients, reduced exports from China have led to shortages of critical medical supplies in the United States. Exacerbating the situation, in early February 2020, the Chinese government nationalized control of the production and distribution of medical supplies in China--directing all production for domestic use--and directed the bureaucracy and Chinese industry to secure supplies from the global market. Once past the initial peak of its COVID-19 outbreak, the Chinese government appears to have prioritized certain countries and selectively released some medical supplies for overseas delivery."
Library of Congress. Congressional Research Service
Sutter, Karen M.; Schwarzenberg, Andres B.; Sutherland, Michael D.
2020-10-08
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Global Economic Effects of COVID-19 [Updated January 8, 2021]
From the Summary: "In the months since the COVID-19 [coronavirus disease 2019] outbreak was first diagnosed, it has spread to over 200 countries and all U.S. states. The pandemic has negatively affected global economic growth beyond anything experienced in nearly a century. Estimates so far indicate the virus could reduce global economic growth to an annualized rate of -4.5% to -6.0% in 2020, with a partial recovery of a rate of 2.5% to 5.2% in 2021. [...] The full economic impact of the pandemic likely will remain unclear until the negative health effects peak. This report provides an overview of the global economic costs to date and the response by governments and international institutions to address these effects."
Library of Congress. Congressional Research Service
Jackson, James K., 1949-; Weiss, Martin A.; Schwarzenberg, Andres B. . . .
2021-01-08
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China's 'One Belt, One Road' Initiative: Economic Issues [January 22, 2021]
From the Document: "President Xi Jinping of the People's Republic of China (PRC or China) in 2013 launched an ambitious and multifaceted foreign economic policy initiative--'One Belt, One Road'--to expand China's global economic reach and influence. In 2015, Beijing changed the English name to the 'Belt and Road Initiative (BRI)', possibly to deflect from its focus on developing China-centered and controlled global ties in a hub and spoke format. In October 2020, the Communist Party of China's Central Committee reaffirmed the effort's central role in national economic development and securing China's supply chains. A January 2021 White Paper, 'International Development Cooperation in the New Era', issued by China's cabinet, highlights the initiative's role as a platform for China's global commercial activity."
Library of Congress. Congressional Research Service
Sutter, Karen M.; Schwarzenberg, Andres B.; Sutherland, Michael D.
2021-01-22
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Global Economic Effects of COVID-19 [Updated February 19, 2021]
From the Summary:"In the months since the COVID-19 [coronavirus disease 2019] outbreak was first diagnosed, it has spread to over 200 countries and all U.S. states. The pandemic has negatively affected global economic growth beyond anything experienced in nearly a century. Estimates so far indicate the virus could reduce global economic growth to an annualized rate of -4.5% to -6.0% in 2020, with a partial recovery of a rate of 2.5% to 5.2% in 2021. Major advanced economies, which comprise 60% of global economic activity, are forecasted to operate below their potential output level through at least 2024. Compared with the synchronized nature of the global economic slowdown in the first half of 2020, the global economy showed signs of a two-track recovery in the third quarter of 2020 with developed economies experiencing a nascent recovery and economic growth in developing economies lagging behind. A resurgence in infectious cases in Europe, the United States, and various developing economies since September renewed calls for lockdowns and curfews and threatened to weaken or delay a sustained economic recovery into at least the first or second quarters of 2021. [...] The full economic impact of the pandemic likely will remain unclear until the negative health effects peak. This report provides an overview of the global economic costs to date and the response by governments and international institutions to address these effects."
Library of Congress. Congressional Research Service
Jackson, James K., 1949-; Weiss, Martin A.; Schwarzenberg, Andres B. . . .
2021-02-19
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