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• China's Corporate Social Credit System [October 24, 2019]

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  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
• Coronavirus: U.S.-China Economic Considerations [February 19, 2020]

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  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
• Regional Comprehensive Economic Partnership: Status and Recent Developments [November 19, 2019]

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  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
• COVID-19: U.S.-China Economic Considerations [Updated March 2, 2020]

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  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
• China's Corporate Social Credit System [Updated January 17, 2020]

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  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
• Global Economic Effects of COVID-19 [Updated May 7, 2021]

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  From the Document: "In the year 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. [...] 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. Some estimates indicate that 95 million people may have entered into extreme poverty in 2020 with 80 million more undernourished compared to pre-pandemic levels. In addition, some estimates indicate that global trade could fall by an annual amount of 9.0% or slightly less in 2020 as a result of the global economic downturn, exacting an especially heavy economic toll on trade-dependent developing and emerging economies. 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. . . .

  2021-05-07
• China's 14th Five-Year Plan: A First Look [Updated January 5, 2021]

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  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
• China's Economy: Current Trends and Issues [Updated January 12, 2021]

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  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
• Regional Comprehensive Economic Partnership: Status and Recent Developments [Updated November 19, 2020]

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  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
• COVID-19: China Medical Supply Chains and Broader Trade Issues [Updated December 23, 2020]

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  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
• Global Economic Effects of COVID-19 [Updated December 23, 2020]

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  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
• Global Economic Effects of COVID-19 [Updated November 19, 2020]

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  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
• COVID-19: Tax Policy Options to Address Medical Supply Chain Concerns [November 20, 2020]

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  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
• U.S. Capital Markets and China: Issues for Congress [April 5, 2021]

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  From the Document: "Financial ties between the United States and China have expanded significantly over the past few years. The government of the People's Republic of China (PRC or China) has created limited openings in China's debt and equity markets, while China's firms have sought access to U.S. capital, debt, and private equity markets. The Rhodium Group estimates that, as of December 2020, U.S. investors held $100 billion of Chinese debt and $1.1 trillion in Chinese equities, while Chinese investors held $1.4 trillion in U.S. debt and $720 billion in U.S. equities. Many U.S. investors see growth opportunities in Chinese stocks and other financial investments. Some Members in Congress have raised concerns, however, that U.S. investments may fund certain Chinese firms and activities that are tied to the state and efforts to advance China's industrial, military and other goals. Congress passed the Holding Foreign Companies Accountable Act (P.L. 116-222) to address its concerns about the lack of compliance by PRC firms with the U.S. Security and Exchange Commission's (SEC) statutory audit requirements. Chinese firms appear to use complex structures that may obscure risks, state ties, and other corporate details, complicating the effectiveness of U.S. government oversight and U.S. investors' legal recourse."

  Library of Congress. Congressional Research Service

  Sutherland, Michael D.; Sutter, Karen M.

  2021-04-05
• Global Economic Effects of COVID-19 [Updated March 10, 2021]

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  From the Document: "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 reduced global economic growth to an annualized rate of -4.5% to -6.0% in 2020, with a partial recovery of 2.5% to 5.2% projected for 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-; Nelson, Rebecca M.; Weiss, Martin A. . . .

  2021-03-10
• China Primer: Hong Kong [March 31, 2022]

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  From the Document: "The Hong Kong Special Administrative Region (HKSAR, or Hong Kong) is a semi-autonomous city located off the southern coast of Guangdong Province, People's Republic of China (PRC or China). The city was established as a British colony in 1841, and administered by the British government until 1997, when it was formally returned to PRC jurisdiction. More than 90% of Hong Kong's population is ethnically Chinese. The first language of the vast majority is Cantonese (a variety of Chinese different from the Standard Mandarin recognized as the national language by PRC law). English is also widely spoken and used in commercial and legal settings."

  Library of Congress. Congressional Research Service

  Barrios, Ricardo; Sutherland, Michael D.

  2022-03-31
• European Union and China [Updated February 14, 2022]

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  From the Document: "The European Union (EU) 'Strategy for Cooperation in the Indo-Pacific', published in September 2021, outlines an agenda to expand economic, security, and political partnerships in a region that is rapidly becoming 'a key player in shaping the international order.' The 27-member EU's increasing attention to the Indo-Pacific unfolds in the context of transatlantic discussions about the direction of relations with the People's Republic of China (PRC, or China) and the implications of U.S.-China tensions for Europe. Many Members of Congress have expressed concerns about China's influence in Europe and the EU, as well as interest in policy options for greater U.S.-EU cooperation regarding China. In recent years, EU views on China appear to have hardened and now mirror more closely U.S. concerns about China's global influence. In a 2019 position paper, the European Commission (the EU's executive body) described China as 'simultaneously ... a cooperation partner with whom the EU has closely aligned objectives, a negotiating partner with whom the EU needs to find a balance of interests, an economic competitor in the pursuit of technological leadership, and a systemic rival promoting alternative models of governance.' [...] Notwithstanding initial suggestions that China's Coronavirus Disease 2019 (COVID-19) 'facemask diplomacy' and 'vaccine diplomacy' could build goodwill, many analysts assess that the pandemic and other recent developments have further strained EU-China relations. An exchange of sanctions in March 2021 stemming from EU concerns about human rights in China reflected what some observers have described as a low point in relations."

  Library of Congress. Congressional Research Service

  Garding, Sarah E.; Barrios, Ricardo; Mix, Derek E. . . .

  2022-02-14
• China's Economy: Current Trends and Issues [Updated April 6, 2022]

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  From the Document: "The People's Republic of China (PRC or China) was the first major economy to announce a return to economic growth in June 2020 since the outbreak of the Coronavirus Disease 2019 (COVID-19) pandemic; its economic performance since then has been uneven. Repeated lockdowns under zero-COVID tolerance policies have periodically disrupted manufacturing and transportation. Tightened border controls have curtailed two-way goods and services trade, tourism, and student and business travel. Weak domestic demand and debt pressures, particularly in the property sector, are also constraining growth. In 2021, China relied on government spending and exports to boost economic growth by 8.1%, from a low 2020 base of 2.2% growth. The PRC government targets 5.5% growth for 2022, while the International Monetary Fund (IMF) projects 4.8% growth. Some economists assess China may struggle to meet these targets due to domestic constraints and global economic pressures with Russia's invasion of Ukraine."

  Library of Congress. Congressional Research Service

  Sutter, Karen M.; Sutherland, Michael D.

  2022-04-06
• China's Economic and Trade Ties with Russia [May 24, 2022]

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  From the Document: "Two developments in February 2022--the announcement by leaders of the People's Republic of China (PRC or China) and the Russian Federation (Russia) of a strategic partnership that 'knows no limits' and Russia's renewed invasion of Ukraine with tacit PRC support--may raise new considerations for Congress about the deepening China-Russia ties. China's trade, financial, and technology ties with Russia may affect the strength of U.S.-led efforts to constrain Russia, including through sanctions and export controls. China's alignment with Russia also appears to be part of broader efforts to create alternative global systems in trade, finance, and technology that could intensify and challenge the liberal global economic order. Also see CRS In Focus IF12100, 'China-Russia Relations.'"

  Library of Congress. Congressional Research Service

  Sutter, Karen M.; Sutherland, Michael D.

  2022-05-24
• Global Economic Effects of COVID-19 [Updated November 10, 2021]

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  From the Summary: "The COVID-19 [coronavirus disease 2019] viral pandemic is an unprecedented global phenomenon that is also a highly personal experience with wide-ranging effects. On September 20, 2021, U.S. viral deaths surpassed the 675,446 total from the 1918 Spanish flu, the previously worst U.S. pandemic-related death total on record. The pandemic has disrupted lives across all countries and communities and negatively affected global economic growth in 2020 beyond anything experienced in nearly a century. Estimates indicate the virus reduced global economic growth in 2020 to an annualized rate of around -3.2%, with a recovery of 5.9% projected for 2021. Global trade is estimated to have fallen by 5.3% in 2020, but is projected to grow by 8.0% in 2021. According to a consensus of forecasts, the economic downturn in 2020 was not as negative as initially estimated, due in part to the fiscal and monetary policies governments adopted in 2020. In most countries, economic growth fell sharply in the second quarter of 2020, rebounded quickly in the third quarter, and has been mostly positive since. Although lessening, the total global economic effects continue to mount."

  Library of Congress. Congressional Research Service

  Jackson, James K., 1949-; Nelson, Rebecca M.; Weiss, Martin A. . . .

  2021-11-10
• Evergrande Group and China's Debt Challenges [October 21, 2021]

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  From the Document: "Concerns about China's high debt levels intensified in September 2021, when its second-largest property developer, Evergrande Group, failed to repay its debt obligations. The government of the People's Republic of China (PRC or China) seeks to reduce debt and curtail market risks among firms like Evergrande, but defaults and a decline in property values could have broader effects. China's property market accounts for almost 30% of GDP, a higher percentage than in most countries, and thus has complicated China's efforts to reduce debt. Property is a main source of local government revenue and a key factor in corporate valuations and household net worth. This constrains policy options, despite China's leader Xi Jinping's statements that support reducing debt and inequality. [...] Supply disruptions, energy and commodity shortages, and industrial and property overcapacity are most likely exacerbating economic risks. The situation highlights potential broader and longer-term risks in China's economy that Congress may consider as U.S. financial firms seek to expand their exposure to China."

  Library of Congress. Congressional Research Service

  Sutter, Karen M.; Sutherland, Michael D.

  2021-10-21
• Digital Trade and U.S. Trade Policy [Updated December 9, 2021]

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  From the Summary: "As the global internet expands and evolves, digital trade has become prominent on the global trade and economic policy agenda. According to the Department of Commerce, the 'digital economy' accounted for 9.6% of U.S. gross domestic product (GDP) in 2019 and supported 7.7 million U.S. jobs, or 5.0% of total U.S. employment in 2019. From 2005 to 2019, real value added for the U.S. digital economy grew at an average annual rate of 5.2% per year, outpacing the 2.2% growth in the overall economy each year. Digital trade has been growing faster than traditional trade in goods and services, with the pandemic further spurring its expansion. Congress plays an important role in shaping U.S. policy on digital trade, from oversight of federal agencies charged with regulating cross-border data flows to shaping and considering legislation to implement new trade rules and disciplines through trade negotiations. Congress also works with the executive branch to identify the appropriate balance between digital trade and other policy objectives, including privacy and national security."

  Library of Congress. Congressional Research Service

  Fefer, Rachel F.; Akhtar, Shayerah Ilias; Sutherland, Michael D.

  2021-12-09
• China's Recent Trade Measures and Countermeasures: Issues for Congress Updated [December 10, 2021]

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  From the Summary: "Since early 2020, the government of the People's Republic of China (PRC or China) has adopted a set of interrelated laws and measures that seek to enhance the government's control over a wide range of commercial activity, within and outside of China. These measures signal the government's growing assertiveness in advancing and aligning China's national economic security tools to seek global economic, technology, and military leadership, and relatedly, control of core technologies and global supply chains. China's measures include extraterritorial reach and also aim at countering trade and national security policy tools and actions that the United States and other governments have applied toward China, such as sanctions, export controls, and foreign investment review. While China's measures mirror certain U.S. authorities in form, the government is applying its tools differently in ways that highlight core distinctions in the operating conditions and tenets of the economic, political, and legal systems in the United States and China. China's measures pressure U.S. and other firms to abide by China's policies and laws in ways that contravene U.S. authorities. Some of China's actions appear to be aimed at pressuring U.S. and foreign firms to work around U.S. and foreign government authorities and potentially violate U.S. and foreign laws by penalizing firms that contravene China's measures. Many of China's measures provide for retaliation in an apparent effort to codify and legitimize the Chinese government's propensity for trade retaliation and brinkmanship and the use of economic coercive measures to advance its economic and political objectives, often arguably in violation of global trade rules and norms."

  Library of Congress. Congressional Research Service

  Sutter, Karen M.; Campbell, Caitlin; Sutherland, Michael D.

  2021-12-10
• COVID-19: China Medical Supply Chains and Broader Trade Issues [April 6, 2020]

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  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
• China's Economy in 2020: Navigating Headwinds [October 19, 2020]

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  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
• COVID-19: China Medical Supply Chains and Broader Trade Issues [Updated October 8, 2020]

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  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
• Global Economic Effects of COVID-19 [Updated January 8, 2021]

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  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
• China's 'One Belt, One Road' Initiative: Economic Issues [January 22, 2021]

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  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
• Global Economic Effects of COVID-19 [Updated February 19, 2021]

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  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
• Regional Comprehensive Economic Partnership (RCEP) [August 5, 2021]

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  From the Document: "The Regional Comprehensive Economic Partnership (RCEP) is a trade agreement, signed in late 2020 after eight years of talks, among the ten members of the Association of Southeast Asian Nations (ASEAN)--Brunei, Burma (Myanmar), Cambodia, Indonesia, Laos, Malaysia, the Philippines, Singapore, Thailand, and Vietnam, and five ASEAN free trade agreement (FTA) partners--Australia, China, Japan, New Zealand, and South Korea. RCEP is to enter into force 60 days after ratification by six ASEAN and three non-ASEAN countries. Members aim for entry into force in early 2022; to date, China, Japan, Singapore, and Thailand have ratified the deal. RCEP follows the recent entry into force of 'megaregional' trade deals, including the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP or TPP-11), which includes seven RCEP members and four countries in the Americas. Although overall RCEP has less extensive commitments than other recent trade agreements (e.g., CPTPP or the U.S.-Mexico-Canada Agreement), many analysts view RCEP as an achievement for the multilateral trading system, which faces myriad challenges. The collective economic weight of its membership gives RCEP the potential to deepen some trade patterns and supply chains in Asia through lower trade costs and streamlined rules. Congress may consider how RCEP affects U.S. commercial and strategic interests, and if it affects the relevance of the United States in shaping trade rules and economic integration in Asia and globally."

  Library of Congress. Congressional Research Service

  Cimino-Isaacs, Cathleen D.; Sutherland, Michael D.; Dolven, Ben . . .

  2021-08-05