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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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Trump Administration Tariff Actions: Frequently Asked Questions [Updated December 15, 2020]
From the Introduction: "The U.S. Constitution grants Congress the sole authority to regulate foreign commerce and therefore impose tariffs, but through various trade laws, Congress has delegated authority to the President to modify tariffs and other trade restrictions under certain circumstances. [...] The Trump Administration's tariff actions raise a number of issues for Congress and have been the focus of congressional debate. Such issues include the effect of the tariffs on U.S. economic activity, such as increases in the price of imported goods, affecting both U.S. consumers and producers, as well as diminished competitiveness of U.S. exports in foreign markets as a result of tariff retaliation. The tariff actions, their frequent modifications, and the exemption application process have also created uncertainty for U.S. businesses. In addition, questions over whether the Trump Administration's tariff actions adhere to congressional intent for the use of delegated tariff authority, in part due to broadly defined statutory criteria, have led to debate in Congress over potential legislative reforms. Congress may also consider how these tariff actions affect the multilateral trading system and the U.S. role and leadership in that system, U.S. bilateral trade relations, and whether tariff increases are an appropriate tool in the negotiation of broader trade reforms."
Library of Congress. Congressional Research Service
Williams, Brock R.; Casey, Christopher A.; Cimino-Isaacs, Cathleen D. . . .
2020-12-15
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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 November 5, 2020]
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 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. However, a resurgence in infectious cases in Europe, the United States, and various developing economies in September and October renewed calls for stringent lockdowns and curfews and could weaken or delay an economic recovery. 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 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-; Nelson, Rebecca M.; Weiss, Martin A. . . .
2020-11-05
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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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China Issues New Export Control Law and Related Policies [October 26, 2020]
From the Document: "On October 17, 2020, the Standing Committee of China's legislature, the National People's Congress (NPC), passed the Export Control Law of the People's Republic of China, which goes into effect on December 1, 2020[.] The passage follows three rounds of legislative deliberations since China's cabinet, the State Council, first presented a draft to the NPC in June 2017. The law realizes a longstanding Chinese government goal of elevating and consolidating ministry-level export control authorities under one national-level legal and policy framework. The new law defines China's export control authorities as a joint mechanism of units under both the State Council and the Central Military Commission that perform export control functions. The action is part of a broader effort by China's President Xi Jinping to build out national security authorities and reflects themes--such as China's right to development--as broad justifications for national security-related trade actions. The final language includes several new provisions that appear aimed at creating a Chinese policy counterweight to the U.S. government's use of export control authorities to restrict the transfer of U.S. dual-use technology to China, including provisions for retaliatory action and extraterritorial jurisdiction."
Library of Congress. Congressional Research Service
Sutter, Karen M.
2020-10-26
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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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Semiconductors: U.S. Industry, Global Competition, and Federal Policy [October 26, 2020]
From the Summary: "Semiconductors, tiny electronic devices based primarily on silicon or germanium, enable nearly all industrial activities, including systems that undergird U.S. technological competitiveness and national security. Many policymakers see U.S. strength in semiconductor technology and fabrication as vital to U.S. economic and national security interests. The U.S. semiconductor industry dominates many parts of the semiconductor supply chain, such as chip design. Semiconductors are also a top U.S. export. Semiconductor design and manufacturing is a global enterprise with materials, design, fabrication, assembly, testing, and packaging operating across national borders. Six U.S.-headquartered or foreign-owned semiconductor companies currently operate 20 fabrication facilities, or fabs, in the United States. In 2019, U.S.-based semiconductor manufacturing directly employed 184,600 workers at an average wage of $166,400."
Library of Congress. Congressional Research Service
Platzer, Michaela D.; Sargent, John F., Jr.; Sutter, Karen M.
2020-10-26
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U.S.-Taiwan Trade Relations [Updated December 23, 2020]
From the Document: "Taiwan is a top U.S. trade partner and key link in global technology supply chains, supplying both the U.S. and China markets, although this position is increasingly tenuous with U.S. government efforts to restrict China's access to advanced technologies. Taiwan's economy is highly dependent on global trade, with exports accounting for almost 70% of gross domestic product (GDP). Taiwan is seeking to overcome economic challenges (such as labor mismatches and energy shortages); generate new sources of growth in emerging technologies; and diversify away from its economic dependence on the People's Republic of China (PRC or China). Central to these ambitions is the Taiwan government's effort to start trade talks with the United States. [...] In December 2020, the U.S. Department of Treasury added Taiwan to its monitoring list of major trading partners that merit close attention to their currency practices and macroeconomic policies. Treasury cited a significant expansion in Taiwan's trade (current) account surplus and Taiwan's net foreign exchange purchases of $10.5 billion between July 2019 and June 2020."
Library of Congress. Congressional Research Service
Sutter, Karen M.
2020-12-23
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U.S.-Taiwan Trade Relations [Updated January 6, 2020]
From the Document: "Taiwan is a developed, dynamic, and competitive economy that is highly dependent on global trade. Taiwan has fared relatively well during the recent U.S.-People's Republic of China (PRC) trade conflict as a key link in global technology supply chains, supplying both U.S. and PRC markets. Looking ahead, Taiwan faces significant constraints as it seeks to overcome domestic challenges (such as labor mismatches and energy shortages), generate new sources of growth in emerging technologies, and diversify away from a growing economic dependence on the PRC. Amidst U.S.-PRC tensions, Taiwan is walking a fine line in trying to remain central to both U.S. and PRC technology markets, including supplying PRC companies like Huawei. Central to Taiwan's ambitions is the Taiwan government's effort to start talks with the United States on a free trade agreement (FTA) in the hope that an FTA might not only increase bilateral trade but potentially open the door to other FTAs and trade diversification for Taiwan."
Library of Congress. Congressional Research Service
Sutter, Karen M.
2020-01-06
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U.S. Announces Preliminary Phase One Trade Deal with China [December 19, 2019]
From the Document: "The Trump Administration announced on December 13, 2019, a draft agreement with the Chinese government on a subset of trade and investment issues the Administration raised in March 2018 under Section 301 of the U.S. Trade Act of 1974. The Chinese government has not formally agreed to the agreement and neither side has signed it. China is currently reviewing the text, leaving open the potential for disagreement or renegotiation of terms. If the process goes smoothly, U.S. Trade Representative (USTR) Robert Lighthizer and Chinese Vice Premier Liu He could sign the agreement in January 2020 in Washington, DC, before starting phase two negotiations."
Library of Congress. Congressional Research Service
Sutter, Karen M.
2019-12-19
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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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U.S.-China Trade and Economic Relations: Overview [Updated November 19, 2019]
From the Document: "As U.S.-China economic ties have grown, so too have U.S. concerns about the business environment in China and China's trade practices. Top U.S. concerns include the Chinese state's increasingly direct and powerful role in the economy and China's policies requiring U.S. firms to disclose increasingly sensitive information as a precondition to operate in China. Beijing's slowness to acknowledge and address priority U.S. concerns while Chinese firms expand their activities in the United States and globally has highlighted uneven levels of market openness, divergent approaches to global rules, and significant differences in the operating conditions and tenets of the U.S. and Chinese economic systems."
Library of Congress. Congressional Research Service
Sutter, Karen M.
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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U.S. Signs Phase One Trade Deal with China [Updated January 17, 2020]
From the Document: "President Trump on January 15, 2020, signed a phase one trade agreement with the Chinese government that is intended to resolve some of the trade and investment issues the Administration raised in March 2018, pursuant to Section 301 of the U.S. Trade Act of 1974. Including appendices, the agreement is 96- pages and covers some aspects of intellectual property (IP) (Chapter 1), technology transfer (Chapter 2), agriculture (Chapter 3), financial services (Chapter 4), macroeconomic policies and exchange rates (Chapter 5), trade purchases (Chapter 6), and dispute resolution (Chapter 7). Approximately one-fourth of the agreement addresses IP commitments. Discussion of technology transfer is confined to two pages. Some Members assess the deal to be a first step in a longer effort to address U.S. trade concerns with China. Many observers call it a short-term truce, noting it falls short of the Administration's goal of a comprehensive settlement."
Library of Congress. Congressional Research Service
Sutter, Karen M.
2020-01-17
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U.S.-China Trade and Economic Relations: Overview [Updated January 29, 2020]
From the Document: "As U.S.-China economic ties have grown, so have U.S. concerns about China's trade and investment practices, including the state's increasingly direct and powerful role in the economy and policies requiring many U.S. firms to disclose sensitive proprietary information to operate in China. Beijing's slowness to acknowledge and address priority U.S. concerns while Chinese firms expand offshore has highlighted uneven levels of market openness, divergent approaches to global rules, and significant differences in the operating conditions and tenets of the U.S. and Chinese economic systems, including clear separation of government and business interests, protections of freedom of information and expression, privacy and intellectual property (IP), and the impartial rule of law. Feeding U.S. concerns are an uptick in reports of Chinese corporate espionage, Beijing's tightening of information controls (and pressure on U.S. firms to abide by these controls), tit-for-tat retaliation, and industrial policies incentivizing the transfer of U.S. IP to the government and military."
Library of Congress. Congressional Research Service
Sutter, Karen M.
2020-01-29
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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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'Made in China 2025' Industrial Policies: Issues for Congress [Updated August 11, 2020]
From the Document: "China aims to advance its national development goals and future global economic position through industrial policies that seek global civilian and military leadership in advanced and emerging technologies. China's policies feature a heavy government role in directing and funding Chinese firms to obtain foreign expertise and intellectual property (IP) in areas where the United States has strong comparative advantages (e.g., aerospace, semiconductors, microelectronics and pharmaceuticals)."
Library of Congress. Congressional Research Service
Sutter, Karen M.
2020-08-11
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U.S. Export Control Reforms and China: Issues for Congress [August 21, 2020]
From the Document: "Over the past two years, the U.S. government has reformed--through legislation, regulation, and licensing practices--the export control system that regulates dual-use exports (goods and technology that have both civilian and military uses). These changes largely aim to address concerns about China's attempts to seek global civilian and military leadership in advanced and emerging technologies through coordinated industrial policies. Some of these reforms have prompted U.S. business concerns because they tighten technology trade with China, which is a growing market for many firms. Other reforms--such as setting emerging technology controls, expanding controls on existing technologies of concern, and reforming the licensing process--are ongoing. Congress has an important role in overseeing the reforms it legislated and shaping the evolving U.S. export control regime."
Library of Congress. Congressional Research Service
Sutter, Karen M.; Fergusson, Ian F.
2020-08-21
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Medical Supply Chains and Policy Options: The Data Challenge [September 16, 2020]
From the Document: "The Coronavirus Disease 2019 (COVID-19) pandemic has revealed some areas in which the United States relies heavily on global supply chains. U.S. shortages of critical supplies of medical products have prompted congressional interest in better understanding U.S. import trends and domestic production capacity in certain industries considered essential to U.S. public health and national security. Some Members of Congress and the Trump Administration have sought ways to increase U.S. production of medical products, such as personal protective equipment (PPE) and pharmaceuticals, by providing economic incentives to firms and strengthening government procurement requirements to better prioritize domestically produced goods."
Library of Congress. Congressional Research Service
Schwarzenberg, Andres B.; Sutter, Karen M.
2020-09-16
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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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U.S. Export Control Reforms and China: Issues for Congress [Updated January 15, 2021]
From the Document: "Over the past two years, the U.S. government has reformed--through legislation, regulation, and licensing practices--the export control system that regulates dual-use exports (goods and technology that have both civilian and military uses). These changes largely aim to address concerns about China's attempts to seek global civilian and military leadership in advanced and emerging technologies through coordinated industrial policies. Some of these reforms have prompted U.S. business concerns because they tighten technology trade with China, which is a growing market for many firms. Other reforms--such as setting emerging technology controls, expanding controls on existing technologies of concern, and reforming the licensing process--are ongoing. Congress has an important role in overseeing the reforms it legislated and shaping the evolving U.S. export control regime."
Library of Congress. Congressional Research Service
Sutter, Karen M.; Fergusson, Ian F.
2021-01-15
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U.S.-China Investment Ties: Overview [Updated January 15, 2021]
From the Background: "Investment is playing a growing role in U.S. commercial ties with the People's Republic of China (PRC or China). For many years, the PRC government invested much of its foreign exchange reserves in U.S. assets, particularly U.S. Treasury securities. China is the world's largest holder of foreign exchange reserves and had $3.2 trillion in reserves as of November 2020. [...] Since 1999, the PRC government has pushed an outward investment policy that has sought to diversify its overseas investments into hard assets by encouraging its companies--many of them state-tied firms--to invest overseas. These investments have targeted gaining access to critical raw materials and cutting-edge technology and establishing an overseas presence to expand infrastructure and create markets for Chinese goods and services. While a significant share of China's investment in the United States is in U.S. public and private securities, U.S. capital flowing into China largely has taken the form of foreign direct investment (FDI), in part due to China's restrictions on portfolio investment and investment rules that tie sales and procurement requirements or incentives to an investment or manufacturing presence. Initial U.S. investment in China focused on export-oriented manufacturing. Since the 1990s, U.S. investment has expanded into manufacturing, distribution, and services for the domestic market as well. In recent years, China has also sought to open gradually certain participation in its capital and debt markets to foreign investors."
Library of Congress. Congressional Research Service
Schwarzenberg, Andres B.; Sutter, Karen M.
2021-01-15
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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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U.S.-China Relations [Updated February 3, 2021]
From the Overview: "The Joseph R. Biden Administration has signaled significant continuity with the Donald J. Trump Administration in its view of the challenge the People's Republic of China (PRC or China) poses to U.S. interests. In written responses to questions from Senators, thenSecretary of State-nominee Antony J. Blinken described China as 'engaged in conduct that blunts our technological edge, threatens our alliances and our influence in international organizations, and is designed to make America and its allies more dependent on China, and China less dependent on America and our allies.' Blinken has also stated that he believes China's treatment of its Uyghur ethnic minority constitutes genocide. Secretary of Defense Lloyd Austin, at his own confirmation hearing, called China 'the most significant threat going forward.' China is 'already a regional hegemon,' he said, and seeks to become 'the preeminent power in the world in the not-too-distant future.' Biden did not immediately schedule a call with China's top leader, Xi Jinping, instead prioritizing calls to allies and partners and Russian President Vladimir Putin. The Biden Administration is reviewing the Trump Administration's China actions. It has pledged to work closely with U.S. allies and partners; re-engage with the United Nations; ensure the U.S. military's competitive edge over China's; put democratic values at the center of foreign policy; and make investments at home in American workers, infrastructure, education, and innovation."
Library of Congress. Congressional Research Service
Lawrence, Susan V.; Sutter, Karen M.
2021-02-03
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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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