On July 6, US Secretary of the Treasury Janet Yellen traveled to China for a four-day visit, with bilateral meetings taking place over two days. Her visit marked the second cabinet-level trip during the Biden administration, following Secretary of State Antony Blinken’s trip in June.
On June 21, the Ministry of Finance, Ministry of Industry and Information Technology (MIIT), and State Taxation Administration (STA) jointly announced that China will extend a purchase tax exemption for new energy vehicles (NEVs) in an effort to boost purchases in China’s massive automotive sector.
On June 28, China’s top legislature, the National People’s Congress (NPC) Standing Committee, adopted the Foreign Relations Law (FRL) after a second reading.
On May 29, the National People’s Congress (NPC) released its 2023 Legislative Work Plan, which outlines 13 laws to be reviewed by the NPC Standing Committee (NPCSC) during the June, August, and December NPC sessions. Shortly after, the State Council released its 2023 Legislative Work Plan, listing 17 laws and 17 regulations to be drafted and/or revised this year.
On June 18, US Secretary of State Antony Blinken traveled to China for a two-day official visit in what was the first Cabinet-level trip to China during the Biden administration and the first trip by a US secretary of state to China in five years.
US-China bilateral trade in goods has decreased significantly in 2023 after reaching a record high in 2022. This trend is in large part due to economic challenges in China that have impacted Chinese demand for US goods, as well as supply chain diversification, which has resulted in fewer US imports from China in favor of more imports from other countries.
China’s protection and enforcement of intellectual property (IP) rights remains a key challenge for both US companies and a key issue for the US government. The Office of the US Trade Representative said in its 2023 Special 301 Report that the slow pace of China’s IP reform is a “serious concern.”
Over the last several months, both the United States and China have issued plans to support standards-setting activities in emerging sectors in an attempt to ensure first-mover advantages over one another and their global competitors.
In an April 24 speech, Representative Ro Khanna (D-CA), a member of the new House Select Committee on the CCP, outlined his vision for the future of the US-China relationship.
