This article updates USCBC’s December 2022 FAQs on China’s Cross-Border Data Transfer (CBDT) Regulation with new insights into company progress and likely enforcement patterns as the March 1 deadline approaches. This process is required only for companies seeking to transfer certain types or volumes of data outside of China.
During the 118th Congress, all eyes will be on the newly established Select Committee on Strategic Competition Between the United States and the Chinese Communist Party. Still, it is important to note that the select committee will not have any legislative authority, and that the standing committees will still hold full power to craft, introduce, and mark up legislation.
China’s state-owned enterprises (SOEs) are an integral part of the country’s economic system, and their intimate ties to the government make them a key vehicle through which policymakers can influence economic outcomes. As such, SOEs are expected to play a critical role in China’s economic recovery, resiliency initiatives, and other plans such as decarbonization and dual circulation.
More than three years after the first COVID-19 case was reported, China has finally made a decisive u-turn, veering away from the zero-COVID regime and toward co-existing with the virus. On December 7, 2022, the National Health Commission (NHC) released 10 measures that effectively dismantled its stringent requirements.
Last month, to the surprise and joy of many, China announced a major shift in its COVID-19 strategy, from prevention and control to treatment and openness. China relaxed a slew of restrictions, making it easier to travel to and within China.
Skepticism and competition defined the US-China relationship for much of 2022, and these themes are expected to continue this year. With the tech competition intensifying and a renewed focus on China in the US Congress, this year will likely bring more uncertainty and continued challenges for multinational companies.
From all our staff at USCBC, we thank you for your membership and the confidence you place in our services to you. As we begin our 50th anniversary year, I would like to highlight some of the accomplishments made together with you in 2022 and share some observations on the year ahead.
From December 15 to December 16, senior Chinese leaders convened for the Central Economic Work Conference (CEWC) to discuss key economic goals for the year ahead. At this year’s conference, implementing a new development pattern emerged as a key theme—signaling a focus on revitalizing economic growth.
In March 2022, China set an annual 2022 growth target of 5.5 percent, a goal the economy will almost certainly not meet. Following COVID-19 outbreaks, a declining property sector, slowing consumer confidence, and weakening exports, the median growth forecast sits at 3.3 percent. Looking ahead, China will likely continue to face a similar set of challenges for 2023.
