On June 30, China’s National People’s Congress (NPC) Standing Committee unanimously passed the Hong Kong Special Administrative Region National Security Protection Law, which was signed into law by President Xi Jinping and inserted into Hong Kong’s Basic Law. It is effective immediately. In anticipation of the law’s passage, the United States has begun the process of revoking Hong Kong’s status under US law that grants it special privileges from mainland China.
China Market Intelligence
According to statements at China’s National People’s Congress (NPC), companies operating in China can expect the government to focus on bringing wages more in line with GDP growth in an effort to raise standards of living across China. The Government Work Report for this year’s NPC calls for proportionate increases in wages relative to GDP, but does not provide specific details.
As China seeks to recover from the economic toll of the COVID-19 pandemic, the government has begun rolling out a “new infrastructure” initiative to fuel and transform the economy by employing modern technologies like AI, 5G, and blockchain. While the catchphrase has gained traction, few local governments have announced tangible measures supporting the initiative. While related policies are only in their nascent stages, high-level remarks suggest “new infrastructure” projects could pose...
The Ministry of Justice (MOJ) named Tang Yijun (唐一军), former governor of Liaoning Province, as the new minister to replace Fu Zhenghua (傅政华) after Fu reached the mandatory retirement age for minister-level officials of 65. Tang spent most of his political career serving as the head of the Commission for Discipline Inspection in Zhejiang Province when President Xi Jinping was the provincial party secretary.
It is simply a fact that the world’s most important bilateral relationship is also among the world’s most conflicted and tense relationships. It will likely get more tense in the weeks and months ahead. The question, now, is what this means for US business and how do we proceed at the micro-economic level—enveloped in such terrible diplomatic, geopolitical, and economic uncertainty.
China’s announcement of a plan to establish Hainan as a free trade port (FTP) may present opportunities for companies to both sell into the market and use Hainan as a foothold to service the global market. Building upon Hainan’s establishment as a free trade zone in 2018, on June 1 this year, China’s Ministry of Justice released an extensive Overall Plan for the Construction of the Hainan Free Trade Port that aims to advance Hainan’s position in international trade, investment, and cross-...
Following its first quarterly economic contraction in recent history, the Chinese government continues to take a relatively cautious approach to stimulating economic recovery. While economic activity picked up somewhat in April, China will likely spend the remainder of 2020 focused on stabilizing businesses and employment, but avoiding a 2008-style, credit-fueled infrastructure stimulus.
On April 26, China’s National People’s Congress Standing Committee (NPCSC) issued draft amendments to the Copyright Law for public comment until June 13. The original law was adopted in 1990 and the current version was last amended in 2010. The State Council solicited public comments on potential revisions to the law in 2012 and 2014, but revision efforts stalled after that. If passed in the current form and fully enforced, the amendments would improve the intellectual property environment...
In recent conversations with senior Chinese government officials, the US-China Business Council explained the significant challenges American company executives were experiencing obtaining visas to return to China. In response to those concerns, the Chinese Embassy in Washington, DC informed USCBC of two new processes for American business executives to obtain visas to return to China.
Premier Li Keqiang closed out the annual session of the National People’s Congress (NPC) today with a press conference. Though US-China tensions are running high following the NPC’s decision on Hong Kong legislation, Li championed US-China cooperation in his closing remarks. Over the course of the week, NPC delegates also determined the legislative agenda for 2020, which includes making progress on export controls, patent protection, and data security.