In February, President Joe Biden signed an executive order requiring a review of critical supply chains. Last year, supply chains came under scrutiny as a result of shortages caused by the COVID-19 pandemic, but also in the wake of credible reports of human rights abuses in the Xinjiang Uyghur Autonomous Region. Even so, companies had begun re-evaluating their China-based supply chains in light of changing dynamics in China’s economy far before the pandemic took hold.
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March 24th, 2021
As scrutiny on human rights abuses in Xinjiang increases, US companies are having to reevaluate business ties to the region. Reputational concerns, US government sanctions on Xinjiang-based entities, and restrictions on importing products sourced from Xinjiang have all elevated the risk of any business linked to the region. With the Biden administration’s increased focus on human rights, this scrutiny is likely to only increase.
March 24th, 2021
On March 5, Chinese legislators unveiled the country’s 14th Five-Year Plan (FYP), which articulates long-term goals for China’s economic, political, and social development. Supporting indigenous innovation in science and technology serves as a core component of this strategy and a pathway to long-term economic competitiveness and supply chain security. Prioritized sectors include artificial intelligence (AI), quantum computing, integrated circuits, genetic and biotechnology research,...
March 24th, 2021
Trade promotion authority (TPA), a mechanism which gives the executive branch the power to fast-track certain aspects of congressional oversight on free trade agreements, is set to expire on July 1 unless United States Trade Representative Katherine Tai requests renewal by April 1. In an era of intense partisanship and congressional gridlock, there is concern that without TPA, US accession to certain comprehensive trade agreements, including the Comprehensive and Progressive Agreement for...
March 16th, 2021
The Chinese government officially released its 14th Five-Year Plan for Economic and Social Development and 2035 Vision Goals (14th FYP) after the conclusion of annual legislative meetings in Beijing. The plan, which primarily covers the five year period from 2021-2025, outlines a broad range of development targets and objectives from high-tech self sufficiency to urban development to climate change.
March 10th, 2021
As new and more contagious strains of COVID-19 appear throughout the world, business executives are finding it more difficult to secure authorization for travel to China. Travel to China currently requires an executive to receive an invitation from the local foreign affairs office (“PU letter”) and a visa (unless the traveler already has a residency permit), as well as a green Health Declaration Code (HDC) from the Chinese embassy or consulate. But since January, the Chinese government has...
March 10th, 2021
China’s lawmakers gathered in Beijing last Friday to begin their annual legislative meeting where they will approve the government’s agenda and development targets as part of the 14th Five-Year Plan (FYP) covering 2021-2025. Prior to the meeting, several provinces had already held their own local planning meetings. Provincial goals largely align with core objectives of the forthcoming national 14th FYP, which will heavily feature “dual circulation,” China’s new economic paradigm. Under this...
March 10th, 2021
With the Biden administration set to maintain a Trump-era regulation on information and communication technology and services (ICTS) supply chains, companies are fearful that its broad scope will not only require costly compliance mechanisms, but also make it impossible to meaningfully implement. The regulation in question is the interim final rule (IFR) on Securing the Information and Communications Technology and Services Supply Chain, which was released by the Department of Commerce ...
March 10th, 2021
Now that the Biden administration has most of its senior officials in place, a senior bilateral meeting in Alaska is planned for next week, and China’s National People’s Congress is well underway, it is a good time to assess US-China relations and the implications of continued bilateral tension for US companies operating in China. USCBC members should be familiar with the Interim National Security Strategic Guidance published last week under President Biden’s signature. If not, find our...
March 5th, 2021
The National People’s Congress (NPC) began its annual meeting today, with Premier Li Keqiang delivering the annual Government Work Report. The report, along with a plan published by China’s National Development and Reform Commission (NDRC), reviews the government’s performance in 2020 and identifies major tasks for 2021. It also includes a high-level overview of China’s goals under the 14th Five-Year Plan, which covers 2021-2025. USCBC will issue an analysis of the five-year plan and China’s...
