Rachel Farmer
Manager, Business Advisory Services
US-China Business Council
Washington, DC
Manager, Business Advisory Services
US-China Business Council
Washington, DC
Rachel is a manager of business advisory services at USCBC in Washington, DC. Prior to joining the Council, she worked as a project consultant at APCO Worldwide in Beijing. She holds a master’s degree in Chinese politics and foreign policy from Tsinghua University and a bachelor’s degree in global studies and Asian studies from the University of North Carolina at Chapel Hill. She is proficient in Mandarin and lived in China for many years.
China’s top legislative body recently announced a debt swap plan that will relieve local governments from paying a total of RMB 12 trillion (USD 1.66 trillion) of off-balance sheet debt.
The Department of the Treasury on Monday released a final rule implementing President Joe Biden’s August 2023 executive order on “Addressing United States Investments in Certain National Security Technologies and Products in Countries of Concern.”
Data released by the National Bureau of Statistics on October 18 reveals that China’s GDP grew by 4.6 percent in the third quarter of the year, the slowest pace since early 2023.
Beijing has taken the first step toward fixing its economic problem—admitting it has one. China’s growth has continued to stagnate this year as it grapples with a protracted real estate downturn, local government debt, and record youth unemployment, which have all resulted in an acute crisis of confidence.
On August 29, Jake Sullivan concluded his first trip to China as national security advisor, where he met with several senior Chinese officials as part of ongoing efforts to maintain open lines of communication between Washington and Beijing.