Key details on the agenda and deliverables for President Donald Trump’s trip to China early next month remain unclear as Treasury Secretary Scott Bessent and US Trade Representative Jamieson Greer prepare to meet with China’s Vice Premier He Lifeng in Paris over Sunday and Monday.
On Wednesday, the Biden administration dropped its long-expected executive order (EO) on outbound investment. While the regulations will not go into effect until a public comment process is finished, the EO marks a significant change in US policy on capital flows into China, particularly US investments into three covered sectors—semiconductors, artificial intelligence, and quantum computing.
On August 9, the Biden administration released its long-expected executive order (EO) on outbound investment, along with an Advance Notice of Proposed Rulemaking (ANPRM) from the Treasury Department. While the EO is narrower than other proposals seen in recent years, it still represents a significant change in US policy.
As part of the ongoing efforts to engage with Beijing, on Tuesday, State Department Spokesperson Matthew Miller confirmed the Biden administration has extended an invitation to China’s newly appointed Foreign Minister, Wang Yi, to visit Washington. Wang, who held the same position from 2013 through 2022, replaced Qin Gang.
In recent months, China has seen significant high-level personnel changes at both central and provincial levels. On July 25, the National People’s Congress Standing Committee voted to remove Qin Gang from the post of foreign minister and reappoint his predecessor Wang Yi, current director of the CCP Central Foreign Affairs Office.
On March 16, the CCP Central Committee and the State Council released a reform plan for Party and state institutions as part of the annual Two Sessions conference. The plan calls for the creation of a new data regulator, which this article refers to as the National Data Bureau, to consolidate the management of China’s burgeoning data markets.
Following the release of China’s weak second quarter economic data, the government unleashed a slew of measures and statements in support of spurring economic growth, though falling short of issuing a large-scale stimulus package. China continues to face weakening domestic demand, waning private sector confidence, rising youth unemployment, a beleaguered property sector, and mounting local government debt.
On Thursday, the Senate passed its version of the FY24 National Defense Authorization Act (NDAA) by a vote of 86–11. The bill contains several provisions that are notable for member companies.
Now that more than half a year has passed since China began its re-opening, the latest healthcare policies are a return to longer-term goals and institutional reforms. That said, several actions appear to be, in part, influenced by the experiences of the past three years.
Special Presidential Envoy for Climate John Kerry recently concluded four days of talks with senior Chinese officials in Beijing. The meeting did not yield any significant outcomes, though both countries agreed to maintain regular meetings.
China’s second quarter economic data indicates continued weak spots in the country’s economy. While China’s GDP grew by 6.3 percent year on year, it grew only 0.8 percent compared to the previous quarter.
