Research & Analysis

On Wednesday, lawmakers convened for the first full conference committee to reconcile the House and Senate versions of the FY2024 National Defense Authorization Act (NDAA). The NDAA is one of the last must-pass bills left on the ledger this year, and there is friction between the Senate-approved version that passed with overwhelming bipartisan support in July and the House version, which passed along party lines and includes more politically charged provisions.

In the last year, the Cyberspace Administration of China (CAC) adjusted its rules for cross-border data transfers (CBDT) in what appears to be a slowly loosening government approach to managing data flows. However, given that many fundamental regulations remain in draft form and key terms remain undefined, the change in approach has not yet materialized into lighter compliance burdens for companies.

A four-hour meeting between President Joe Biden and President Xi Jinping on the sidelines of this year’s APEC summit in San Francisco served as a pivotal juncture in thawing relations between the United States and China. The meeting laid the groundwork for expanding communication across multiple levels of government, but it remains to be seen what this will look like in practice and how it will impact US-China commercial relations.

US-China bilateral trade in goods increased 6.8 percent over the previous quarter during Q3 2023, the first quarterly increase since bilateral trade first dived in Q4 2022. Growth in bilateral trade significantly outpaced that of US-worldwide trade, a result of solid consumer spending in the United States and a seasonal increase in US imports of goods ahead of the holiday shopping season that benefits countries that export consumer goods, including China.

On Wednesday, President Joe Biden and President Xi Jinping met face to face for the first time in over a year on the sidelines of APEC in San Francisco. According to a White House readout, the leaders had a candid and constructive discussion and agreed to strengthen cooperation in several areas.

USCBC commissioned Oxford Economics to build upon our previous study and estimate the economic impact of an escalation of existing tariff measures in the form of revoking China’s PNTR status, a scenario that has been put forward by some in Congress and by three of the leading Republican presidential candidates.

In May, USCBC published an article about the troubling number of proposals being discussed in Congress and on the campaign trail calling to revoke China’s Permanent Normal Trade Relations (PNTR) status. This is a position held by the three frontrunners for the Republican presidential nomination in 2024.

After years of conflicting reports on the health of the Belt and Road Initiative (BRI), a recent summit in Beijing indicated that the project is moving in a new direction. On October 17 and 18, China hosted the third Belt and Road Forum for International Cooperation to set the agenda for the next decade.

From October 30 to 31, China convened the twice-a-decade Central Financial Work Conference, an agenda-setting moment for the financial sector. This year’s event took place amid ongoing local government and property sector debt challenges.