Research & Analysis

This week, Senate Majority Leader Chuck Schumer (D-NY) confirmed that he will lead a bipartisan congressional delegation to China, Japan, and South Korea next week. He will be accompanied by Senate Finance Committee Ranking Member Mike Crapo (R-ID), as well as senators Bill Cassidy (R-LA), Maggie Hassan (D-NH), John Kennedy (R-LA), and Jon Ossoff (D-GA).

On Monday, the Department of Commerce’s National Institute of Standards and Technology published a final rule on the Federal Register detailing the guidelines for the proper utilization of funds under the CHIPS and Science Act of 2022 (CHIPS). According to Commerce, the final rule seeks “to prevent funding provided through the program from being used to directly or indirectly benefit foreign countries of concern.”

On Tuesday, President Joe Biden addressed the United Nations General Assembly (UNGA), covering a range of topics, including the US relationship with China. Biden emphasized that the United States seeks to “responsibly manage the competition” with China so that it does not tip into conflict.

The US-China Business Council conducted its annual Member Survey in summer 2023 and released the results in late September.

Over the weekend, President Joe Biden engaged in high-level discussions with world leaders at the G20 summit in India. While Chinese President Xi Jinping was notably absent, Biden did meet with China’s number two leader, Premier Li Qiang, and touted the new found communication channels between his administration and Chinese leadership.

Over the past two months, there have been several noteworthy policy developments that affect the healthcare industry. In July, China launched an unprecedented year-long anti-corruption campaign in the healthcare sector, targeting both hospitals and healthcare companies.

Amid a slowdown in economic growth and reduced domestic consumption, China’s State Council released a 24-point guideline that emphasizes the importance of attracting and utilizing foreign investment to establish what is described as a “new open economic system.” The document, published last month, is essentially a guidebook for other Chinese policymaking bodies which are expected to implement the opinions.

US lawmakers recently returned to Washington after more than a month of working in their home districts and are gearing up for an eventful fall. Multiple must-pass pieces of legislation are looming on the horizon, and lawmakers will try to use these vehicles to legislate on China-related topics.

Traveling between the United States and China has become more common and convenient over the past eight months as both countries eliminated COVID-19 restrictions, relaxed visa policies, and allowed for more flights between the two countries.