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.
Skepticism and competition defined the US-China relationship for much of 2022, and these themes are expected to continue this year. With the tech competition intensifying and a renewed focus on China in the US Congress, this year will likely bring more uncertainty and continued challenges for multinational companies.
From all our staff at USCBC, we thank you for your membership and the confidence you place in our services to you. As we begin our 50th anniversary year, I would like to highlight some of the accomplishments made together with you in 2022 and share some observations on the year ahead.
This edition of the industrial policy and standards industry updates focuses on central and local policies that have been issued in the weeks around the 20th Party Congress and the Central Economic Work Conference. Both events emphasized that high quality development and consumption driven growth are core priorities for China’s overall economic health.
On Sunday, Secretary of State Antony Blinken spoke over the phone with newly appointed Chinese Foreign Minister Qin Gang at the end of his ambassadorship to the United States. According to the embassy readout, the conversation recalled “in-depth and constructive” meetings between the two during Qin’s tenure, noting that Qin hopes to continue working closely with Blinken in his new role.
If you work around hazardous chemicals, there are badges that you’ll want to wear because they will save your life. The very smart badges are made by Morphix Technologies, a small company in Virginia Beach, VA, and they have big sales in China, Europe, and elsewhere.
The Ministry of Industry and Information Technology (MIIT) released a notice regarding platforms that collect internet product security vulnerabilities. The notice requires all such platforms to file a range of details with MIIT, including the web page URL, Chinese Internet Content Provider License, name and contact information of the sponsor, scope of vulnerability collection, rules for public release of this information, etc.
From December 15 to December 16, senior Chinese leaders convened for the Central Economic Work Conference (CEWC) to discuss key economic goals for the year ahead. At this year’s conference, implementing a new development pattern emerged as a key theme—signaling a focus on revitalizing economic growth.
In a significant breakthrough, the Public Company Accounting Oversight Board (PCAOB) announced on Thursday that it was able to secure complete access to inspect and investigate audit firms in China for the first time in history. PCAOB Chair Erica Williams credited the access to the Holding Foreign Companies Accountable Act (HFCAA), which Congress passed in 2020.
The US-China Business Council’s annual Export Report takes a deep dive into the goods and services that US businesses export to China every year and the American jobs supported by those exports.
In March 2022, China set an annual 2022 growth target of 5.5 percent, a goal the economy will almost certainly not meet. Following COVID-19 outbreaks, a declining property sector, slowing consumer confidence, and weakening exports, the median growth forecast sits at 3.3 percent. Looking ahead, China will likely continue to face a similar set of challenges for 2023.
