Research & Analysis

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.

With the Senate staying in Democratic hands, committee leadership will stay relatively intact. However, multiple long-time GOP legislators retired at the end of the 117th Congress, paving the way for new committee leadership on the Republican side.

In October, the Chinese Communist Party announced top party personnel changes and delivered its work report at the 20th Party Congress. The work report lays out priorities and strategic plans for the Chinese government, including facilitating high-quality development and strengthening national security under a more centralized decision-making framework, and the personnel changes have implications for how these priorities will be carried out.

The Cyberspace Administration of China’s (CAC) regulations governing security reviews of cross-border data transfers (CBDTs) came into effect on September 1, 2022, with a six-month grace period that ends on March 1, 2023. In order to support members’ ongoing efforts to understand their obligations and benchmark with peers in the business community, USCBC has compiled the below FAQ.

I’m happy to report that I am safely back in Washington, DC, after a productive five-week trip to China. After 10 days in quarantine and 10 days of work meetings in Shanghai, the final leg of my trip was in Beijing—the political center of China—where we met with key central government stakeholders, academic and think tank experts, and member companies.

On Thursday, House Republican Leader Kevin McCarthy (R-CA) announced his selection of Representative Mike Gallagher (R-WI) as the chair of the planned Select Committee on China next Congress. Gallagher currently serves as a member of the House Permanent Select Committee on Intelligence and the House Armed Services Committee.

George Wang has product and business ideas daily. Most remain in his head, and a few have launched but didn’t last long. One got traction, and today is E-BI International, a contract engineering and manufacturing company whose clients range from small businesses to Fortune 500 companies.

In a speech at the Massachusetts Institute of Technology on Wednesday, Commerce Secretary Gina Raimondo argued that US allies and companies should support the administration’s efforts to restrict China’s access to advanced US technologies over national security concerns. Raimondo urged industry to “step up and work with [the US government] to move out on this strategy.”