Washington Update

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.

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.

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.

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.

On Thursday, Secretary of State Antony Blinken met with China’s top diplomat, Wang Yi, on the sidelines of the ASEAN Foreign Ministers Meeting in Jakarta, Indonesia. This was the second meeting between Blinken and Wang in less than a month, and it was described by the State Department as “candid and constructive,” with both sides agreeing to maintain communication.

Treasury Secretary Janet Yellen arrived in Beijing on Thursday for a series of meetings with top Chinese officials that will continue through Sunday. Yellen plans to raise China’s unfair trade practices, market access barriers faced by US companies, and China’s new Anti-Espionage Law.

The week saw more senior level engagement between the United States and China, building on a commitment to look for areas ripe for collaboration made by both sides during Secretary of State Antony Blinken’s recent meetings in Beijing.

Secretary of State Antony Blinken’s visit to China over the weekend marked a significant step in the ongoing dialogue between the United States and China. Blinken engaged in a series of meetings with key Chinese officials, including President Xi Jinping, Foreign Minister Qin Gang, and China’s top diplomat Wang Yi.

Secretary of State Antony Blinken will travel to Beijing this weekend for meetings with senior Chinese officials. On Wednesday, Blinken and China’s Foreign Minister Qin Gang spoke by phone, offering a preview of what both sides wish to discuss during the visit.

On Tuesday, a State Department official confirmed that Secretary of State Antony Blinken plans  to travel to China for talks in the coming weeks.