This week, the United States and China continued to take action on commitments made during the leaders’ meeting in October.
In an April 24 speech, Representative Ro Khanna (D-CA), a member of the new House Select Committee on the CCP, outlined his vision for the future of the US-China relationship.
In the first quarter of the year, China’s economy expanded by 4.5 percent, exceeding economists’ growth expectations of around 4 percent. The first quarter performance is a step toward reaching China’s 2023 growth target of 5 percent and is indicative of a return from its COVID-stunted economy.
On Wednesday, Senate Majority Leader Chuck Schumer (D-NY), accompanied by 12 Democratic committee chairs, announced plans for a Senate legislative package focused on China. Schumer urged his committee chairs to work with their Republican counterparts to draft bipartisan legislation that can be combined into a larger bill modeled after the bipartisan CHIPS and Science Act, which was passed last Congress.
In a speech Thursday, National Security Advisor Jake Sullivan outlined the Biden administration’s new industrial strategy for the United States. The strategy aims to leverage massive public investment to rebuild US manufacturing, reduce inequality, and reduce supply chain dependence on China.
On March 31, China’s Cybersecurity Review Office announced a cybersecurity review (CSR) investigation into US chipmaker Micron, citing supply chain security and cybersecurity risks. This investigation has spurred questions and concerns about the CSR process and whether it will create new compliance difficulties for US companies moving forward.
The Uyghur Forced Labor Prevention Act (UFLPA) has been a game changer for forced labor import bans. Its broad scope, covering anything made “in whole or in part” with input from Xinjiang or entities blacklisted on the UFLPA entity list, has forced companies to rethink supply chain traceability in China and the region.
Since reform and opening began nearly 50 years ago, China’s private sector has played an increasingly important role in the economy, accounting for 60 percent of GDP, 70 percent of innovative capacity, 80 percent of employment, and 90 percent of new jobs.
In a speech on Thursday at the Johns Hopkins University’s School of Advanced International Studies, Treasury Secretary Janet Yellen outlined a vision for the future of US-China economic relations, emphasizing the importance of collaboration while safeguarding US national security interests.
In a Brookings Institution discussion on Monday, Treasury Undersecretary for International Affairs Jay Shambaugh spoke about the importance of maintaining an economic relationship with China, a notable message considering the administration’s focus on competition and national security as of late.
