This week, the United States and China continued to take action on commitments made during the leaders’ meeting in October.
On March 16, the CCP Central Committee and the State Council released a reform plan for Party and state institutions as part of the annual Two Sessions conference. The plan calls for the creation of a new data regulator, which this article refers to as the National Data Bureau, to consolidate the management of China’s burgeoning data markets.
Following the release of China’s weak second quarter economic data, the government unleashed a slew of measures and statements in support of spurring economic growth, though falling short of issuing a large-scale stimulus package. China continues to face weakening domestic demand, waning private sector confidence, rising youth unemployment, a beleaguered property sector, and mounting local government debt.
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.
Now that more than half a year has passed since China began its re-opening, the latest healthcare policies are a return to longer-term goals and institutional reforms. That said, several actions appear to be, in part, influenced by the experiences of the past three years.
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.
China’s second quarter economic data indicates continued weak spots in the country’s economy. While China’s GDP grew by 6.3 percent year on year, it grew only 0.8 percent compared to the previous quarter.
On June 29, the State Council released a slew of new measures intending to simplify cross-border business and expand market access within six of China’s 21 free trade zones (FTZs): Beijing, Shanghai, Guangdong, Tianjin, Fujian, and Hainan. The measures come at a time when Chinese leaders are determined to revive both the domestic economy and investor confidence.
Bipartisanship is uncommon on Capitol Hill, but policymakers across party lines agree on investing in and regulating artificial intelligence (AI). This wake-up call has been driven, in-part, by a perception that China’s accelerated efforts to both develop its AI capabilities and regulate AI technologies will give the country an advantage in the foundational technologies that the United States and China are racing to lead.
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.
On July 6, US Secretary of the Treasury Janet Yellen traveled to China for a four-day visit, with bilateral meetings taking place over two days. Her visit marked the second cabinet-level trip during the Biden administration, following Secretary of State Antony Blinken’s trip in June.
