Page 34 - 2023 White Paper on the Business Environment in China
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3 White Paper on the Business Environment in China
1.2 The On-going China-US Trade Conflict
January11, 2023 – US House run-up to the G20 Summit in Bali, Indonesia was
of Representatives described by both sides as “in-depth, candid
Votes to Form a Committee for Competition with and constructive”, according to the official
China. According to a notice published on the meeting readout on China’s Ministry of Foreign
US Congress website, the Select Committee on Affairs (MOFA) website. Both sides called for
the Strategic Competition Between the United increasing cooperation and working together
States and the Chinese Communist Party is on major issues “such as climate change, global
authorized “to investigate and submit policy macroeconomic stability including debt relief,
recommendations concerning the status of the health security, and global food security”,
economic, technological, and security progress of according to the official meeting readout
the Chinese Communist Party and its competition published on the White House website.
with the United States.”
November 14, 2022 – President Biden and
December 15, 2022 – US regulators gain President Xi Prepare to Meet in Bali Ahead of G20
access to audit documents of US-listed Chinese Summit. According to media reports, Biden will seek
companies. The US Public Company Accounting to set “red lines” for the US’ relationship with China,
Oversight Board (PCAOB) announced that it which for the US may include maintaining freedom of
has successfully gained uncensored access to navigation in the South China Sea and preventing a
investigate audit firms in mainland China and military invasion of Taiwan. Biden has also previously
Hong Kong for the first time in history, potentially stated that he will seek to maintain open lines of
saving hundreds of Chinese companies from communication with China on important issues.
forced delisting from US stock exchanges.
According to the board’s announcement, it had October 7 – 13, 2022—US Department of
determined that it “was able to secure complete Commerce implements new export controls
access to inspect and investigate audit firms”. on advanced computing and semiconductors
to China. The new export controls will require
November 25, 2022 – China extends tariff companies to receive a license to export US-made
exemption on certain US goods for six advanced computing and semiconductor products
months. The Customs Tariff Commission of China’s to China. According to a release issued by the
State Council has announced that it will extend a Bureau of Industry and Security, the purpose of
tariff exemption on a list of 95 US goods. The tariff the export controls is to “protect U.S. national
exemption, which was set to expire on November security and foreign policy interests” and will
30, 2022, has been extended to May 31, 2023. “restrict the People’s Republic of China’s (PRC’s)
China has placed tariffs on over US$100 billion ability to both purchase and manufacture certain
worth of US goods in retaliation to the USTR’s high-end chips used in military applications”.
Section 301, which placed tariffs on over US$360
billion worth of Chinese goods during the Trump September 23, 2022 – China Foreign Minister
Administration in 2018 and 2019. meets with US counterpart at sidelines of UN
General Assembly. China’s Foreign Minister Wang
November 15, 2022 – President Biden and Yi called for “steering bilateral relations back
President Xi Hold First Face-to-Face Meeting as on the track of steady development”, while his
Leaders. The three-hour meeting held in the US counterpart Secretary of State Antony Blinken
34
1.2 The On-going China-US Trade Conflict
January11, 2023 – US House run-up to the G20 Summit in Bali, Indonesia was
of Representatives described by both sides as “in-depth, candid
Votes to Form a Committee for Competition with and constructive”, according to the official
China. According to a notice published on the meeting readout on China’s Ministry of Foreign
US Congress website, the Select Committee on Affairs (MOFA) website. Both sides called for
the Strategic Competition Between the United increasing cooperation and working together
States and the Chinese Communist Party is on major issues “such as climate change, global
authorized “to investigate and submit policy macroeconomic stability including debt relief,
recommendations concerning the status of the health security, and global food security”,
economic, technological, and security progress of according to the official meeting readout
the Chinese Communist Party and its competition published on the White House website.
with the United States.”
November 14, 2022 – President Biden and
December 15, 2022 – US regulators gain President Xi Prepare to Meet in Bali Ahead of G20
access to audit documents of US-listed Chinese Summit. According to media reports, Biden will seek
companies. The US Public Company Accounting to set “red lines” for the US’ relationship with China,
Oversight Board (PCAOB) announced that it which for the US may include maintaining freedom of
has successfully gained uncensored access to navigation in the South China Sea and preventing a
investigate audit firms in mainland China and military invasion of Taiwan. Biden has also previously
Hong Kong for the first time in history, potentially stated that he will seek to maintain open lines of
saving hundreds of Chinese companies from communication with China on important issues.
forced delisting from US stock exchanges.
According to the board’s announcement, it had October 7 – 13, 2022—US Department of
determined that it “was able to secure complete Commerce implements new export controls
access to inspect and investigate audit firms”. on advanced computing and semiconductors
to China. The new export controls will require
November 25, 2022 – China extends tariff companies to receive a license to export US-made
exemption on certain US goods for six advanced computing and semiconductor products
months. The Customs Tariff Commission of China’s to China. According to a release issued by the
State Council has announced that it will extend a Bureau of Industry and Security, the purpose of
tariff exemption on a list of 95 US goods. The tariff the export controls is to “protect U.S. national
exemption, which was set to expire on November security and foreign policy interests” and will
30, 2022, has been extended to May 31, 2023. “restrict the People’s Republic of China’s (PRC’s)
China has placed tariffs on over US$100 billion ability to both purchase and manufacture certain
worth of US goods in retaliation to the USTR’s high-end chips used in military applications”.
Section 301, which placed tariffs on over US$360
billion worth of Chinese goods during the Trump September 23, 2022 – China Foreign Minister
Administration in 2018 and 2019. meets with US counterpart at sidelines of UN
General Assembly. China’s Foreign Minister Wang
November 15, 2022 – President Biden and Yi called for “steering bilateral relations back
President Xi Hold First Face-to-Face Meeting as on the track of steady development”, while his
Leaders. The three-hour meeting held in the US counterpart Secretary of State Antony Blinken
34
