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Jan 31, 2023Read in browser | Subscribe

Biden Considers Sector-Wide Investment Ban

NASDAQ TV studio. Source: NASDAQ via Wikimedia

Jan 27 | Politico
 

Prohibitions would target U.S. investments in Chinese tech

The Biden administration is considering a more aggressive walling off of American capital flows into Chinese high-tech sectors, says House Foreign Affairs Committee Chair Michael McCaul. While the administration has stressed that any eventual rules will be “carefully tailored,” McCaul's comments suggest that the approach could be sector-wide. More

More on Our Radar

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Happenings on the Hill

Newly Introduced Legislation

U.S-China trade

 

H.J.Res.22 | sponsored by Rep. Bill Posey (R-FL)
 

Joint resolution expressing disapproval of a Commerce Dept. rule allowing foreign solar firms to circumvent tariffs

 

S.125 | sponsored by Sen. Tom Cotton (R-AR)
 

Withdrawing Normal Trade Relations from China

 

H.R.21 | sponsored by Rep. Cathy McMorris Rodgers (R-WA)
 

Strategic Production Response Act, prohibiting the sale of reserve petroleum products to foreign entities of concern, including China

  • S.31 - Senate companion bill sponsored by Sen. John Barrasso (R-WY)

 

S.99 | sponsored by Sen. Marco Rubio (R-FL)
 

National Development Strategy and Coordination Act of 2022

  • H.R.514 - House companion bill sponsored by Rep. Ro Khanna (D-CA)


H.R.513 | sponsored by Rep. Ronny Jackson (R-TX)
 

Preventing foreign influence over U.S. agriculture production and supply chains

  • S.68 - Senate companion bill sponsored by Sen. Tommy Tuberville (R-AL)


H.R.503 | sponsored by Rep. Ken Buck (R-CO)
 

No TikTok on United States Devices Act

  • S.85 - Senate companion bill sponsored by Sen. Josh Hawley (R-MO)


H.R.558 | sponsored by Rep. Darrell Issa (R-CA)
 

Prohibiting certain foreign countries from purchasing or leasing property near sensitive sites

 

Federal funding

 

H.R.551 | sponsored by Rep. Bob Good (R-VA)
 

Assessing U.S. federal funding for gain-of-function research in China

 

H.R.566 | sponsored by Rep. Troy E. Nehls (R-TX)
 

Prohibiting federal funding for programs in the People's Republic of China until reparations for COVID-19 are made

 

H.R.494 | sponsored by Rep. Guy Reschenthaler (R-PA)
 

Prohibiting Federal Funding to EcoHealth Alliance for alleged China connections
 

USD vs. RMB

 

H.R.605 | sponsored by Rep. French Hill (R-AR)
 

Blocking allocations of IMF Special Drawing Rights to perpetrators of genocide or terrorism

 

H.R.556 | sponsored by Rep. French Hill (R-AR)
 

Dollar as the Global Reserve Currency

 

H.R.510 | sponsored by Rep. Warren Davidson (R-OH)
 

Opposing RMB in the IMF's Special Drawing Rights basket


Tibet & Taiwan

 

H.R.533 | sponsored by Rep. Jim McGovern (D-MA)
 

Amending the Tibetan Policy Act of 2002

 

H.R.540 | sponsored by Rep. Young Kim (R-CA)
 

Equitable Treatment for Taiwan at International Financial Institutions

 

H.R.554 | sponsored by Rep. French Hill (R-AR)
 

Deterring Chinese aggression towards Taiwan through financial reporting

 

Misc.



H.Res.67 | sponsored by Rep. Bryan Steil (R-WI)
 

Funding the Select Committee on China

 

S.53 | sponsored by Sen. Ben Cardin (D-MD)
 

Combating Global Corruption Act

  • H.R.457 - House companion bill sponsored by Rep. Steve Cohen (D-TN)

 

 

Congressional Calendar

The House and Senate are in session this week.

Top News

118th Congress

 

Jan 29 | The Wire
 

Mike Gallagher on connecting the China dots for Congress

Mike Gallagher, chair of the new Select Committee on China, talks about preventing Taiwan's future from becoming Ukraine's present, developing a framework for selective decoupling, and reminding people that the United States is the good guy. More


Jan 25 | WSJ
 

Lawmakers seek scrutiny of farmland purchases by Chinese

A bipartisan group of lawmakers is renewing a push to intensify oversight of foreign purchases of U.S. farmland. Legislation introduced in the House and Senate this week would add the agriculture secretary to a federal oversight panel and make clear that its goal includes protecting the U.S. agricultural supply chain from foreign interference. More  

Taiwan

 

Jan 30 | The Hill
 

China urges Kevin McCarthy not to repeat Pelosi visit to Taiwan

In urging "certain individuals in the U.S." to abide by the "one China" principle, China is calling on House Speaker McCarthy not to visit Taiwan. More
 

Jan 28 | Focus Taiwan
 

Rep. Tiffany pushes resolution to resume normal ties with Taiwan

Rep. Tom Tiffany (R-WI) has vowed to push forward with a measure to resume formal diplomatic relations with Taiwan and end the "one China" policy. Tiffany said he remains optimistic due to a greater awareness in Congress regarding Taiwan's sovereignty, resulting in part from Pelosi's August 2022 visit. More
 

Jan 26 | Nikkei Asia
 

Xi puts top brain in charge of Taiwan unification strategy

Wang Huning, who was recently promoted within the Chinese People's Political Consultative Conference, has been tasked with creating the groundwork for Taiwan unification. Wang will write a new theoretical unification strategy, which could become a yardstick with which to measure progress and to decide if a military operation is necessary. More
 

Geopolitics

 

Jan 31 | SCMP
 

Xi Jinping expected to visit Moscow to further China-Russia ties

Russia's foreign ministry said Xi's visit would be a “main event” on the countries' bilateral agenda, although Beijing is yet to confirm the trip. The two leaders last met face-to-face in September. More


Jan 27 | WashPost
 

Marshall Islands, feeling neglected by the U.S., enjoys new leverage

The Marshall Islands is enjoying playing its stronger hand in negotiations over a deal with the U.S. amidst escalating competition between the U.S. and China for geopolitical influence in the region. The Biden administration has agreed to pledge $700 million in financial support in exchange for significant control over Marshallese foreign policy and a long-term land lease for a military base. More
 

Jan 26 | The Hill
 

Senators pressure Biden for more China, Iran sanctions over Ukraine war

Questioning representatives from the Biden administration, senators from both sides of the aisle said sanctions against Chinese companies aiding in Russia's invasion of Ukraine do not go far enough, arguing that China is hiding behind affiliated companies in its support of Russia and cannot be allowed to act with impunity. More  

Military & Maritime

 

Jan 27 | WashPost
 

U.S. general warns troops that war with China is possible in 2 years

U.S. Air Force Gen. Mike Minihan warned troops that China could be at war with the United States two years from now, asserting a shorter timeline before potential conflict than other senior U.S. defense officials. Gen. Minihan cited the 2024 presidential elections in Taiwan and the U.S. as part of his rationale. More


Jan 26 | WSJ
 

New U.S. base on Guam is aimed at deterring China

The first new Marine base since 1952, Camp Blaz is expected to house 5,000 Marines and be a hub for training in the Western Pacific. The new base will put armed forces closer to the front lines of potential conflict in the region and reduce U.S. reliance on keeping large numbers of troops in Japan. More  

Influence & Espionage

 

Jan 28 | FT
 

Japanese companies step up intelligence gathering as U.S.-China tensions mount

Japanese companies are increasingly hiring risk executives and enhancing their intelligence gathering efforts, as investors call for disclosures on their response and readiness for contingencies such as increased tensions between the U.S. and China over Taiwan. More
 

Jan 27 | SCMP
 

Pro-China propaganda network floods YouTube with spam, political messages about Taiwan, U.S., Ukraine

Google says a China-linked influence network spread more than 50,000 spam and political messages on its platforms in 2022. While most of the content was innocuous and failed to draw viewers, the network has been experimenting with new tactics for spreading pro-China political narratives. More
 

Jan 26 | BBC
 

Chinese engineer jailed for eight years for spying in U.S.

Ji Chaoqun has been jailed for eight years after being convicted for acting as an agent of a foreign government. He was found guilty of supplying information to the Jiangsu Province Ministry of State Security about eight scientists and engineers for possible recruitment. More
 

Tech & National Security

 

Jan 30 | AP
 

China accuses Washington of abusing export controls

China's government criticized U.S. controls on tech exports as a trade violation after Japan and the Netherlands agreed to join Washington in limiting Beijing's access to materials to make advanced processor chips they say can be used in weapons. More


Jan 30 | Reuters
 

TikTok's CEO to testify before Congress in March

Shou Zi Chew will appear before the House Energy and Commerce Committee on March 23, in what would be the first appearance of a TikTok CEO before a congressional panel. More


Jan 29 | WSJ
 

China's top nuclear-weapons lab used American computer chips decades after ban

China's top nuclear-weapons research institute has bought sophisticated Intel- and Nvidia-made computer chips at least a dozen times in the past 2½ years despite its placement on a U.S. export blacklist in 1997. Widely available on the open market, the chips were acquired from resellers in China. More
 

Jan 27 | Axios
 

Senator pushes TikTok government-device ban enforcement

With a new law that bars TikTok from government employees' work devices kicking in soon, Sen. Josh Hawley (R-MO) wants details on how it will be enforced. On Friday, he wrote to the OMB, the agency responsible for carrying out the law, to push its development of standards. More  

Business & Investment

 

Jan 30 | Homeland Security Today
 

Senators call on GAO to examine national security risks posed by federal contractors who do business with China

Senators Peters (D-MI), Chairman of the Homeland Security and Governmental Affairs Committee, and Hawley (R-MO) are calling on the GAO to examine the national security risks posed by private consulting companies that concurrently contract with the U.S. government and the Chinese government or Chinese state-run enterprises. More
 

Jan 29 | Nikkei Asia
 

Sony separates production of cameras for China and non-China markets

Sony Group has transferred production of cameras sold in Japanese, U.S. and European markets from China to Thailand, part of growing efforts by manufacturers to protect supply chains by reducing their Chinese dependence. More
 

Jan 26 | Richmond Times-Dispatch
 

Warner, Spanberger warn about CCP influence

Sen. Mark Warner (D-VA) and Rep. Abigail Spanberger (D-VA) are voicing concerns about the influence of the CCP on companies investing in the United States. Both have, however, stopped short of supporting Virginia Gov. Youngkin's sudden decision to pull the state out of competition for a $3.5 billion EV project in partnership with a Chinese company. More
 

Jan 26 | SCMP
 

China accuses U.S. consul of 'maliciously abusing Hong Kong's national security law' with comments on lawyer ruling

The Chinese foreign ministry's office in Hong Kong accused U.S. Consul General Gregory May of “intentionally smearing the business environment of Hong Kong" after May stated that "[U.S.] companies should be aware that the risks faced in mainland China are now increasingly present here in Hong Kong.” More
 

Jan 25 | Bloomberg
 

U.S. hasn't noticed that China-made cars are taking over the world

Overseas shipments of cars made in China have tripled since 2020 to reach more than 2.5 million last year. The country is poised to surpass Germany, the U.S., and South Korea to become the No. 2 exporter of passenger vehicles. China's increasing competitiveness in this sector could reshape the global auto industry and spark new tensions with trading partners and rivals. More
 

Trade & Commerce

 

Jan 30 | WSJ
 

Russia boosts China trade to counter Western sanctions

Trade between China and Russia boomed last year, providing a lifeline to Russia's economy and showing the limits of Western sanctions. While Moscow boosted imports of technologies critical to its war in Ukraine, China's increased purchases of Russian oil more than offset the declines from major Western trading partners. More
 

Jan 27 | Asia Nikkei
 

China-Africa trade soars on spike in commodity prices

Rising commodity prices and Beijing's push to promote imports from Africa increased trade by 11% to $282 billion in 2022, dwarfing two-way commerce between the United States and the continent. Africa mainly exported natural resources to China, such as crude oil, copper, cobalt, and iron ore, while its Chinese imports were frequently finished goods, like machinery, electronics, and textiles. More
 

Jan 27 | Reuters
 

China, U.S. spar at WTO meeting over disputes

China and the United States exchanged sharp criticism at a recent WTO meeting, with Beijing calling Washington a "unilateral bully" and the United States accusing Beijing of illegal retaliatory measures. The exchange occurred shortly after the U.S. lodged an appeal against a series of WTO rulings involving China which found that U.S. metal tariffs breached global rules. More
 

Climate & Energy

 

Jan 30 | Scientific American
 

China invests $546 billion in clean energy

That is nearly four times the amount of U.S. investments, which totaled $141 billion. The European Union was second to China with $180 billion in clean energy investments. China also dominated in low-carbon manufacturing, accounting for more than 90% of the $79 billion invested in that sector last year. More
 

Jan 26 | Reuters
 

U.S. lawmakers seek repeal of Biden solar tariff waiver

A bipartisan group of lawmakers in the House introduced a resolution to repeal President Biden's suspension of import tariffs on solar panels from four Southeast Asian nations. The move is aimed at propping up domestic solar manufacturers, which have struggled to compete with cheap panels made overseas — often by Chinese companies. More  

Inside China

 

Jan 31 | NYT
 

China's Covid tsunami recedes

Although the true toll of Covid deaths in China is hard to delineate, the worst seems to have passed, and the government is eager to shift attention to economic recovery. Restoring growth could help repair Xi's image, bruised after three years of stringent “zero Covid” policies. More


Jan 24 | FT
 

China's palace politics: Xi Jinping loyalists compete for power

Xi will confirm a new batch of appointments to critical government roles in March, marking the completion of his consolidation of power as he embarks on the unprecedented third term as leader. The appointments will signal the emergence of a new set of factions among Xi loyalists, which will compete for control and influence — and ultimately succession. More
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