WSCRC

Washington State China Relations Council

WSCRC 2021 Mid-Year Report

Despite the continued challenges from Covid-19 and a U.S.-China relationship under stress, the WSCRC has been working hard to serve its members and partners by providing high quality programs and support local community efforts. In the first half of 2021, in addition to nearly 20 webinars, we hosted our first ever virtual annual gala (with more than 200 participants)! Working with partner organizations, we also produced a report for federal, state and local officials, outlining policies that these organizations endorse with the intent to improve the competitiveness of Washington businesses in their dealings with China. In response to the rise of hate crimes against people of Asian and Pacific ethnicity and to show our support in the fight against anti-Asian racism, the WSCRF and the WSCRC hosted a series of two webinars to explore this topic from different perspectives.

This report provides a summary of our work carried out in the first half of 2021, along with membership and leadership updates.

Click here to read the full report.

Noted China focused Macro-Economist Addresses the WSRC Board

Andrew Polk, the co-founder and head of economic research at Trivium China, a Beijing-based strategic advisory firm, and a senior associate (non-resident) of the Freeman Chair of China Studies at the Center for Strategic and International Studies addressed the WSCRC Board at its quarterly Board meeting on May 27th. Andrew discussed China’s macroeconomic growth policy framework from the short term, medium term and long term perspectives, which are driven by the key goals of the two sessions, the dual circulation, and the 14th five-year plan respectively.

Andrew presented a contrarian view of the commonly acknowledged short term growth of the Chinese economy, predicting that Chinese leaders would like to slow GDP growth but not to take “sharp turns”. Andrew noted that credit cycle, a key economic growth determinant of China’s economic growth, should be basically in line with potential nominal GDP growth. He suspects that credit growth, which had been expanding at approximately 13% p.a. would be dialed down to 10% per annum by the end of the year.  Andrew believes that with China limiting the growth of its credit markets that the drivers of global growth in 2022 will be the U.S. and European economies as they rebound from their Covid slowdowns. He mentioned that will make for tougher times for companies operating in China as opportunities develop in other markets.

For the medium term growth that’s driven by the dual circulation framework, the principle is to reduce external demand and increase domestic demand. Andrew argued that if this policy framework is effectively and fully executed, it could fundamentally reshape  global trade and investment flows and could be seen as part of China’s own plan for decoupling. Andrew also listed and commented on several key goals of dual circulation as articulated by economist Yu Yongding.

Andrew noted that the policy setting for the long-term growth in China is the 14th Fiver-Year Plan (FYP). There are three overarching themes of the 14th FYP – national economic security, innovation and tech self-sufficiency, and transitioning to greener growth. Both the U.S. and China see green tech as a key competition area and this is where companies should focus on.

To see Andrew’s presentation please click here.

WSCRC and Select Washington Trade Associations Outline Ideas for China Policies

The Washington State China Relations Council and its partners recently prepared a document for federal, state and local officials, outlining policies that these organizations endorse with the intent to improve the competitiveness of Washington businesses in their dealings with China.

As the Biden Administration formulates its China Policy, Washington businesses hope for a reset in the U.S.-China relationship that enables vigorous, fair economic competition and trade while honestly raising and addressing challenges. As the most trade dependent state in the union, many Washington businesses have ideas on how China policy should be shaped in the future. This document has been prepared to assist elected and government officials to understand the positions of major trade associations in our state. The Washington State China Relations Council solicited the perspectives and concerns of these associations on how the current state of U.S.-China relations impacts their members. The Council also asked these organizations what policies they would like to see implemented by the current administration and our local legislature to improve business operations and opportunities for their member companies and constituents. A summary memo consolidating the viewpoints of some members of these organizations is presented in the report.

Key policy recommendations are:

1. Create a more level playing field by eliminating non-tariff and regulatory trade barriers.

2. Create a stable, competitive trading environment through reviewing and eliminating tariffs.

3. Strengthen intellectual property and cybersecurity protections and enforcement.

4. Expand U.S. visa availability and increase predictability in the U.S. visa process.

5. Strengthen domestic Infrastructure and investment—at both the federal and state levels—to improve Washington State’s global competitiveness.

6. Advance environmental sustainability and human rights as priorities in the bilateral relationship in a manner that maintains global economic stability.

7. Seek constructive new areas for collaboration and cooperation with China, including on climate change, global health, and other common challenges.

8. Facilitate constructive sub-national relations with China.

The WSCRC would like to thank our partner organizations, CleanTech Alliance, the Northwest Horticultural Council, Visit Seattle, and the Washington Technology Industry Association, for providing their valuable inputs. Individual memos from each participating association are included in the report’s appendix.

Click to read and download the full report.

WSCRC Hosts Book Talk with the Author of “Challenging China”

On April 28, 2021, the WSCRC hosted a book talk with Sam Kaplan, author of “Challenging China: Smart Strategies for Dealing with China in the Xi Jinping Era”. Sam is currently the director of the Center of Excellence for Global Trade and Supply Chain Management, which connects industry and education in Washington around workforce development issues. In the book, Sam asserts that a more authoritarian, more expansionist China is one of the four most important issues in the world. He analyzes China’s economic future, how it is changing the world order and what that means for the U.S and its allies.

Moderated by Ann Tyson, the Christian Science Monitor’s Beijing Bureau Chief, the lively discussion covered a wide range of critical topics, including China’s complex economic development, human rights issues, “decoupling” of technology between the two countries, and how the Biden administration should craft and pursue its China policy.

Missed the book talk? Watch the recording here.

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