The delegation of influential business people belonging to the U.S. China Business Council, including the CEOs of FedEx and Micron, followed a top-level meeting last week where ruling Communist Party leaders endorsed a blueprint for policies that included numerous pledges to improve the business environment for foreign investors. But they also vowed greater vigilance in protecting state secrets, a potential minefield for foreign businesses that face intense scrutiny of their China operations by authorities.
Both the U.S. and China have cited national security concerns in imposing restrictions on trade and investment, and American businesses have at times been caught in the middle. Beijing has objected strenuously to Washington’s moves to hike tariffs on Chinese-made products and limit Chinese access to advanced technologies, including leading-edge computer chips used for artificial intelligence.
The administration of President Joe Biden has sought to improve ties with China, including several meetings between Biden and Chinese President Xi Jinping, but has largely left in place sanctions ordered by former President Donald Trump, who imposed punitive tariffs on Beijing.
The Treasury Department also has proposed a rule that would restrict and monitor U.S. investments in China for artificial intelligence, computer chips and quantum computing.
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