December 2020 Update - U.S.-China Economic Report
Cathay Bank | UCLA Anderson Forecast U.S.-China Economic Report
December 2020
The election is over with and there will be a change in administrations come January 20th. However, that does not eliminate all of the uncertainty with respect to U.S. economic policy. There could well be a divided Congress, and the outgoing administration may have some new directives that were not previously forecast. However, over the past two years, in a country that has harbored divided views on domestic policy, a rare consensus on a fundamentally changed view of U.S. economic engagement with Beijing has developed.
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The U.S. House of Representatives passed the Uyghur Forced Labor Prevention Act (the Uyghur Bill) on September 22, 2020, by a vote of 406-3. The Uyghur Bill is in reaction to reports that the government of China has been using forced labor of its Uyghur citizens, mainly in Xinjiang Uyghur Autonomous Province (XUAP). There appears to be widespread support in Congress for the basic provisions of the Uyghur Bill, and we expect that the Senate will act on this bill late in the current session before the new Congress is sworn in, or there will be similar legislation introduced early in the new Congress in January 2021.