Forecast 2021 February 3-4 - The US-China Business Council

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Forecast 2021 February 3-4 - The US-China Business Council
Forecast 2021
February 3-4

Welcome to the conference!

   Day 1, February 3
   Meeting Packet Table of Contents
         Agenda
         Sponsor Recognition
         Attendee List
         Speaker Biographies
         Speaker Presentation Slides
         Forecast Conference Survey
         Oxford Economics Report
         US Industries Priorities
         Bridging Security and Economic Interests
         China Landscape in the 117th Congress Report
         Save The Date: 48th Annual Membership Meeting and Gala
         USCBC 2021 Meetings and Events
         2021 Calendar for US-China Related Events
         Thought Leadership Opportunities with USCBC
         USCBC Officers & Directors
         USCBC Member Company List
         USCBC Staff List

   © 2021 The US-China Business Council
Forecast 2021 February 3-4 - The US-China Business Council
Forecast 2021 – Day 1
Conference Schedule and Speakers

Wednesday, February 3, 2021 – 8:30 am – 11:40 am
Zoom Webinar

 8:00 am               Virtual Room Open

 8:30 – 8:40 am        Welcome Remarks
                          •  Craig Allen, President, US-China Business Council

 8:40 – 9:30 am        Forecasting China- Economics, Trade, and Investment
                       Two speakers will share their perspectives on what to expect in China’s economy in 2021, as
                       well as how US-China bilateral trade and investment dynamics may shift under a new
                       administration.
                           •    Stephanie Segal, Senior Fellow, Economics Program, Center for Strategic and
                                International Studies
                           •    Mary Lovely, Professor of Economics, Syracuse University; Senior Fellow, Peterson Institute
                                for International Economics
                           •    Moderator: Jake Parker, Senior Vice President, US-China Business Council
 9:30 am – 9:37 am     Break

 9:37 am – 10:27 am    Technology and Cross-border Controls
                       Amidst geopolitical tensions and rapidly changing technologies, the space for high-tech
                       companies to be successful in both the United States and China is becoming increasingly
                       strained. Speakers will discuss US export controls and investment restrictions, Chinese
                       cybersecurity and data policies, and how security concerns impact technology policy.
                            •   Denise Zheng, Vice President, Technology, Innovation, Business Roundtable
                            •   Antonio Douglas, Manager, Business Advisory Services, US-China Business Council
                            •   Peter Lichtenbaum, Partner, Covington & Burling LLP
                            •   Moderator: Jack Kamensky, Director, Business Advisory Services, US-China Business
                                Council
 10:27 am – 10:35 am   Break

 10:35 am – 11:35 am   Keynote Address - Future of the US China Policy Under the Biden Administration
                          •   Daniel Russel, Vice President, International Security and Diplomacy, Asia Society Policy
                              Institute
                          •   Moderator: Craig Allen, President, US-China Business Council
 11:35 pm – 11:40 am   Closing Remarks

 11:40 am              Adjourn

                                           Special thanks to our sponsors:

       © 2021 The US-China Business Council                                                                       1
Forecast 2021 February 3-4 - The US-China Business Council
Basilinna is proud to support the

                                 US-China Business Council
                                       Forecast 2021
                                 Basilinna is a business advisory firm that designs innovative, be-
The Bund, Shanghai.              spoke strategies to grow clients' businesses, solve problems and
Photo by 丁亦然 on Unsplash
                                 build successful partnerships in the U.S, China, and the Middle
                                 East. We provide expertise in market access and expansion, gov-
                                 ernment relations, political risk analysis, investment support, and
                                 strategic positioning and philanthropy. Our firm has represented
                                 U.S. and Chinese firms across every major business sector, with
                                 a particular focus on tech, financial services, and sustainability.
                                 Basilinna is a women-owned business whose principals have
                                 worked together for over two decades.

                                     www.basilinna.com
                     Basilinna (baa suh LEE nah): Honorific term for leader of an ancient Greek sect;
                        Synonymous with determination, sense of purpose, strength of character.

      © 2021 The US-China Business Council                                                              2
Forecast 2021 February 3-4 - The US-China Business Council
Ford is proud to support the

                                      US-China Business Council
                                            Forecast 2021
The Bund, Shanghai.
Photo by 丁亦然 on Unsplash              Ford China celebrated its 25th anniversary in 2020 and provides
                                      consumers with a wide range of Ford and Lincoln branded prod-
                                      ucts and services. These include the Ford F-150, Explorer, Es-
                                      cape, Mondeo PHEV, Mustang, and Lincoln models such as Cor-
                                      sair, Navigator, and Aviator which was named 2021 China SUV
                                      of the Year. www.ford.com.cn

                                               www.ford.com
     Ford Motor Company is a global company based in Dearborn, Michigan. The company designs, manufactures, markets,
    and services a full line of Ford cars, trucks, SUVs, electrified vehicles, and Lincoln luxury vehicles; provides financial ser-
   vices through Ford Motor Credit Company; and is pursuing leadership positions in electrification, mobility solutions, includ-
    ing self-driving services, and connected services. Ford employs approximately 187,000 people worldwide. www.ford.com

      © 2021 The US-China Business Council                                                                                  3
Forecast 2021 February 3-4 - The US-China Business Council
Forecast 2021 – Day 1 Attendee List
   Abbott Laboratories            Analog Devices, Inc.         Basilinna
   Marie Kissel                   Laura Yan                    Yousra Abdelhameed
   Senior Advisor,                Director, Public Affairs     Associate Director, U.S.
   International
   Government Affairs             APCO Worldwide               Deborah Lehr
                                  James McGregor               CEO and Founding
   Jose Ledonio                   Chairman, Greater            Partner
   Manager, International         China
   Government Affairs                                          Leigh Wedell
                                  Ryan Morgan                  COO and Founding
   Thomas Shao                    Associate Director           Partner
   Director, Government
   Affairs and Public             Apple Inc                    Bayer
   Policy                         William Leahy                Jim Travis
                                  Senior Manager, Policy       Senior Director,
   Advanced Micro                                              International
   Devices, Inc.                  Arconic Inc.                 Government Affairs
   Ang Gao                        Mike Belwood
   Director                       Vice President,              The Boeing Company
                                  Government Affairs           Landon Loomis
   Zhiqiang Huang                                              Vice President, Global
   Vice President                 The Asia Society             Policy
                                  Wendy Cutler
   Akin Gump Strauss              Vice President, Asia         BP PLC
   Hauer & Feld LLP               Society Policy Institute     Ryan Potgieter
   Thor Petersen                                               Senior Director,
   Associate                      The Atlantic Council of      International Affairs
                                  the United States
   Alston & Bird LLP              Bert Keidel                  Brehm Global Ventures,
   Helen Su                       Vice President, Global       LLC
   Partner                        Initiatives                  Carolyn Brehm
                                                               CEO
   Amazon                         Audia Group
   John Li                        Martin Bates                 Brookings Institution
   China Policy Director,         COO                          David Dollar
   Web Services                                                Senior Fellow, Foreign
                                  William Torpey               Policy and Global
   Amphenol Corporation           President                    Economy and
   Stephen Dorrough                                            Development Programs,
   Vice President and             Autodesk, Inc.               John L. Thornton China
   Deputy General                 Daniel Green                 Center
   Counsel                        Director, Government
                                  Affairs and Public Policy,
                                  Asia Pacific

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Forecast 2021 February 3-4 - The US-China Business Council
Jamie Horsley                  Chubb                        Covington & Burling LLP
Visiting Fellow, Foreign       Yancy Molnar                 Peter Lichtenbaum
Policy, John L. Thornton       Senior Vice President,       Partner
China Center                   International
                               Government Affairs           Cowen Inc.
Business Roundtable                                         Roman Schweizer
Denise Zheng                   Cisco Systems, Inc.          Managing Director
Vice President,                Jean Kocienda
Technology,                    Global Threat Analyst        Cummins Inc.
Innovation                                                  Shannon Kiely-Heider
                               Clemson University           Director, Government
Cargill, Incorporated          Xiaobo Hu                    Relations
Dave Nelson                    Director and Associate
International Policy           Professor, China             Dell
Advisor                        Program                      Eva Hampl
                                                            Director, International
Jock Scharfen                  CNH Industrial               Government Affairs
Vice President, Global         Flin Hyre
Government Relations           Government Affairs           Dow
                               Specialist                   Lisa Schroeter
Betsy Struse                                                Global Director, Trade &
Director, International        The Coca-Cola                Investment Policy
Government Relations           Company
                               Xiaokun Li                   DV International, Inc.
Caterpillar Inc.               Director, Public Affairs     Mattie Moore
Jeffrey Hardee                 and Policy, China            Chief Operations Officer
Executive Director,
Government and                 Rachel Yu                    East Penn Manufacturing
Corporate Affairs              General Manager,             Co., Inc.
                               Public Affairs and Policy,   Tom Minner
Ann-Marie Padgett              China                        Vice President, Global
Manager                                                     Sales & Business
                               The Cohen Group              Development
The Center for                 Cameron Turley
Strategic and                  Vice President               Embassy of the People's
International Studies                                       Republic of China
Bonnie Glaser                  Control Risks                Kexin Li
Director, China Power          Dane Chamorro                Deputy Chief of Mission
Project                        Partner
                                                            Emerson
Stephanie Segal                Corbu, LLC                   Lisa Jackson
Senior Fellow,                 Rene Aninao                  Director, Federal
Economics Program              Managing Partner             Government Relations

Children's National            Corning Incorporated         Ernst & Young
Hospital                       Debra Waggoner               Adam Barbina
Shadi Sadeghi                  Director, Global             Associate Director
International Affairs          Government Affairs

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Forecast 2021 February 3-4 - The US-China Business Council
Eurasia Group                  Intuitive Surgical, Inc.   Merck China
Paul Triolo                    David Boman                Allan Gabor
Geotechnology                  Manager, Global Public     CEO
Practice Head                  Affairs
                                                          Helen Pei
FedEx                          Jacobs Global Trade &      Vice President, Merck
Emily Beline                   Compliance LLC             Performance Materials
Senior Counsel                 Brenda Jacobs              Corporate Affairs
                               Principal
Ford Motor Company                                        MetLife, Inc.
James Rowland                  JPMorgan Chase & Co.       Ben Cushman
Manager, International         Jack Bartling              Vice President
Government Relations           Executive Director
                                                          Microsoft Corporation
GaveKal-Dragonomics            Koch Company Public        Winnie Yeung
Arthur Kroeber                 Sector                     Chief Legal Director,
Managing Director              Karen Santana-Garces       Hong Kong
                               Public Policy Specialist
General Motors                                            Miles & Stockbridge P.C.
Corporation                                               Andrew Wahba
Adam Owens                     KPMG LLP                   Partner
Manager, International         Anna Xue
Government Relations           Senior Manager             MKBC International
                                                          Joan McEntee
Kayleigh                       Liberty Mutual Insurance   CEO
VandenBussche                  Group
Economics                      Viji Rangaswami            Moody’s
                               Vice President,            Haifeng Xue
Georgetown University          International and          Senior Vice President,
Law Center                     Federal Affairs Officer    Government and Public
Jim Feinerman                                             Affairs
Associate Dean,                Lumen Technologies
International and              Susan Mohr                 Morgan Stanley
Graduate Programs              Director, International    Ann Bailey
                               Regulatory Affairs         Executive Director
Global Strategic
Associates, LLC                Martin+Crumpton Group      The National Bureau of
Andrew Mei                     LLC                        Asian Research
Associate                      Kyle Sullivan              Clara Gillispie
                               China Practice Lead        Senior Director, Trade,
Grant Thornton LLP                                        Economic, and Energy
Jason Levergood                Mayer Brown LLP            Affairs
Global Client Services         Anjani Nadadur
Director                       Law Clerk                  New America
                                                          Graham Webster
IBM Corporation                McLarty Associates         Fellow, China Digital
Debra Marks                    Victoria Ruan              Economy
Government and                 Senior Associate
Regulatory Affairs
Executive

© 2021 The US-China Business Council                                                 6
Forecast 2021 February 3-4 - The US-China Business Council
Texas Instruments             SAS                        Reggie Lai
Incorporated                  Bill He                    Vice President and
Steve Bonner                  General Manager,           General Manager, China
Vice President,               Public Services, Greater
Worldwide                     China                      The Asia Society Policy
Government Relations                                     Institute
                              Senate Committee on        Daniel Russel
Paul Weiss Rifkind            Foreign Relations          Vice President,
Wharton & Garrison            Lara Crouch                International Secuirty
Roberto Gonzalez              Professional Staff         and Diplomacy
Partner                       Member
                                                         Thermo Fisher Scientific
PayPal Holdings, Inc.         Michael Schiffer           Inc.
Megan Hannigan                Senior Adviser/Counsel     Tim Fenton
Federal Government                                       Vice President, Global
Relations                     SoftBank Group             Government Relations
                              Bruce Andrews
PepsiCo, Inc.                 Senior Vice President      Barb Secor
Caroline Berson               and Managing Partner       Senior Director, Global
Senior Director                                          Trade Compliance
                              Squire Patton Boggs
The Peterson Institute        Elaine Hillgrove           Tyson Foods, Inc.
for International             Associate                  Todd Menotti
Economics                                                Senior Director
Nick Lardy                    Rory Murphy
Senior Fellow                 Associate                  UL Inc.
                                                         Ebonique Barker
Pfizer Inc.                   Steptoe & Johnson LLP      Senior Associate, Trade
Elissa Alben                  Susan Munro
Senior Director               Partner                    UPS
                                                         Jing Wu
Natalie Fitzpatrick           Darryl Nirenberg           Vice President, Public
Senior Manager, Policy        Partner                    Affairs
and Public Affairs
                              Syracuse University        US-China Series
The Quincy Institute for      Mary Lovely                Paul Krake
Responsible Statecraft        Professor of Economics     Founder
Jessica Lee
Senior Research               Target Corporation         Visa Inc.
Fellow, East Asia             Rex He                     Enrique Benavides
Program                       Senior Managing            Regulatory Affairs Analyst
                              Director
Rhodium Group                                            VMware
Dan Rosen                     Janis Lazda                Michael Kennedy
Partner and Director,         Director                   Vice President, Global
China Program                                            Government Relations &
                              TE Connectivity            Public Policy
S&P Global Inc.               Kathleen Ambrose
John Phipps                   Vice President, Global
Head of Government            Government Affairs and
Affairs, Asia Pacific         Corporate Responsibility

© 2021 The US-China Business Council                                                  7
Forecast 2021 February 3-4 - The US-China Business Council
Walmart, Inc.
Teresa Lu
Director, Global
Government Affairs

Washington Analysis
LLC
Saad Kamal
Analyst

Westinghouse Electric
Company, LLC
Suzanne Duvall
Director, International
Government Affairs

Xcoal Energy &
Resources
Manuel Rocha
Senior Vice President,
Global Corporate
Affairs

© 2021 The US-China Business Council   8
Forecast 2021 February 3-4 - The US-China Business Council
Forecast 2021
                                                  International Monetary Fund (IMF), where she
                                                  covered a range of emerging market and
Day 1 - Speaker Biographies                       advanced country economies. Earlier in her
                                                  career, Ms. Segal served as an economist in
                                                  the Western Hemisphere, South and
Forecasting China- Economics, Trade,
                                                  Southeast Asia, and International Monetary
and Investment                                    Policy offices at Treasury; as an adviser to the
                                                  U.S. director at the IMF; and as an analyst
Mary Lovely                                       and associate in mergers & acquisitions at
Syracuse University                               J.P. Morgan in New York. She earned her
Peterson Institute for International
                                                  master's degree from the Johns Hopkins
Economics                                         School of Advanced International Studies
Mary E. Lovely, senior fellow at the Peterson     and her undergraduate degree from the
Institute, is professor of economics and          University of North Carolina at Chapel Hill.
Melvin A. Eggers Faculty Scholar at Syracuse
University's Maxwell School of Citizenship and    Technology and Cross-border Controls
Public Affairs, where she combines interests in
international    economics and China’s            Peter Lichtenbaum
development. During 2011–15, she served as        Covington & Burling LLP
coeditor of the China Economic Review. Her
                                                  Peter Lichtenbaum is a partner with the
current research projects investigate the
                                                  Washington, D.C. law firm of Covington &
effect of China’s foreign direct investment
                                                  Burling LLP. His practice focuses on the
policies on trade flows and entry mode, the
                                                  regulation of international business and
relationship between proximity to export
                                                  trade. Before joining Covington, he served as
markets and cross-city wage variation, and
                                                  Assistant Secretary of Commerce for Export
the influence of Chinese tariff reductions on
                                                  Administration in the George W. Bush
labor shares of value in its manufacturing
                                                  Administration, where he administered the
firms. She recently completed studies of
                                                  U.S. dual-use export control system. He also
American manufacturing employment and
                                                  served as Vice President, Regulatory
outsourcing to low-income countries, the role
                                                  Compliance & International Policy, at the
of intellectual returnees in the success of
                                                  defense company BAE Systems. He is Chair of
China’s photovoltaic solar industry, and the
                                                  the Washington Export Council, General
structure of Chinese reforms of state-owned
                                                  Counsel of the American League for Exports
enterprises. Lovely earned her PhD in
                                                  and Security Assistance, and served two
economics at the University of Michigan, Ann
                                                  terms as a member of the State
Arbor and a master's degree in city and
                                                  Department’s Defense Trade Advisory
regional planning from Harvard University.
                                                  Group.
Stephanie Segal
                                                  Denise Zheng
Center for Strategic and International
                                                  Business Roundtable
Studies
                                                  Denise E. Zheng is vice president at the
Stephanie Segal is senior fellow of the CSIS
                                                  Business Roundtable, where she oversees the
Economics Program, where her research
                                                  Technology and Innovation Committees.
interests include economic competitiveness,
                                                  Previously, she was a senior fellow and
U.S.-China economic relations, and the role
                                                  director of the Technology Policy Program at
of international financial institutions in the
                                                  CSIS, where she led research initiatives on
global economy. Until 2017, Ms. Segal served
                                                  cyber and emerging technology issues.
as codirector of the East Asia Office at the
U.S. Department of the Treasury. Prior to
                                                  Ms. Zheng has a unique blend of expertise,
Treasury, she was senior economist at the
                                                  including advanced technology research

© 2021 The US-China Business Council                                                            9
and development, legislative and policy           Hebei Normal University for Nationalities as an
strategy, and private-sector experience. Prior    ESL teacher. Following his time in Chengde,
to CSIS, she was chief of staff and lead          Antonio attended Nankai University under
science and engineering technical adviser         the Chinese Government Scholarship and
as a contractor for the Defense Advanced          received a M.A. in International Relations.
Research     Projects    Agency     (DARPA)       Antonio is now a Business Advisory Services
foundational cyber warfare program, Plan X.       Manager for USCBC.

Before DARPA, she was director for global         Keynote Address: The Future of China
government relations and cyber policy at CA       Policy under the Biden Administration
Technologies, where she advised company
executives on cybersecurity, supply chains,       Daniel Russel
and software assurance issues. While at CA,       Asia Society Policy Institute
she was a member of the Information
Technology (IT) Sector Coordinating Council,      Daniel Russel is Vice President for
IT Information Sharing and Analysis Center,       International Security and Diplomacy at the
and SAFECode.                                     Asia Society Policy Institute (ASPI). Previously
                                                  he served as a Diplomat in Residence and
Ms. Zheng has also served as a professional       Senior Fellow with ASPI for a one year term. A
staff member for the Senate Homeland              career member of the Senior Foreign Service
Security     and   Governmental         Affairs   at the U.S. Department of State, he most
Committee. In that role, she was a principal      recently served as the Assistant Secretary of
in    drafting   and      negotiations      for   State for East Asian and Pacific Affairs. Prior
comprehensive cybersecurity legislation and       to his appointment as Assistant Secretary on
conducted oversight of critical infrastructure    July 12, 2013, Mr. Russel served at the White
protection programs, spectrum auctions,           House as Special Assistant to the President
privacy, and federal IT programs.                 and National Security Council (NSC) Senior
                                                  Director for Asian Affairs. During his tenure
In addition to writing on technology and          there, he helped formulate President
cybersecurity issues, she has also authored       Obama’s strategic rebalance to the Asia
reports on U.S.-China relations, soft power,      Pacific region, including efforts to strengthen
and civil space policy issues. Her writing has    alliances, deepen U.S. engagement with
appeared in the New York Times and Wall           multilateral organizations, and expand
Street Journal, and she has been interviewed      cooperation with emerging powers in the
by CNN, BBC, CBS, and NPR. Ms. Zheng holds        region.
a B.A. in economics and political science
from the University of Michigan, studied          Prior to joining the NSC in January of 2009, he
government at the London School of                served as Director of the Office of Japanese
Economics and Political Science, and              Affairs and had assignments as U.S. Consul
completed graduate coursework in security         General in Osaka-Kobe, Japan (2005-2008);
studies at the Johns Hopkins University School    Deputy Chief of Mission at the U.S. Embassy in
of Advanced International Studies.                The Hague, Netherlands (2002-2005); Deputy
                                                  Chief of Mission at the U.S. Embassy in
Antonio Douglas                                   Nicosia, Cyprus (1999-2002); Chief of Staff to
US-China Business Council                         the Under Secretary of State for Political
                                                  Affairs, Ambassador Thomas R. Pickering
Antonio graduated from the College of             (1997-99); Special Assistant to the Under
William and Mary in 2014 with a Major in          Secretary of State for Political Affairs (1995-
Chinese and Minor in Process Management           96); Political Section Unit Chief at U.S.
& Consulting. From 2014-2016 Antonio lived in     Embassy Seoul, Republic of Korea (1992-95);
Chengde, Hebei Province and taught at the         Political    Advisor   to     the  Permanent

© 2021 The US-China Business Council                                                           10
Representative to the U.S. Mission to the
United Nations, Ambassador Pickering (1989-
92); Vice Consul in Osaka and Branch Office
Manager in Nagoya, Japan (1987-89); and
Assistant to the Ambassador to Japan,
former Senate Majority Leader Mike
Mansfield (1985-87).

In 1996, Mr. Russel was awarded the State
Department's Una Chapman Cox Fellowship
sabbatical and authored America’s Place in
the World, a book published by Georgetown
University. Before joining the Foreign Service,
he was manager for an international firm in
New York City.

Mr. Russel was educated at Sarah Lawrence
College and University College, University of
London, UK.

© 2021 The US-China Business Council              11
Day 1 – Speaker Presentation Slides

       Panel 1: Forecasting China: Economics, Trade, and Investment

                             “China Economic Outlook”
                                     Stephanie Segal
                         Senior Fellow, Economics Program, CSIS

                               Please see this link

                 Panel 2: Technology and Cross-border Controls

                    “Navigating Cyber & Data Risks in China”
                                  Antonio Douglas
             Manager, Business Advisory Services, US-China Business Council

                               Please see this link

© 2021 The US-China Business Council                                          12
Forecast 2021
                                          Survey

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     take a quick 4-minute survey.

https://www.surveymonkey.com/r/T9N3ND7

 © 2021 The US-China Business Council              13
The US-China                                                                            1.2 million jobs
Economic                                                                                Number of jobs in the

Relationship
                                                                                        US linked to exports to
                                                                                        China as of 2019

A CRUCIAL PARTNERSHIP
AT A CRITICAL JUNCTURE                                                                  245,000 jobs
JANUARY 2021                                                                            Peak number of jobs
                                                                                        lost as a result of the
                                                                                        trade war
The US has benefited from trade and investment flows with China. The
combination of bilateral trade, investment, and supply chain integration has
supported economic growth, consumer choice, and job creation. In 2019,
exports to China supported 1.2 million jobs in the US and as of 2018,
197,000 people in the US were directly employed by Chinese multinational                145,000 jobs
firms. US companies invested $105 billion in China in 2019, and the profits
from these investments and the contribution they make to the                            Additional jobs that
competitiveness of US businesses help support the US economy through                    would be created by
R&D, domestic investment, and dividend payments. With China forecast to                 2025 as a result of
drive around one-third of global growth over the next decade, maintaining               lowering tariffs
market access to China is increasingly essential for US businesses’ global
success.

The trade war with China hurt the US economy and failed to achieve                       732,000 jobs
major policy goals outlined by the Trump administration. Rather than
benefiting the economy, it has reduced US economic growth and                            Peak number of jobs
employment, resulting in an estimated peak loss of 245,000 jobs. Tariff rates            lost as a result of trade
remain at a multi-decade high despite both countries reaching a phase one                war escalation
trade agreement in early 2020. While the agreement made important
progress on longstanding trade barriers in agriculture, financial services, and
intellectual property protection, it failed to address a range of administration concerns over Chinese state-
owned enterprise disciplines, distorting subsidies, data and cybersecurity, and other areas of market access.
While the trade deficit with China did narrow in 2019, this was offset by an increased trade deficit with the rest
of the world, leaving the overall US trade deficit broadly unchanged.

Scaling back tariffs would likely benefit the US economy and create jobs. Even a moderate rollback in
tariffs could increase economic growth and stimulate employment growth. Under our trade war de-escalation
scenario, where both governments gradually scale back average tariff rates to around 12% (compared with
around 19% now), the US economy produces an additional $160 billion in real GDP over the next five years
and employs an additional 145,000 people by 2025. US household income would be $460 higher per
household as result of increased employment and incomes as well as lower prices.

Escalating trade tensions and significant decoupling with China would hurt the US economy further
and reduce employment. Our trade war escalation and decoupling scenario sees the US economy produce
$1.6 trillion less in real GDP terms over the next five years and results in 732,000 fewer jobs in 2022 and
320,000 fewer jobs in 2025. In addition to a significant near-term shock to economic output, long-term effects
would permanently lower GDP, reflecting lower economic productivity. By the end of 2025, US households
will have lost an estimated $6,400 in real income.

Read the Full Report

© 2021 The US-China Business Council                  14
US Industry Priorities for
               US-China Commercial Relations
                                              December 2020

The beginning of a new administration is an opportunity to re-evaluate strategic priorities for the US-China
commercial relationship. At this inflection point, the US-China Business Council (USCBC) is pleased to put
forward a set of commercial priorities with respect to China for the administration to consider.

   ● Preserve Phase One, fast-track Phase Two, and remove tariffs: While imperfect, the US-China Phase
     One trade agreement made important progress on longstanding trade barriers. Preserving the deal
     would provide stability for the commercial relationship. However, the tariffs imposed prior to
     reaching the agreement, most of which remain in place, have harmed American jobs, consumers,
     and commercial competitiveness. USCBC recommends the administration fast-track Phase Two
     negotiations with China to address additional barriers in return for a drawdown of tariffs by the end
     of 2021.
   ● Eliminate market access barriers and level the playing field: Further negotiations present an
     opportunity to address market access issues in areas like cloud computing, telecommunications,
     legal services, and entertainment. They also provide a venue to address unfair trading practices
     involving state-owned enterprises, government procurement, intellectual property protection,
     standards setting, trade remedies, cybersecurity, cross-border data flows, and data localization.
   ● Re-engage with China to work toward constructive commercial relations: Calling Chinese
     counterparts and signaling support for the commercial relationship will build trust early on. The
     administration should engage China in solution-oriented dialogue with time-bound, enforceable
     outcomes. It is also in the United States’ interest to leverage visa policy to facilitate travel for
     legitimate business, education, standards-setting, and cultural exchange purposes.
   ● Balance security and business concerns: Export controls, investment screening, sanctions, and
     emergency powers should be carefully tailored and enacted in coordination with allies to protect
     national security without harming US competitiveness. The administration can support secure and
     resilient supply chains by narrowly defining critical goods, mapping supply chain ecosystems to
     understand gaps and availability, and planning long-term incentives to promote strategic
     diversification.
   ● Re-establish US leadership in multilateral forums: The United States should be actively involved in
     strengthening multilateral trade, investment, global health, climate, and standards-setting forums. It
     should join high-standard trade agreements and build coalitions of like-minded allies to press China
     to act as a responsible global stakeholder and make reforms at home.

To implement an effective China strategy, it will be critical for the administration to take an all-of-
government approach, coordinating and sharing information both between executive agencies and with
Congress. Robust industry input will be vital to crafting comprehensive, balanced policies that do not have
inadvertent consequences. USCBC’s board and members would be pleased to serve as a resource.

                                       Read the full report

   © 2021 The US-China Business Council                15
U.S.-CHINA RELATIONS: BRIDGING
SECURITY AND ECONOMIC INTERESTS
  Recommendations to the Biden administration and professional practitioners, based on the
   January 11-14, 2021 seminar hosted by The U.S.-China Business Council & The Wilson
                Center’s Kissinger Institute on China and the United States

With a new administration, the U.S. has an opportunity to reconfigure its strategic and
commercial relationship with China based on enhanced competence and competitiveness. To
compete effectively, the new administration should emphasize the following:

   •   Reassess the challenge. The geostrategic framework, power balance, and domestic
       politics that shape U.S.-China relations have changed. The new administration will have
       to analyze and accept these realities and shape a China policy that reflects the
       capabilities and constraints of both countries.

   •   Build domestic strength. U.S. foreign policy has increasingly become an extension of
       domestic interests. The new administration will have to restore domestic institutions and
       build a domestic consensus if it is to pursue a values-driven foreign policy. The
       administration will need to assert a strong stance vis-à-vis China but remain alert to the
       dangers of demonization and a descent into Cold War-like systemic conflict.

   •   Manage the competition. The new administration must balance competitive and
       cooperative goals to reorient the trajectory of relations away from confrontation. The
       U.S. should focus on climate change, science, and digital technology as promising areas
       for broader cooperation.

   •   Bridge economic and security imperatives. The U.S. will have to confront domestic
       skepticism over globalization and trade and make a public case for pursuing constructive
       relations with China while defending American interests and a rules-based order. While
       structural change will be hard to achieve in the short-term, the U.S. must build a
       comprehensive Indo-Pacific strategy if it is to re-engage China from a position of
       strength.

© 2021 The US-China Business Council               16
China Landscape in the 117th Congress Report

Congressional interest in the United States’ approach to China has surged in recent years. This
interest led to an influx of China-related legislative proposals during the 116th Congress—over
550 bills and resolutions. Though Republican and Democratic lawmakers agree on the need to
rethink China policy, there is not yet consensus on how to approach specific issues in the
relationship. Legislative proposals spanned issues including human rights and democracy,
supply chain security, trade and commerce, as well as coronavirus, immigration, and Chinese
influence in American institutions. The 117th Congress, which began on January 3, 2021, is
expected to build off that momentum, and is likely to reintroduce notable proposals as well as
imagine new solutions for the US-China relationship.

                                   Read the Report
China Landscape in the 117th Congress analyzes China-related legislation in the last congress,
forecasts what China-related issues might be most important to lawmakers in the coming years,
and profiles 34 new and returning lawmakers who might shape China policy on Capitol Hill.

   •   Legislative Landscape: Analyzes data collected in the 116th Congress Legislative
       Tracker, provides a summary of the most important China-related issues for lawmakers,
       and outlines where the conversation is likely to continue in the 117th Congress;
   •   Committee Leadership Profiles: Looks at the background of leadership on House and
       Senate committees relevant to the US-China commercial and diplomatic relationship to
       provide insight on what policies they might pursue in the 117th Congress;
   •   Veteran and Incoming China Watcher Profiles: Profiles members of the House and
       Senate who are interested in China policy. This includes lawmakers who have extensive
       track records on China and freshmen members whose backgrounds suggest they might
       get involved in US-China politics on Capitol Hill.

In addition to this report, the US-China Business Council will be providing the most up to date
monitoring of new China-related legislation in the 117th Congress Congressional Legislative
Tracker.

Do you have questions about China Landscape in the 117th Congress or USCBC’s
congressional work? Contact us!

   Anna Ashton                        Chynna Hawes                            Allie Klein
   Vice President                        Manager                         Associate Manager
 Government Affairs                  Government Affairs                  Government Affairs
aashton@uschina.org                 chawes@uschina.org                   aklein@uschina.org

© 2021 The US-China Business Council                                                              17


                         SAVE THE DATE
                 USCBC 48th Annual Meeting
                         If in-person, June 10, Washington DC |
                                If virtual, June 9 and June 10

                   Program details forthcoming at www.uschina.org

      Our Annual Membership Meeting will provide a half-day overview of business and economic trends in
      China, examine where we are following the 90-day trade negotiations, and host a forum for members to
      discuss crucial US-China commercial policies with experts from various sectors.

                                     Sponsorship Opportunities:
      USCBC is seeking member companies to assist identifying and securing key speakers for our 48th Annual
      Membership conference, and underwriting some of the event costs.

      Sponsorship Package Benefits:
       Opportunity to assist USCBC identifying and securing speaker/s of interest to your company/sector
       Valuable corporate branding: Recognition as underwriter in all conference marketing and publicity
         platforms (USCBC website, conference agenda, social media) and from the podium on day of the
         conference
       Opportunity to include promotional materials in meeting packet
       Three complimentary conference registrations
       We would be pleased to discuss additional ways to highlight your company’s sponsorship, as
         appropriate

      Sponsorship rates: $3,000
      Sponsorship commitment deadline: May 27, 2021

      Contact Meg Kurdys mkurdys@uschina.org for more details on the conference; and
      Gloria Gonzalez-Micklin ggonzalezmicklin@uschina.org about sponsorship opportunities

© 2021 The US-China Business Council                                                                          18
SAVE THE DATE
                               USCBC Gala 2021
                     December 2, 2021 | Washington, DC

                 Program details forthcoming at www.uschina.org

    Plans to host USCBC GALA 2021 in-person or virtually will be determined later and follow public health
    guidelines in place at that time. This year’s Gala will celebrate 48 years of USCBC’s leadership,
    achievements, and partnerships to promote sustainable commercial relations between the United States
    and China.

    At this annual celebratory event, USCBC features a distinguished keynoter and honors individuals who
    have contributed to building and strengthening the most important bilateral relationship in the world.

    Your company’s commitment to underwrite our annual fundraiser supports and funds the work USCBC
    does throughout the year. Between 400-600 leaders from the business, government, diplomatic, and
    academic communities participate.

                                    Sponsorship Opportunities:
       Leadership ($50,000) – includes optional speaking role
       Benefactor ($25,000)
       Patron ($15,000)
       Supporter ($10,000)

    Contact Gloria Gonzalez-Micklin, Vice President, Programs (ggonzalezmicklin@uschina.org) for more
    details

© 2021 The US-China Business Council                                                                         19
USCBC 2021 Meetings and Events
Mark Your Calendars
In 2021, the US-China Business Council (USCBC) will
celebrate 48 years of service toward developing, promoting,
and advancing constructive US-China commercial relations.
A new US Administration will be in place as of January 20 and
USCBC will continue to seek close engagement with the new
government officials to offer guidance and platforms for
dialogue with their Chinese counterparts and leaders of the
American business community.

USCBC hosts a variety of virtual and in-person meetings and
special events in Washington, DC, Beijing, and Shanghai that
                                                                  USCBC President led a discussion with Minister Xu
enable USCBC members to interact with leading US and PRC          Xueyuan, head of sub-national affairs division at the
government officials and other stakeholders in US-China           Chinese embassy, as part of the US-China Business
commercial relations. These include briefings on key policy       Council’s Embassy Speaker Series in February
issues and developments in the bilateral relationship, special    2020.
events for senior Chinese leaders and ministerial delegations,
and our annual fundraising gala in December. Sponsorship
and valuable visibility opportunities are available for many of
these programs.

All upcoming events and opportunities for USCBC members
are posted at www.uschina.org/events.

USCBC sends detailed event announcements via email in
addition to a weekly Meetings and Events e-newsletter every
Monday. Sign up for USCBC emails here!
                                                                  USCBC held the annual fundraising gala virtually with

Special Conferences and Events
                                                                  the theme of recalibrating US-China policies in
                                                                  December 2020.

Forecast 2021
February 3-4, Washington, DC (Virtual)

USCBC’s annual Forecast event is a premier conference on
China's business and political environment in the year ahead.
Presented virtually over two days, USCBC Forecast 2021 will
feature top China policy experts, strategic analysis, and
business professionals to discuss key intelligence, top
challenges and opportunities coming up for China operations
                                                                  USCBC Shanghai held the China Operations
and bilateral relations. Sponsorship opportunities are            Conference at the Shanghai Jingan Kunlun Hotel in
available at $3,000. For more information on these programs,      November 2020.
contact Meg Kurdys (mkurdys@uschina.org).

© 2021 The US-China Business Council                                                                               20
China Operations Conferences 2021
Summer, Beijing | Autumn, Shanghai
These conferences offer China-based and visiting member
company executives the opportunity to hear from Chinese
government officials, leading economists, and industry
experts to learn more about key development trends in
China’s operational and policy environment. For more
information on these programs, contact Matt Margulies
(mmargulies@uschina.org).

48th Annual Membership Meeting
                                                               State Councilor and Foreign Minister Wang Yi met
                                                               with members of the USCBC Board of Directors
If in-person, June 10, Washington DC | If virtual,             virtually in December 2020. © PRC MFA

June 9 and June 10
USCBC’s 48th Annual Membership Meeting will provide an overview of business and economic trends in
China, examine key business operation challenges in China, and host a forum for members to discuss
crucial US-China commercial policies with experts from various sectors. Sponsorship opportunities are
available at $3,000. Contact Meg Kurdys (mkurdys@uschina.org); or for information on sponsorships,
contact Gloria González-Micklin (ggonzalezmicklin@uschina.org)

Gala 2021
December 2, Washington, DC
USCBC's Annual Gala in Washington, DC, is a celebration of the organization and its membership’s
leadership, achievements, and partnerships in support of expanding the US-China commercial relationship.
It is also an important fundraising effort that strengthens USCBC's ability to serve its member companies.
At the Gala, USCBC honors senior US government officials, members of Congress, PRC government
officials, and others involved in strengthening the bilateral relationship. Members of the business,
government, diplomatic, and think tank communities attend. Table sponsorship opportunities are available
at the following levels:
 Leadership ($50,000) – w/ speaking role (optional)               Patron ($15,000)
 Benefactor ($25,000)                                             Supporter ($10,000)

Contact Gloria González-Micklin (ggonzalezmicklin@uschina.org) for more information.

Other Meetings
Issues Briefings                                         Government Affairs Roundtables
Beijing | Shanghai | Washington, DC                      Beijing | Shanghai | Washington, DC
USCBC invites members of the US and PRC                  USCBC’s Beijing and Shanghai offices host quarterly
governments and China analysts to luncheons,             and DC office hosts monthly roundtables for members
breakfasts, and meetings aimed at addressing topical     focused on government affairs. These events provide
developments and company concerns.                       information on China-related trade policy in
                                                         Washington and give members an opportunity to share
                                                         information. Past briefings have included topics related
                                                         to the operational side of government affairs. Members

© 2021 The US-China Business Council                                                                         21
interested in learning more about this series should       PRC Embassy Speaker Series
contact Anna Ashton and Matt Margulies
                                                           Washington, DC
(aashton@uschina.org                            and        This program series invites key officials from the
mmargulies@uschina.org).                                   Chinese Embassy to discuss their portfolios, work
                                                           priorities, and issues important to USCBC members.
US Subnational Engagement                                  Members interested in learning more about this series
                                                           should       contact     Gloria     Gonzalez-Micklin
Various locations in the United States
USCBC hosts meetings with business communities in          (ggonzalezmicklin@uschina.org).
various locations across the United States to discuss
US-China commercial issues. Dates and locations are        China Business Events
determined on an ongoing basis. Companies
                                                           Various locations in China
interested in hosting or organizing a USCBC program   Each year, the Chinese central government hosts a
in their area should contact Anna Ashton              number of national investment promotion events.
(aashton@uschina.org).                                USCBC leads a delegation of member company
                                                      executives to meet with various senior central and
Roundtable Discussions and               Benchmarking provincial
                                                      information,
                                                                   government leadership teams. For
                                                                         contact      Zhang         Lipei
Sessions                                              (lzhang@uschina.org).
Beijing | Shanghai | Washington, DC
USCBC frequently holds informal meetings on
pressing issues in the changing business and policy        China Provincial Engagement
environment. Topics include:                               Various locations in China
   New Biden Administration                               USCBC routinely organizes company delegations to
   US-China commercial policy and bilateral               visit provinces important to membership. Depending on
    commercial dialogues                                   the level of the delegation, these visits include
                                                           meetings with senior provincial government officials
   Political transitions in the US and China
                                                           (governor/party secretary), working-level contacts
   Human resources in China
                                                           (director generals), and industry zone management.
   Chinese industrial and innovation policies             For information on current and future provincial
   Export control development in the US and China         engagement        plans,     contact   Melinda    Xu
   Intellectual property rights enforcement               (zxu@uschina.org).
   Investment in central and western China
   China’s energy and environment policies
   Chinese competition policies and the PRC               Bilateral and Multilateral Public-
    Antimonopoly Law                                       Private Engagement
   Government affairs best practice in China              Various locations in China and the United States
   Corruption and bribery rules in the US                 USCBC plans to host events in conjunction with
   Financial sector, tax reforms, and capital controls    bilateral government-to-government events held
   Market regulatory development and digital economy      throughout the year. These meetings offer member
                                                           company executives the opportunity to hear from
                                                           senior government officials and voice their positions
China Market Intelligence (CMI) Live                       directly to policymakers. For more information, contact
Calls                                                      Jake Parker (jparker@uschina.org) and Gloria
Virtual                                                    González-Micklin (ggonzalezmicklin@uschina.org).
USCBC holds a bi-weekly CMI live call to give the
latest update on the bilateral trade relationship. This
off-the-record call is open to members and is a chance
to have your US-China questions answered by the
experts. Hosts include USCBC president and other
senior staff in Washington DC, Beijing and Shanghai.
Contact Meg Kurdys (mkurdys@uschina.org) or Jake
Parker (jparker@uschina.org) for more information on
the CMI live calls.

© 2021 The US-China Business Council                                                                          22
2021 Calendar for US-China-Related Events
    February
    3-4           USCBC Forecast Conference, virtual
    11-17         Spring Festival (China legal holiday)
    15            Presidents’ Day (US legal holiday)
    28            US Trade Representative Annual Report on the President’s Trade Agenda due
    TBD           NPC Standing Committee Meeting, Beijing
    TBD           WTO General Counsel Special Session (to select next Director General), virtual

    March
    1             US Trade Representative 2020 Annual Report due
    4             Chinese People’s Political Consultative Conference Annual Meeting, Beijing (part of
                  two annual meetings typically held over 10 days)
    5             NPC Annual Meeting and 14th Five Year Plan release, Beijing (part of two annual
                  meetings typically held over 10 days)
    24-27         Bo’ao Forum for Asia, Hainan, China
    31            US Trade Representative National Trade Estimate report release, surveying
                  significant foreign barriers to US exports, including those in China (actual release
                  date may vary)
    TBD           China Development Forum, Beijing

    April
    3-5           Qing Ming Festival (China legal holiday)
    9-11          Spring Meetings of the International Monetary Fund and World Bank, Washington,
                  DC
    15            US Treasury Department report to Congress on exchange rate policies (actual
                  release date may vary)
    30            USTR “Special 301” report on IPR practices of US trading partners, including China
                  (actual release date may vary)
    TBD           China-Central and Eastern European Economies (CEEC) “17+1” Summit, Location
                  TBD
    TBD           NPC Standing Committee Meeting, Beijing

    May
    1-3           Labor Day (China legal holiday)
    18-21         World Economic Forum Annual Meeting, Lucerne-Bürgenstock, Switzerland
    31            Memorial Day (US legal holiday)
    TBD           Central China Expo (Vice Premier, senior MOFCOM officials, and governors of
                  several provinces usually attend)

© 2021 The US-China Business Council                                                              23
June
     5             APEC Trade Ministers Meeting, virtual (hosted by New Zealand)
     9/9-10        USCBC Annual Membership Meeting, Location TBD (in-person/virtual)
     12-14         Dragon Boat Festival (China legal holiday)
     TBD           USCBC Beijing China Operations Conference
     TBD           USCBC Board of Directors Meeting, Location TBD (in-person/virtual)
     TBD           NPC Standing Committee Meeting, Beijing
     TBD           WTO Ministerial Conference, virtual (hosted by Kazakhstan)

     July
     1             US Trade Promotion Authority expires
     5             Independence Day (US legal holiday)
     8-9           G20 Economic and Finance Ministers Meeting, Venice
     TBD           BRICS Summit, Location TBD
     TBD           Shanghai Cooperation Organization Summit, Location TBD

     August
     TBD           US House recess
     TBD           US Senate recess
     TBD           NPC Standing Committee Meeting, Beijing

     September
     6             Labor Day (US legal holiday)
     8-11          China International Fair for Investment and Trade, Xiamen
     14-30         United Nations General Assembly, New York City (senior Chinese official attends)
     19-21         Mid-Autumn Festival (China legal holiday)
     TBD           China Development Forum Fall Session, Beijing

     October
     1-7           National Day (China legal holiday)
     5             G20 Trade Ministers Meeting, Sorrento, Italy
     11            Columbus Day (US legal holiday)
     15            US Treasury Department report to Congress on exchange rate policies due
     15-17         Annual Meetings of the International Monetary Fund and World Bank, Marrakech,
                   Morocco
     30-31         G20 Leaders Summit, Rome, Italy
     TBD           NPC Standing Committee Meeting, Beijing
     TBD           Tsinghua University International Advisory Group Meeting, Beijing

     November
     1-12          COP26 UN Climate Conference, Glasgow, Scotland
     5-10          China International Import Expo, Shanghai

© 2021 The US-China Business Council                                                           24
8-12          APEC Leaders and CEO Summit, virtual (hosted by New Zealand)
   11            Veterans Day (US legal holiday)
   25            Thanksgiving Day (US legal holiday)
   TBD           USCBC Shanghai China Operations Conference
   TBD           East Asia Summit, Brunei
   TBD           Bloomberg-CCIEE Innovative Economic Forum, Location TBD
   TBD           World Internet Conference, Wuzhen, China

   December
   2             USCBC Board Meeting & Gala, Location TBD (in-person/virtual)
   24            Christmas Day (US legal holiday)
   TBD           Central Economic Work Conference, Beijing (usually in the first ten days of the
                 month)
   TBD           NPC Standing Committee Meeting, Beijing

© 2021 The US-China Business Council                                                          25
Thought leadership opportunities
with USCBC:

 ● The China Business Review:​ Since 1974, USCBC has published its digital
   magazine, the ​China Business Review​ (CBR). From before the normalization
   of diplomatic relations up to modern day, CBR has covered the latest
   developments with accurate analysis and thoughtful commentary. We
   welcome you to submit a contribution to the magazine for consideration.

 ● Podcasts:​ USCBC runs a ​podcast companion​ to our digital magazine, the
   China Business Review Podcast. We invite experts to cover a wide range of
   topics, from fintech to the corporate social credit system. Are you working
   on the cutting edge of changes in your field? Perhaps it would make an
   interesting podcast!

 ● Videos: ​Through our ​YouTube channel​ ​and direct posting on social media,
   we invite member companies, academia, and government officials to
   present their research or speak on topics that impact business in China.
   What’s the latest news in your area of expertise? Share it with us!

     Get in touch with our Communications team.

       Doug Barry                    Erin Slawson              Ian Hutchinson
     Senior Director                 Senior Editor              Digital Editor
   dbarry@uschina.org           eslawson@uschina.org      ihutchinson@uschina.org

© 2021 The US-China Business Council                                             26
Officers and Directors

Officers
June 2020 -June 2021

Chair                                     Secretary-Treasurer
Tom Linebarger*                           Jennifer Scanlon *
Chairman and Chief Executive Officer      President and Chief Executive Officer
Cummins Inc.                              UL

Vice Chairs                               Counsel
Mary T. Barra*                            Eric C. Emerson
Chairman and Chief Executive Officer      Partner
General Motors Company                    Steptoe and Johnson, LLP

Doug McMillon *                           President
President and Chief Executive Officer     Craig Allen
Walmart                                   President
                                          US-China Business Council

                                          *Also serves as a Director

Directors
Bertrand-Marc Allen                       Mary Callahan Erdoes
Senior Vice President                     Chief Executive Officer, Asset and Wealth
The Boeing Company                        Management
                                          J.P. Morgan
Marc N. Casper
Chairman, President and Chief Executive   James D. Farley, Jr.
Officer                                   Chief Operating Officer
Thermo Fisher Scientific                  Ford Motor Company

Terrence R. Curtin                        David N. Farr
Chief Executive Officer                   Chairman and Chief Executive Officer
TE Connectivity                           Emerson

Gary E. Dickerson                         Jim Fitterling
President and Chief Executive Officer     Chairman and Chief Executive Officer
Applied Materials, Inc.                   Dow

Brian Duperreault                         Robert B. Ford
President and Chief Executive Officer     President and Chief Executive Officer
American International Group, Inc.        Abbott

© 2021 The US-China Business Council
© 2021 The US-China Business Council                                                  27
The Honorable Barbara H. Franklin         Douglas L. Peterson
President and Chief Executive Officer     President and Chief Executive Officer
Barbara Franklin Enterprises              S&P Global Inc.

Seifi Ghasemi                             James Quincey
Chairman, President and Chief Executive   Chairman and Chief Executive Officer
Officer                                   The Coca-Cola Company
Air Products
                                          Krishnan Rajagopalan
Evan G. Greenberg                         President and Chief Executive Officer
Chairman and Chief Executive Officer      Heidrick & Struggles
Chubb
                                          Ann Sarnoff
Carlos M. Hernandez                       Chair and Chief Executive Officer
Chief Executive Officer                   Warner Bros.
Fluor Corporation
                                          Joe Stone
Michel A. Khalaf                          Executive Vice President
President and Chief Executive Officer     Cargill
MetLife, Inc.
                                          Rajesh Subramaniam
Ramon Laguarta                            President & Chief Operating Officer
Chairman & Chief Executive Officer        FedEx Corporation
PepsiCo
                                          David S. Taylor
Kewsong Lee                               Chairman of the Board, President and Chief
Co-Chief Executive Officer                Executive Officer
The Carlyle Group                         The Procter & Gamble Company

Roberta Lipson                            D. James Umpleby, III
Chief Executive Officer                   Chairman of the Board of Directors and Chief
United Family Healthcare                  Executive Officer
                                          Caterpillar Inc.
Juan Luciano
Chairman, President and Chief Executive   John Waldron
Officer                                   President and Chief Operating Officer
Archer Daniels Midland                    Goldman Sachs

Ryan McInerney                            Jack P. Williams
President                                 Senior Vice President
Visa Inc.                                 Exxon Mobil Corporation

Steve Mollenkopf
Chief Executive Officer
QUALCOMM Incorporated

© 2021 The US-China Business Council                                               28
USCBC Member Firms (240 companies)

3M Company                      Becton Dickinson               The Walt Disney Company
II-VI Incorporated              Best Buy Co., Inc.             Dolby Laboratories, Inc.
A.O. Smith Corporation          Beacon Global Strategies       Dorsey & Whitney LLP
ABB Inc.                          LLC                          doTerra International
Abbott Laboratories             Biogen Inc.                    Dow
Adobe Systems                   Blue Heron Holdings, LLC       The Dun & Bradstreet
   Incorporated                 The Boeing Company               Corporation
Advanced Micro Devices,         BP PLC                         DV International, Inc.
   Inc.                         Brehm Global Ventures, LLC     East Penn Manufacturing
AIG                             Bridge Pacific Consulting        Co., Inc.
Air Products and Chemicals,     Brunswick Group LLP            Eastman Chemical
   Inc.                         C.V. Starr & Co., Inc.         Company
Airbnb, Inc.                    Cabot Corporation              Eaton Corporation
Akin Gump Strauss Hauer &       Canadian Solar Inc.            eBay Inc.
   Feld LLP                     Capital Group Carbon, Inc.     Ecolab
Albright Stonebridge Group      Cargill, Incorporated          Edwards Lifesciences LLC
Alcoa Inc.                      The Carlyle Group              Eli Lilly and Company
Allen & Overy LLP               Case New Holland Inc.          EMD Serono Inc.
Alphabet Inc.                   Caterpillar Inc.               Emerson
Alston & Bird LLP               Cheniere Energy, Inc.          Ernst & Young
Amazon                          Chevron                        The Estee Lauder Companies
American Express Company        Children's National Hospital   Exxon Mobil Corporation
Amgen Inc.                      CHUBB                          Facebook Inc.
Amphenol Corporation            Cigna                          Factory Mutual Insurance
Amway                           Cisco Systems, Inc.              Company
Analog Devices Inc.             Cloudflare Inc.                Faegre Drinker Biddle &
APCO Worldwide                  The Coca-Cola Company            Reath LLP
                                The Cohen Group                FedEx
Apple Inc.
Applied Materials, Inc.         Comcast Corporation            Fluor Corporation
Archer Daniels Midland          ConocoPhillips                 FMC Corporation
   Company                      Control Risks                  Ford Motor Company
Arconic Inc.                    Corbu, LLC                     Fortive Corporation
The Asia Group, LLC             Corning Incorporated           Freepoint Commodities, LLC
Audia Plastics Holdings, Inc.   Corteva Agriscience            Freeport McMoRan Inc.
Autodesk, Inc.                  Covington & Burling LLP        Gardner Denver
Autozone, Inc.                  Cowen Inc.                     Garrett Motion Inc.
Baker McKenzie LLP              Crowell & Moring LLP           General Motors Corporation
BakerHostetler                  Crown Equipment                Genworth Financial, Inc.
Bank of America Merrill           Corporation                  Gilead Sciences
   Lynch                        Cummins Inc.                   Global Strategic Associates,
Barbara Franklin Enterprises    Danaher Corporation              LLC
Basic Fun!                      Deere & Company                GNC Holdings, Inc.
Basilinna LLC                   Dell Inc.                      Goldman Sachs Group, Inc.
Bayer                           Dentons                        Grifols

© 2021 The US-China Business Council                                                     29
W.R. Grace & Co.               Mars Incorporated            Smiths Group PLC
GreenPoint Group               Martin+Crumpton Group        SoftBank Group
Harley-Davidson, Inc.            LLC                        Squire Patton Boggs
Hbk Investments L.P.           Mary Kay Inc.                Standard Chartered Bank
Heidrick & Struggles           MasterCard Worldwide         Starbucks Corporation
Herbalife International of     Mattel, Inc.                 State Street Corporation
   America,Inc.                Mayer Brown LLP              Steptoe & Johnson LLP
Hill & Associates Ltd.         McLarty Associates           Target Corporation
Hills & Company                Merck & Co., Inc.            TE Connectivity
Hilton Worldwide               MetLife, Inc.                Teng Yue Partners, Lp
Honeywell                      Micron Technology, Inc.      Texas Instruments
HP Technology Co. Inc.         Microsoft Corporation          Incorporated
Huntsman Corporation           Miles & Stockbridge P.C.     Thermo Fisher Scientific Inc.
IBM Corporation                MKBC International           The Timken Company
Illumina, Inc.                 Moody's Investors Service    Third Point LLC
Illuminarium Experiences       Morgan Stanley               Trane Technologies plc
Intel Corporation              National Basketball          Tyson Foods, Inc.
International Paper              Association Inc.           UL Inc.
Company                        NetApp, Inc.                 Under Armour, Inc.
Intralox, LLC                  New Frontier Health          Visa Inc.
Intuitive Surgical, Inc.       Nu Skin Enterprises, Inc.    VMware
Institute of Management        Olivetree Financial LLC      Volk Flow Controls, Inc.
   Accountants, Inc.           Oxbow Carbon & Mineral       Walmart, Inc.
Johnson & Johnson                Holdings, Inc.             Warburg Pincus LLC
Jacobs Global Trade &          Paul Weiss Rifkind Wharton   WarnerMedia
   Compliance LLC                & Garrison                 Washington Analysis LLC
Johnson Controls               PayPal Holdings, Inc.        Westinghouse Electric
JPMorgan Chase & Co.           PepsiCo, Inc.                  Company, LLC
K&L Gates LLP                  PerkinElmer, Inc.            WestRock Company
Kamsky Associates, Inc.        Perkins Coie LLP             WeWork Companies Inc.
Robert A. Kapp & Associate,    Pfizer Inc.                  Whirlpool Corporation
   Inc                         PingPong Digital             Willis Towers Watson PLC
Kimberly-Clark Corporation     Polar Air Cargo Worldwide    Wilmer Cutler Pickering Hale
Kissinger Associates, Inc.     PricewaterhouseCoopers         and Dorr LLP
KKR & Co. L.P.                 The Procter & Gamble         WPP Group
Kobre & Kim LLP                  Company                    Wynn Resorts, Limited
Koch Industries, Inc.          QUALCOMM Incorporated        Xcoal Energy & Resources
KPMG LLP                       Raymond James Financial      Yum! Brands, Inc.
Larkin Trade International,    Raytheon Technologies        Zebra Technologies
   LLC                           Corporation                  Corporation
Las Vegas Sands Corp.          Rock Creek Partners LLC      Zoom Video
Liberty International          S&P Global Inc.                Communications
   Holdings, Inc               Sas Institute Inc.
Linde plc.                     The Scowcroft Group
Lumen Technologies             Seagate Technology LLC
Maritime Products              The Sherwin-Williams
   International                 Company
Marriott International, Inc.   Smithfield Foods, Inc.

© 2021 The US-China Business Council                                                    30
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