This past week, CTM covered the following issues. In China: * Tariff exclusions on U.S. products and food import approvals from ASEAN countries * High-level meetings with Mongolia on trade cooperation * MOFCOM comments on U.S. trade restrictions * Draft revision of competition rules * November data on manufacturing and services raising concerns

At a press conference today, a MOFCOM spokesperson offered comments on the new U.S. rules banning Chinese telecoms equipment as well as on the U.S. Inflation Reduction Act.

In November, the U.S. Treasury Department issued its biannual report to Congress on "Macroeconomic and Foreign Exchange Policies of Major Trading Partners of the United States." China was not found to be a currency manipulator, but was kept on a "monitoring list."

At a Congressional hearing on digital trade policy yesterday, several U.S. Senators and witnesses discussed issues related to China, including TikTok.

As data on China's manufacturing and service sectors shows a contraction in November, its future as a manufacturing giant and foreign business destination may depend on whether the government can walk a fine line between safeguarding its people's health and safety while resuming most business and

In a speech today, U.S. Commerce Secretary Gina Raimondo set out the Biden administration's thinking on "U.S. Competitiveness and the China Challenge," emphasizing many of the same general themes and specific issues that others in the administration have put forward in recent months.

The two leaders of China and Mongolia met on Monday, agreeing to further cooperation on trade and connectivity, as well as the development of the China-Mongolia-Russia Economic Corridor.