A bill to direct the Secretary of Commerce to establish within the Bureau of Economic Analysis of the Department of Commerce a China Economic Data Coordination Center.

II 117TH CONGRESS 1ST SESSION S. 1822 To direct the Secretary of Commerce to establish within the Bureau of Economic Analysis of the Department of Commerce a China Economic Data Coordination Center. IN THE SENATE OF THE UNITED STATES MAY 25, 2021 Mr. WICKER introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs A BILL To direct the Secretary of Commerce to establish within the Bureau of Economic Analysis of the Department of Commerce a China Economic Data Coordination Cen- ter. Be it enacted by the Senate and House of Representa- 1 tives of the United States of America in Congress assembled, 2 SECTION 1. CHINA ECONOMIC DATA COORDINATION CEN- 3 TER. 4 (a) IN GENERAL.—The Secretary of Commerce, in 5 coordination with the Secretary of the Treasury, shall es- 6 tablish within the Bureau of Economic Analysis of the De- 7 VerDate Sep 11 2014 01:59 Jun 11, 2021 Jkt 019200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\S1822.IS S1822 kjohnson on DSK79L0C42PROD with BILLS 2 •S 1822 IS partment of Commerce a China Economic Data Coordina- 1 tion Center (in this section referred to as the ‘‘Center’’). 2 (b) DUTIES.—The Center, in coordination with the 3 heads of other relevant Federal agencies and the private 4 sector, shall collect and synthesize official and unofficial 5 Chinese economic data on developments in the People’s 6 Republic of China’s financial markets and United States 7 exposure to risks and vulnerabilities in the People’s Re- 8 public of China’s financial system, including data on— 9 (1) baseline economic statistics such as gross 10 domestic product (GDP) and other indicators of eco- 11 nomic health; 12 (2) national and local government debt; 13 (3) nonperforming loan amounts; 14 (4) the composition of shadow banking assets; 15 (5) the composition of the People’s Republic of 16 China’s foreign exchange reserves; 17 (6) bank loan interest rates; 18 (7) United States retirement accounts tied to 19 Chinese investments; 20 (8) the People’s Republic of China’s exposure to 21 foreign borrowers and flows of official financing for 22 the Belt and Road Initiatve and other trade-related 23 initiatives, including data from the Export-Import 24 Bank of China, the China Export and Credit Insur- 25 VerDate Sep 11 2014 01:59 Jun 11, 2021 Jkt 019200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6201 E:\BILLS\S1822.IS S1822 kjohnson on DSK79L0C42PROD with BILLS 3 •S 1822 IS ance Corporation (Sinosure), and the China Devel- 1 opment Bank; 2 (9) sovereign or near-sovereign loans made by 3 the People’s Republic of China to other countries or 4 guaranteed by sovereign entities; and 5 (10) Chinese domestic retirement accounts and 6 investments. 7 (c) BRIEFINGS.—The Center shall provide to the ap- 8 propriate congressional committees and the private sector 9 on a biannual basis briefings on implementation of the du- 10 ties of the Center. 11 (d) REPORTS AND PUBLIC UPDATES.— 12 (1) REPORTS.— 13 (A) IN GENERAL.—The Center shall sub- 14 mit to the appropriate congressional committees 15 on a quarterly basis a report in writing on im- 16 plementation of the duties of the Center. 17 (B) MATTERS TO BE INCLUDED.—The re- 18 ports required by subparagraph (A) shall in- 19 clude— 20 (i) key findings, data, a description of 21 the research and development activities of 22 the affiliates of United States multi- 23 national enterprises operating in the Peo- 24 ple’s Republic of China, and a description 25 VerDate Sep 11 2014 01:59 Jun 11, 2021 Jkt 019200 PO 00000 Frm 00003 Fmt 6652 Sfmt 6201 E:\BILLS\S1822.IS S1822 kjohnson on DSK79L0C42PROD with BILLS 4 •S 1822 IS of the implications of such activities for 1 United States production, employment, 2 and the economy; and 3 (ii) a description of United States in- 4 dustry interactions with Chinese state- 5 owned enterprises and other state-affiliated 6 entities and inbound Chinese investments. 7 (2) PUBLIC UPDATES.—The Center shall pro- 8 vide to the public on a monthly basis updates on im- 9 plementation of the duties of the Center. 10 (e) RECOMMENDATIONS AND STRATEGIES.—The 11 Secretary of the Treasury, using data collected and syn- 12 thesized by the Center under subsection (b) and in con- 13 sultation with the Center, shall— 14 (1) develop recommendations and strategies for 15 ways in which the United States can respond to po- 16 tential risks and exposures within the People’s Re- 17 public of China’s financial system; and 18 (2) submit to the appropriate congressional 19 committees a report that contains such recommenda- 20 tions and strategies. 21 (f) APPROPRIATE CONGRESSIONAL COMMITTEES DE- 22 FINED.—In this section, the term ‘‘appropriate congres- 23 sional committees’’ means— 24 VerDate Sep 11 2014 01:59 Jun 11, 2021 Jkt 019200 PO 00000 Frm 00004 Fmt 6652 Sfmt 6201 E:\BILLS\S1822.IS S1822 kjohnson on DSK79L0C42PROD with BILLS 5 •S 1822 IS (1) the Committee on Foreign Affairs, the 1 Committee on Financial Services, and the Com- 2 mittee on Energy and Commerce of the House of 3 Representatives; and 4 (2) the Committee on Foreign Relations, the 5 Committee on Banking, Housing, and Urban Af- 6 fairs, and the Committee on Commerce, Science, and 7 Transportation of the Senate. 8 Æ VerDate Sep 11 2014 01:59 Jun 11, 2021 Jkt 019200 PO 00000 Frm 00005 Fmt 6652 Sfmt 6301 E:\BILLS\S1822.IS S1822 kjohnson on DSK79L0C42PROD with BILLS