PRINCIPALS OF U.S., EUROPEAN BANKING UNION, AND U.K. FINANCIAL AUTHORITIES MEET FOR REGULAR COORDINATION EXERCISE ON CROSS-BORDER RESOLUTION PLANNING

AICC Economic, EU, FDIC, Home, News, UK, USA, World

WASHINGTON – The heads of resolution, regulatory and supervisory authorities, central banks, and finance ministries of the United States, the United Kingdom, and the European Banking Union are among leaders participating in a Trilateral Principal Level Exercise (TPLE) on Saturday, April 20, 2024.

The meeting is part of a series of regular exercises and exchanges among the principals of these key financial sector authorities. The intent is to enhance understanding of each jurisdiction’s resolution regime for global systemically important banks (G-SIBs), strengthen coordination on cross-border resolution, and promote confidence in and commitment to the orderly resolution of G-SIBs.

The 2024 TPLE builds on a series of such exercises going back to 2014, with the European Banking Union authorities joining in 2016. The exercise coincides with the spring meetings in Washington, D.C. sponsored by the World Bank and International Monetary Fund. The 2024 TPLE will draw on cross-border cooperation processes developed to operationalize international standards applicable to G-SIBs and lessons learned from the 2023 failures of large banks in multiple jurisdictions.  

The Federal Deposit Insurance Corporation (FDIC) will host the TPLE. Participants from the U.S. include principals from: the Department of the Treasury, the Board of Governors of the Federal Reserve System, the Federal Reserve Bank of New York, the FDIC, the Securities and Exchange Commission, the Office of the Comptroller of the Currency, the Consumer Financial Protection Bureau, and the Commodity Futures Trading Commission.

Participants from the European Banking Union include principals from: the Single Resolution Board, the European Commission, and the European Central Bank.

Participants from the United Kingdom include principals from His Majesty’s Treasury and the Bank of England.

Remarks by Janet L. Yellen at a Press Conference in Beijing

AICC Asia, China, Home, Information, News, USA, World

PROGRESS OVER THE PAST YEAR

I’d like to begin by speaking about the groundwork that we have laid over the past year.

Last April, I outlined our Administration’s approach to our economic relationship with China. President Biden and I are clear-eyed about the complexities of this relationship. Our priorities include protecting our national security and that of our allies, advancing an objective of a healthy economic relationship with a level playing field for American workers and firms, and cooperating with China where both countries can and must.

It is undeniable that the U.S.-China relationship is on stronger footing today than this time last year. This was not preordained. It was the direct result of President Biden’s guidance to me and

his cabinet to intensify our diplomacy with China and put a floor under the relationship. Over the past year, I have met in person with my Chinese counterpart Vice Premier He Lifeng three times, including in the San Francisco Bay Area where I call home. We established Economic and Financial Working Groups that have seen substantive, in-depth economic conversations. These build on the candid and constructive meeting between President Biden and President Xi in Woodside, California last November.

Through these exchanges, my team and I have been able to advance the interests of the American people. We have set forth our own economic policy priorities and gained an improved understanding of China’s. We have advocated for specific steps to ensure American workers and firms are treated fairly. We have directly communicated American national security concerns, and both countries have clarified potential misunderstandings to prevent unintentional escalation. And we have restarted cooperation on issues where our interests coincide. Last November, the Vice Premier and I took the important step of affirming key areas of agreement, including a commitment to work toward a healthy economic relationship that provides a level playing field for both countries.

This progress matters. Given the size of our economies, the U.S.-China economic relationship is among the most important bilateral economic relationships in the world. And it matters deeply for American workers and firms. In turn, the American people expect their leaders to do the hard work of economic diplomacy. That’s not the type that always generates headlines. It’s one that keeps at it despite the noise—in order to advance a responsible approach to the complex challenges that we face.

President Biden and I are committed to such an approach. And it is what brought me here to China.

KEY STEPS FORWARD DURING TRIP TO CHINA

Over the past week, I have had the opportunity to make progress on issues that matter to

Americans. I’ve had productive, direct, and extensive meetings over four days in Guangzhou and Beijing with China’s economic leadership, including Premier Li, Vice Premier He, Governor Pan, and Finance Minister Lan. I have also met with those outside of the central government, including American and other foreign businesses, Chinese academics and students, and local government leaders with practical, on-the-ground economic policy responsibilities.

Let me outline three areas where we’ve made significant progress this week.

Exchanges on Balanced Growth in the Domestic and Global Economies

First, Vice Premier He and I agreed to launch intensive exchanges on balanced growth in the domestic and global economies. This represents an important part of my effort to advocate for American workers and businesses and gain a better understanding of certain PRC macroeconomic policies. Let me explain.

During conversations this week, I underscored again that the United States does not seek to decouple from China. Our two economies are deeply integrated, and a wholesale separation would be disastrous for both of our economies. Even as we take actions to diversify our supply chains, we seek to preserve the broader trade and investment relationship that can benefit American workers and firms. China is a key market for American products and services. And competition between our firms can spur greater dynamism and innovation in American industries. The American businesses that I spoke to in Guangzhou underscored the significant benefits of a healthy economic relationship.

At the same time, I expressed concern to senior Chinese officials that there are features of the Chinese economy that have growing negative spillovers on the U.S. and the globe. I am particularly worried about how China’s enduring macroeconomic imbalances—namely its weak household consumption and business overinvestment, aggravated by large-scale government support in specific industrial sectors—will lead to significant risk to workers and businesses in the United States and the rest of the world. China has long had excess savings, but investment in the real estate sector and government-funded infrastructure had absorbed much of it. Now, we are seeing an increase in business investment in a number of “new” industries targeted by the PRC’s industrial policy. That includes electric vehicles, lithium-ion batteries, and solar.

China is now simply too large for the rest of the world to absorb this enormous capacity. Actions taken by the PRC today can shift world prices. And when the global market is flooded by artificially cheap Chinese products, the viability of American and other foreign firms is put into question.

We’ve seen this story before. Over a decade ago, massive PRC government support led to below-cost Chinese steel that flooded the global market and decimated industries across the world and in the United States. I’ve made clear that President Biden and I will not accept that reality again. I know that these serious concerns are shared by our allies and partners, from advanced economies to emerging markets.

China’s excess capacity has built up over a significant amount of time, and our concerns will not be resolved in a week or a month. But the exchanges that we announced during this trip will provide a dedicated structure for us to raise our concerns about China’s imbalances and overcapacity—among a wide range of other topics—in a detailed and targeted manner. We intend to underscore the need for a shift in policy by China during these talks—building on the over two hours I spent on this topic with the Vice Premier last week. This is a part of our effort to advocate for American industries and prevent the significant economic disruptions we’ve seen in the past.

It’s important to note that I firmly believe that addressing these imbalances in an appropriate way will not only be good for the U.S. and the world. It will also be good for China’s long-term productivity and growth. Importantly, we have and will continue to emphasize that our concern about overcapacity is not animated by anti-China sentiment or a desire to decouple. Rather, it is driven by a desire to prevent global economic dislocation and move toward a healthy economic relationship with China.

Anti-Money Laundering Cooperation

Second, I was pleased to announce that we are expanding cooperation with China in our shared work against illicit finance. At home, President Biden and I have taken major steps to prevent illicit actors from exploiting the U.S. financial system and to hold them accountable when they do. But the United States cannot do it alone. Weaknesses in financial regulatory regimes abroad—in China and other countries around the world—also provide an avenue for financing for criminal organizations, human traffickers, drug traffickers, fraudsters, and other malicious actors that can harm Americans and our national security. From now on, a new Joint Treasury- PBOC Cooperation and Exchange on Anti-Money Laundering, established during this trip, will enable our countries to share best practices and information to clamp down on loopholes in our respective financial systems. I’ve asked my team to begin these meetings very soon, and we look forward to reporting on our progress.

I’m also pleased that illicit finance is a critical component of Treasury’s work with the PBOC as part of the U.S.-PRC Counternarcotics Working Group. Exchanging information on money laundering as it relates to trafficking of fentanyl and other illicit synthetic drugs can help us disrupt the flow of illicit narcotics, precursor chemicals, and equipment. The opioid epidemic is a crisis that affects every community in the United States, large or small, with more than 150 Americans dying each day. Treasury is committed to using all of our tools, including international cooperation, to counter this threat.

Financial Technical Exchanges and Broader Cooperation with China

Third, we are announcing that we will continue a series of financial technical exchanges between the United States and China. Just like military leaders need a hotline in a crisis, American and Chinese financial regulators must be able to communicate to prevent financial stresses from turning into crises with tremendous ramifications for our citizens and the international community. Over the past few months, we have hosted several exercises with China, including on how we would coordinate if there were to be a failure of a large bank in either of our countries. I’m pleased that we will hold upcoming exchanges on operational resilience in the financial sector and on financial stability implications from the insurance sector’s exposure to climate risks.

These are the types of discussions that we have with other major economies, since we know a financial issue in a foreign country can quickly cascade to ours. I am glad that we are doing the same with China.

This technical exchange builds on other spheres of cooperation. This includes our efforts to alleviate debt distress in emerging markets and developing countries. We have seen progress over the past few months on specific debt cases, such as Zambia’s. I have and will continue to push as hard as I can to build greater momentum in other outstanding debt cases. I have also been pleased by the progress we have made in conversations around sustainable finance and am committed to moving our climate cooperation with China forward.

Macroeconomy and National Security

Alongside these specific steps, I also exchanged views with Chinese officials on the macroeconomy and national security. I shared my assessment that the American economy remains strong, with President Biden’s historic economic agenda driving both our current resilience and long-term growth. We also discussed risks to the resilient global outlook. I was able to learn more about how the Chinese government views their current economic and financial situation and the steps that they have and are contemplating taking. These exchanges help inform our government’s own economic decision-making.

We also had difficult conversations about national security. President Biden and I are determined to do all that we can to stem the flow of material that is supporting Russia’s defense industrial base and helping it to wage war against Ukraine. We continue to be concerned about the role that any firms, including those in the PRC, are playing in Russia’s military procurement. I stressed that companies, including those in the PRC, must not provide material support for Russia’s war and that they will face significant consequences if they do. And I reinforced that any banks that facilitate significant transactions that channel military or dual-use goods to Russia’s defense industrial base expose themselves to the risk of U.S. sanctions.

We also exchanged information on the use of economic tools in the national security space. Going forward, I believe that we must continue to discuss how each side defines national security in the economic sphere. While the U.S. needs to continually evaluate its national security measures given the rapid pace of technological development, we are committed to “no surprises.” We have privately and publicly laid out our perspective at length, along with the principles and process that we undertake in formulating our policies. Our actions are implemented through transparent rules and regulations with ample comment periods. We would welcome transparency from the PRC on its national security actions and greater clarity on where it sees the line between national security and economic issues. This would provide greater stability to the relationship while also helping bolster confidence for firms doing business with the PRC, which is in China’s interest.

Vice Premier He and I committed to stay in close touch about these issues. The United States will also be hosting our Chinese counterparts next week for the fourth meetings of the Economic and Financial Working Groups, where these issues will be discussed at length.

CLOSING

Let me end with this. The work of diplomacy is not easy. But in the few months since the Woodside Summit—and certainly since I visited Beijing last summer—we have taken major steps to stabilize the U.S.-China bilateral relationship. And during this trip, we have been able to build on that foundation to move the ball forward on specific issues that matter to Americans.

That does not mean we have resolved all our differences. There is much more work to do. And it remains unclear what this relationship will endure in the months and years ahead.

But as we proceed, we must remember that its trajectory is not predestined. It depends on the choices that each of our countries make. I know that the American people expect a clear-eyed approach to China: one that proceeds with confidence about the economic strength of our country and protects our national security while finding a way forward so that both countries can live in a world of peace and prosperity. The President and I are firmly committed to continue to deliver on that.

I’ll take your questions.

FDIC RELEASES ECONOMIC SCENARIOS FOR 2024 STRESS TESTING

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WASHINGTON — The Federal Deposit Insurance Corporation (FDIC) today released the hypothetical economic scenarios for use in the upcoming stress tests for covered institutions with total consolidated assets of more than $250 billion.

The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 requires certain financial companies, including certain state nonmember banks and state savings associations, to conduct stress tests. In 2018, Congress increased the size of what is considered a covered institution from $10 billion to $250 billion.

The supervisory scenarios include baseline and severely adverse scenarios. The baseline scenario is in line with a survey of private sector economic forecasters. The severely adverse scenario is not a forecast, rather, it is a hypothetical scenario designed to assess the strength and resilience of financial institutions. Each scenario includes 28 variables—such as gross domestic product, the unemployment rate, stock market prices, and interest rates—covering domestic and international economic activity.

The FDIC coordinated with the Board of Governors of the Federal Reserve System and the Office of the Comptroller of the Currency in developing and distributing these scenarios.

Biden-Harris Administration Launches Next Phase for Over $5 Billion in CHIPS R&D Investments

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WASHINGTON — Feb 9, Leaders from the Departments of Commerce, Defense, and Energy; and the National Science Foundation; and the Chief Executive Officer of the National Center for the Advancement of Semiconductor Technology (Natcast) gathered at the White House to announce over $5 billion in expected investment in the CHIPS R&D program, including the National Semiconductor Technology Center (NSTC), and formally establish a public-private consortium for the NSTC. The announcement included hundreds of millions of dollars of expected investment in the semiconductor workforce; along with specific funding announcements in packaging, metrology, and a CHIPS Manufacturing USA Institute. This announcement is a reflection of President Biden’s commitment to American innovation and research and development.

The NSTC is the centerpiece of CHIPS for America’s $11 billion research and development (R&D) program. A once in-a-generation opportunity, the NSTC will bring together government, industry, labor, customers, suppliers, educational institutions, entrepreneurs, and investors to accelerate the pace of new innovations from idea to marketplace. As a public-private consortium, the NSTC will lower the barriers to participation in semiconductor R&D to create a more vibrant national ecosystem and to directly address fundamental needs for a skilled, diverse semiconductor workforce.

The announcements and consortium agreement signing, leaders from across the semiconductor community participated in roundtables led by White House Office of Science and Technology Policy Director Arati Prabhakar, National Science Foundation Director Sethuraman Panchanathan, and Under Secretary of Commerce for Standards and Technology and National Institute of Standards and Technology (NIST) Director Laurie E. Locascio, along with senior government leaders from the White House; Departments of Commerce, Defense, Energy, Labor, Education; and the National Science Foundation. The roundtables centered on the R&D opportunities and need for industry participation, along with how CHIPS for America will help increase access to talent for employers and access to opportunity for Americans who want to work in the semiconductor industry.

“CHIPS research and development programs are at the core of our greatest innovations and help to find the solutions for the semiconductor industry’s most pressing challenges. With strategic investments in R&D complementing targeted industry incentives, CHIPS for America will not only bring semiconductor manufacturing back to the U.S. – it will keep it here for good. As we create opportunities for good-paying jobs, the workforce initiatives, such as the NSTC Workforce Center of Excellence, will help ensure a diverse, skilled, and prepared workforce across the nation,” said Secretary of Commerce Gina Raimondo.

“Because of President Biden’s Investing in America agenda, semiconductor manufacturing is coming back in America. Now it’s time to make sure we win the future, too. The NSTC is a place where our CHIPS R&D investments will deliver big advances—advances that will open opportunities for the American semiconductor industry, create good-paying jobs, and strengthen our supply chains,” said White House Office of Science and Technology Director Arati Prabhakar.

President Biden’s CHIPS and Science Act appropriated $39 billion to the Department of Commerce in funding to onshore semiconductor manufacturing through an incentives program. The appropriation also included $11 billion to advance U.S. leadership in semiconductor R&D through four programs: the NSTC, the National Advanced Packing Manufacturing Program, the CHIPS Metrology Program and the CHIPS Manufacturing USA Institute.

“For the United States to lead the world in semiconductors, all parts of the R&D enterprise must work hand in hand with manufacturers to bolster each other’s successes and move the industry ever forward,” said Under Secretary of Commerce for Standards and Technology and National Institute of Standards and Technology (NIST) Director Laurie E. Locascio. “With the NSTC at the epicenter, CHIPS R&D programs are working to revolutionize the U.S. semiconductor ecosystem and enable rapid adoption of innovations to enhance domestic competitiveness for decades to come.”

With the official launch of the NSTC consortium, there are opportunities to express interest in joining the NSTC. Further information about this may be found on the NSTC website.

“Our first priority is to build a community whose members will help define the strategy and investments core to the semiconductor R&D ecosystem,” said Deirdre Hanford, CEO of Natcast, the nonprofit operator of the NSTC. “The NSTC represents a once-in-a-generation opportunity to establish a new, long-lasting institution that can serve as an engine of innovation to benefit our nation’s national and economic security for decades to come.”

The NSTC is one of four CHIPS for America research and development programs. Together, these programs are establishing the innovation ecosystem needed to ensure that American semiconductor fabrication facilities, including those funded by the CHIPS for America Act, produce the world’s most sophisticated and advanced technologies. CHIPS for America’s Jay Lewis, NSTC Program Director, and Deirdre Hanford, CEO of Natcast, will provide an update on early NSTC activities in March 2024.

The 5th Los Angeles Asian Film Festival Golden Diamond Awards ceremony closed, Golden Diamond Awards winners list released

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Dec 19, 2023 – Today, The fifth Los Angeles Asian Film Festival Golden Diamond Awards ceremony successfully ended in Los Angeles. The fifth Los Angeles Asian Film Festival Golden Diamond Awards nominated films include the United States, China, India, Japan, Kazakhstan, Iran, Canada, Indonesia, Iraq, Thailand, China Taiwan and Hong Kong and other countries and regions, a total of 100 film works were nominated, 20 film works and 2 special awards won the Golden Diamond Award.

“thanked the international film community for participating in the opening and closing ceremonies, film screenings, forum meetings, promotion discussions and the Golden Diamond Awards ceremony of the 5th Asian Film Festival in 2023,” Speaking at the Golden Diamond Awards ceremony today, Holmes Stoner, President of the Los Angeles Asian Film Festival, ” that as an open international film culture and art platform, the Asian Film Festival welcomes cooperation with the film industry of various countries, relying on the business resource background of the American Chamber of International Commerce, the theme of the Los Angeles Asian Film Festival, including industrial parks, content cooperation, derivative development, as well as film production and distribution, education and training, special investment and other diversified all-round cooperation.”

The Golden Diamond Awards winners of the 5th Asian Film Festival in Los Angeles in 2023 are listed below:

Best Feature, “The Vacation Show”, China
Best Foreign Language, “Heaven’s Beat”, China
Best Documentary, “Tranformation”, USA
Best Director, Junli Hadadou, “Allure”, Japan
Best Script, “The Promise Land & Promised Love”, USA
Best Short Film, “Repudiation”, India
Best Animation,” Always & Forverer”,
Best Actor, Rockmond Dunba, “I Envy You”, USA
Best Actress, Eleanor Lee (Singapore), “Her Last Day”, China
Best New Media Film, “Heart Sutra: An Augmented Reality Installation”, USA
Best Documentary Short, “Grandma Sings Arirang”, USA
Best Student Short,” Her Last Day”, China
Best Actress, Eleanor Lee (Singapore), “Her Last Day’, China
Best Child Actor, Branden Lee, “Birthmark of the Sky’, China
Best Student Director, Tenglin Peng, “The Land of Nowhere”, China
Best Producer, Xiao Bai Tarr, “People Power – Stop Texas Bill Targeting Chinese Immigrants”, USA
Best Music, Atsushi “Toya” Tokuya,”The Last Passenger 55min Version”, Japan
Best Cinematography, Nate Cornett,” Above the Clouds”, USA
Best Production Design, Belkis Alvar and Alexis Lebron, “A Confessional”, USA
Best Special Contribution Award, Jiewu Mao, China

Readout of Secretary Raimondo’s Meeting with the U.S. Travel and Tourism Advisory Board

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This week, Secretary Gina M. Raimondo met with the U.S. Travel and Tourism Advisory Board (TTAB) to underscore the Biden-Harris Administration’s commitment to advancing the growth of the U.S. travel and tourism industry including through implementation of the 2022 National Travel and Tourism Strategy across the U.S. government.

Assistant Secretary of Commerce for Industry and Analysis Grant Harris provided updates on action taken by Commerce and agencies of the Tourism Policy Council to accelerate the recovery and growth of the travel and tourism industry, including by working to make travel and tourism communities more resilient, destinations more accessible for travelers with disabilities, and to support job growth across the country.

On behalf of the Secretary, Deputy Assistant Secretary for Travel and Tourism Alex Lasry charged the TTAB with developing additional recommendations in early 2024 to further inform the implementation of the National Travel and Tourism Strategy.

The TTAB is the private sector advisory body to the U.S. Secretary of Commerce on matters relating to the travel and tourism industry in the United States. Furthermore, the National Travel and Tourism Strategy was developed and is administered by the National Travel and Tourism Office, located within Commerce’s International Trade Administration.

Biden-Harris Administration and BAE Systems, Inc., Announce CHIPS Preliminary Terms to Support Critical U.S. National Security Project in Nashua, New Hampshire

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U.S. Department of Commerce Outlines Potential Funding of Approximately $35 Million in Support of U.S. Defense Capabilities, Including F-35 Fighter Jet Program

Today, the Biden-Harris Administration announced that the U.S. Department of Commerce and BAE Systems Electronic Systems, a business unit of BAE Systems, Inc., have signed a non-binding preliminary memorandum of terms (PMT) to provide approximately $35 million in federal incentives under the CHIPS and Science Act to support the modernization of the company’s Microelectronics Center, a mature-node production facility in Nashua, New Hampshire. The project will replace aging tools and quadruple the production of chips necessary for critical defense programs including the F-35 fighter jet program.

The Department’s PMT with BAE Systems, Inc., marks the beginning of the next phase of implementation of the CHIPS and Science Act, a key part of President Biden’s Investing in America agenda.

“We have been clear since day one that the CHIPS for America Program is about advancing our national security and strengthening domestic supply chains, all while creating good jobs supporting long-term U.S. economic growth. As national security becomes as much about the chips inside of our weapons systems as the weapons systems themselves, this first CHIPS announcement shows how central semiconductors are to our national defense,” said Secretary of Commerce Gina Raimondo. “Thanks to President Biden’s Investing in America agenda, we have reached preliminary terms to make a substantial investment in New Hampshire’s expanding defense industrial base, which will help make our country and supply chains more secure and bolster the economy of the Granite State.”

“This announcement delivers on President Biden’s commitment to restoring American leadership on semiconductors, advancing our national security, and creating good family-sustaining jobs here in New Hampshire and around the country,” said Director of the National Economic Council Lael Brainard.

“This announcement of the PMT with BAE Systems, Inc., demonstrates our vision for the CHIPS for America program to ensure that we have a robust production capacity for the chips vital to U.S. national security,” said Under Secretary of Commerce of Commerce for Standards and Technology Dr. Laurie E. Locascio.  “This is the first of many announcements that will enhance our nation’s manufacturing capacity and create new jobs and opportunities in communities across the country.”

“Microelectronics are at the heart of the technology and products we make for our defense and aerospace customers—from next-generation aircraft and satellites to military-grade GPS and secure communications,” said Tom Arseneault, president and CEO of BAE Systems, Inc. “This funding will help modernize our Microelectronics Center and fulfill the promise of the CHIPS and Science Act by increasing our capacity to serve national defense programs, growing our technical workforce, and helping to strengthen the nation’s onshore supply chain. This initiative is the result of a strong partnership with federal, state, and local government.”

As explained in the Department’s first Notice of Funding Opportunity, the Department may offer applicants a PMT on a non-binding basis after satisfactory completion of the merit review of a full application. The PMT outlines key terms for a CHIPS incentives award, including the amount and form of the award. After the PMT is signed, the Department begins a comprehensive due diligence process on the proposed project and other information contained in the application. After satisfactory completion of the due diligence phase, the Department may enter into final award documents with the applicant. Terms of the final award documents are subject to negotiations with the applicant and may differ from the terms of the PMT.

President Biden signed the bipartisan CHIPS and Science Act into law in August 2022, which is a critical part of revitalizing American semiconductor manufacturing to create jobs, strengthen supply chains, protect national security, and advance U.S. competitiveness.

In a little more than a year since the CHIPS Act was signed into law, the Department has moved quickly to create the CHIPS Program Office and the CHIPS R&D Office and has built a team that represents decades of experience across industry and government. In February 2023, the Department released the first Notice of Funding Opportunity for commercial manufacturing facilities, and then opened it to include large supply chain projects. The Department also released a Notice of Funding Opportunity for smaller semiconductor supply chain projects and expects to launch the National Semiconductor Technology Center (NSTC) in the near future.

About CHIPS for America

The Department has received more than 550 statements of interest and nearly 150 pre-applications, full applications, and concept plans for CHIPS Incentives. The Department is continuing to conduct rigorous evaluation of applications to determine which projects will advance U.S. national economic security, attract more private capital, and deliver other economic benefits to the country.

CHIPS for America is part of President Biden’s economic plan to invest in America, stimulate private sector investment, create good-paying jobs, make more in the United States, and revitalize communities left behind. CHIPS for America includes the CHIPS Program Office, responsible for manufacturing incentives, and the CHIPS Research and Development Office, responsible for R&D programs, that both sit within the National Institute of Standards and Technology (NIST) at the Department of Commerce. NIST promotes U.S. innovation and industrial competitiveness by advancing measurement science, standards, and technology in ways that enhance economic security and improve our quality of life. NIST is uniquely positioned to successfully administer the CHIPS for America program because of the bureau’s strong relationships with U.S. industries, its deep understanding of the semiconductor ecosystem, and its reputation as fair and trusted.

APEC 2023: Conversations Lead by Global CEOs, Presidents and Prime Ministers from Across the Asia-Pacific

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The APEC CEO Summit 2023 will welcome 1,000+ attendees and feature 30+ speakers including world leaders, global business executives, and thought leaders to discuss challenges and opportunities facing the world today. The Summit, which will take place November 14-16, 2023 at the Moscone Center West in San Francisco, will prioritize Creating Economic Opportunity for the people of the Asia-Pacific region.

This year marks 30 years since the inaugural APEC Leaders meeting in 1993, hosted by then U.S. President Bill Clinton in Seattle. The annual APEC CEO Summit was created shortly after to further prioritize public-private dialogue between APEC business and government leaders. 

The APEC CEO Summit 2023 will address issues that affect all communities in the region ranging from climate change and equitable growth, to global health, supply chains and the emergence of new groundbreaking technologies.

The APEC CEO Summit is the premier business forum for CEOs and senior executives of global/regional companies, and entrepreneurs of the Asia-Pacific region to discuss the issues facing the region and to build their networks and participate in influential meetings with the leaders of member economies. It is held in the APEC host economy just prior to the annual APEC Leaders’ Meeting. The APEC CEO Summit 2023 will take place in November 2023.

Asia-Pacific Economic Cooperation (APEC) is a regional economic forum established in 1989 to leverage the growing interdependence of the Asia-Pacific. APEC’s 21 members aim to create greater prosperity for the people of the region by promoting balanced, inclusive, sustainable, innovative and secure growth and by accelerating economic integration in the region.

The 10th SelectUSA Investment Summit, Taking Place Next June in National Harbor, MD

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U.S. Secretary of Commerce Gina Raimondo announced today that registration is now open for SelectUSA’s 10thInvestment Summit to be held June 23 – 26, 2024, at the Gaylord National Resort & Convention Center in National Harbor, Maryland.

The SelectUSA Investment Summit is the highest-profile event dedicated to promoting foreign direct investment (FDI) in the United States, with a focus on the U.S. investment environment, industry trends, and creating business opportunities. Drawing more than 4,900 participants in 2023, the Investment Summit facilitates connections between investors, economic developers, and industry experts to seek opportunities available through U.S. investment. Attendees and speakers include senior government officials, C-Suite business executives, and industry leaders.

“This year we are excited to celebrate the 10th SelectUSA Investment Summit, marking a decade of work by the Commerce Department to provide a platform that encourages foreign direct investment and economic development across the country,” said U.S. Secretary of Commerce Gina Raimondo. “For 11 years now, the United States has ranked as the top destination for global companies to invest and the SelectUSA Investment Summit has been critical to this success. As we implement President Biden’s Investing in America Agenda, the Investment Summit is a key way we can continue to bolster foreign direct investment and new international business partnerships in the U.S.”

The 2024 SelectUSA Investment Summit will offer exciting opportunities for all attendees with programming that will include plenary and academy sessions on key topics in the Biden Administration’s Investing in America agenda, including advanced batteries, Internet for All and U.S. infrastructure, clean energy, critical minerals, healthcare and pharmaceuticals, and the CHIPS Act.  

Innovation and entrepreneurship will once again be at the forefront of the Investment Summit this year. The SelectUSA Tech program, which connects early-stage and startup technology companies to prospects for advancement in the U.S. market, will allow participants to exhibit their products and services at branded booths with the opportunity to upload a product and service demo video, apply to pitch in front of a panel of judges, participate in workshops and Investment Academy sessions, and other engagement opportunities.

The Select Global Women in Tech (SGWIT) Mentorship Network, geared towards international women founders, entrepreneurs, and executives in the technology sector, will see its fourth iteration of programming at the SelectUSA Investment Summit. SGWIT participants will be matched in sessions with an experienced mentor to help them develop a market entry strategy, tailor their product and promotion for success in the U.S. market, gain access to an exclusive networking platform, and hear from successful global founders.


About the SelectUSA Investment Summit
The SelectUSA Investment Summit brings together more than 4,900 participants, including EDO representation from over 50 U.S. states and territories, more than 2,300 business investors representing over 80 international markets, and industry experts providing insight and advice on how to successfully invest in the United States.

The SelectUSA Investment Summit has directly helped generate more than $98 billion in new U.S. investment projects, supporting over 81,000 jobs across the United States and its territories.


The U.S. Department of Commerce-led SelectUSA program promotes and facilitates business investment into the United States by coordinating related federal government agencies to serve as a single point of contact for investor companies. SelectUSA assists U.S. economic development organizations to compete globally for investment by providing information, a platform for international marketing, and high-level advocacy. SelectUSA also helps business investors find the information they need to make decisions, connect to the right people at the local level, navigate the federal regulatory system, and find solutions to issues related to the federal government.

Readout of Secretary Raimondo’s Meeting with Minister of Commerce of China Wang Wentao

AICC Asia, Business, China, Home, News, Trade, USA, World

U.S. Secretary of Commerce Gina Raimondo today met with Minister of Commerce of the People’s Republic of China Wang Wentao to advance U.S. commercial and strategic interests. The meeting was part of ongoing efforts to deliver on President Biden’s directive following his meeting with President Xi in November 2022 to deepen bilateral discussions. 

Secretary Raimondo emphasized the importance of ensuring open lines of communication between the United States and China and took concrete steps to deliver on that goal. Secretary Raimondo and Minister Wang agreed to: 

  • Establish a new commercial issues working group, a consultation mechanism involving U.S. and PRC government officials and private sector representatives to seek solutions on trade and investment issues and to advance U.S. commercial interests in China. They agreed that the working group will meet twice annually at the Vice Minister level, with the U.S. hosting the first meeting in early 2024.
  • Launch the export control enforcement information exchange, which will serve as a platform to reduce misunderstanding of U.S. national security policies. The first in-person meeting will occur at the Assistant Secretary level at the Ministry of Commerce in Beijing on Tuesday, August 29.
  • Convene subject matter experts from both sides to hold technical discussions regarding strengthening the protection of trade secrets and confidential business information during administrative licensing proceedings. 
  • Communicate regularly at the Secretary and Minister level about commercial and economic issues and to meet in-person at least once annually. 

Secretary Raimondo discussed opportunities to promote economic exchange where it aligns with U.S. interests and values. She underscored the importance of leveling the playing field for U.S. workers and businesses and ensuring the fair and transparent treatment of U.S. companies in China. Finally, Secretary Raimondo reinforced the Administration’s commitment to taking actions necessary to protect U.S. national security and reiterated the Administration’s “small yard, high fence” approach, underscoring that export controls are narrowly targeted at technologies that have clear national security or human rights impacts and are not about containing China’s economic growth.