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Hearing on Risks, Rewards, and Results: U.S. Companies in China and Chinese Companies in the United States Hearing Before the U HEARING ON RISKS, REWARDS, AND RESULTS: U.S. COMPANIES IN CHINA AND CHINESE COMPANIES IN THE UNITED STATES HEARING BEFORE THE U.S.-CHINA ECONOMIC AND SECURITY REVIEW COMMISSION ONE HUNDRED SIXTEENTH CONGRESS FIRST SESSION THURSDAY, FEBRUARY 28, 2019 Printed for use of the United States-China Economic and Security Review Commission Available via the World Wide Web: www.uscc.gov UNITED STATES-CHINA ECONOMIC AND SECURITY REVIEW COMMISSION WASHINGTON: 2019 U.S.-CHINA ECONOMIC AND SECURITY REVIEW COMMISSION CAROLYN BARTHOLOMEW, CHAIRMAN ROBIN CLEVELAND, VICE CHAIRMAN Commissioners: HON. CARTE P. GOODWIN MICHAEL A. MCDEVITT ROY D. KAMPHAUSEN HON. JAMES M. TALENT THEA MEI LEE MICHAEL R. WESSEL KENNETH LEWIS The Commission was created on October 30, 2000 by the Floyd D. Spence National Defense Authorization Act for 2001 § 1238, Public Law No. 106-398, 114 STAT. 1654A-334 (2000) (codified at 22 U.S.C. § 7002 (2001), as amended by the Treasury and General Government Appropriations Act for 2002 § 645 (regarding employment status of staff) & § 648 (regarding changing annual report due date from March to June), Public Law No. 107-67, 115 STAT. 514 (Nov. 12, 2001); as amended by Division P of the “Consolidated Appropriations Resolution, 2003,” Pub L. No. 108-7 (Feb. 20, 2003) (regarding Commission name change, terms of Commissioners, and responsibilities of the Commission); as amended by Public Law No. 109- 108 (H.R. 2862) (Nov. 22, 2005) (regarding responsibilities of Commission and applicability of FACA); as amended by Division J of the “Consolidated Appropriations Act, 2008,” Public Law Nol. 110-161 (December 26, 2007) (regarding responsibilities of the Commission, and changing the Annual Report due date from June to December); as amended by the Carl Levin and Howard P. “Buck” McKeon National Defense Authorization Act for Fiscal Year 2015, P.L. 113-291 (December 19, 2014) (regarding responsibilities of the Commission). The Commission’s full charter is available at www.uscc.gov. ii March 26, 2019 The Honorable Chuck Grassley President Pro Tempore of the Senate, Washington, DC 20510 The Honorable Nancy Pelosi Speaker of the House of Representatives, Washington, DC 20515 Dear Senator Grassley and Speaker Pelosi: We are writing to notify you of the Commission’s February 28, 2019 public hearing on “Risks, Rewards, and Results: U.S. Companies in China and Chinese Companies in the United States.” The Floyd D. Spence National Defense Authorization Act for 2001 § 1238, Pub. L. No. 106-398 (as amended by the Carl Levin and Howard P. “Buck” McKeon National Defense Authorization Act for Fiscal Year 2015 § 1259b, Pub. L. No. 113-291) provides the basis for this hearing. At the hearing, the Commissioners received testimony from the following witnesses: Elizabeth Drake, Partner, Schagrin Associates; Paul Gillis, Ph. D., Professor of Practice, Peking University Guanghua School of Management; William Kirby, Ph. D., Spangler Family Professor of Business Administration, Harvard Business School; Scott Kennedy, Ph. D., Director, Project on Chinese Business and Political Economy, Center for Strategic and International Studies; Mary Lovely, Ph. D., Professor of Economics, Syracuse University Maxwell School of Public Policy; and Mark Wu, Henry L. Stimson Professor of Law, Harvard Law School. This hearing evaluated two sets of relationships. In the first panel, hearing witnesses reviewed Chinese companies’ participation in the U.S. economy, and in the second panel, hearing witnesses reviewed U.S. companies’ participation in the Chinese economy. Both panels assessed implications of this participation for U.S. businesses, workers, consumers, and investors. The full transcript of the hearing, prepared statements, and supporting documents are posted to the Commission’s website, www.uscc.gov. Members and the staff of the Commission are available to provide more detailed briefings. We hope these materials will be helpful to the Congress as it continues its assessment of U.S.-China relations and their impact on U.S. security. The Commission will examine in greater depth these issues and the others in our statutory mandate this year. Our 2019 Annual Report will be submitted to Congress in November 2019. Should you have any questions, please do not hesitate to have your staff contact one of us or our Congressional Liaison, Leslie Tisdale Reagan, at 202-624-1496 or [email protected]. Sincerely yours, Carolyn Bartholomew Robin Cleveland Chairman Vice Chairman cc: Members of Congress and Congressional Staff iii CONTENTS THURSDAY, FEBRUARY 28, 2019 RISKS, REWARDS, AND RESULTS: U.S. COMPANIES IN CHINA AND CHINESE COMPANIES IN THE UNITED STATES Opening Statement of Commissioner Wessel (Hearing Co-Chair) .........................................................................................................5 Prepared Statement ...........................................................................................................6 Opening Statement of Vice Chairman Cleveland (Hearing Co-Chair) .........................................................................................................9 Prepared Statement .........................................................................................................11 Panel I: Chinese Companies in the United States: Reshaping the U.S. Competitive Landscape? Panel I Introduction by Vice Chairman Cleveland (Hearing Co-Chair) .......................................................................................................13 Statement of Elizabeth Drake Partner, Schagrin Associates .........................................................................................14 Prepared Statement .........................................................................................................16 Statement of Paul Gillis, Ph. D. Professor of Practice, Peking University Guanghua School of Management ...............26 Prepared Statement .........................................................................................................30 Statement of William Kirby, Ph. D. Spangler Family Professor of Business Administration, Harvard Business School .....46 Prepared Statement .........................................................................................................48 Panel I: Question and Answer............................................................................................60 Panel II: U.S. Companies in China: How Much Pain, How Much Gain? Panel II Introduction by Commissioner Wessel (Hearing Co-Chair) .......................................................................................................76 Statement of Scott Kennedy, Ph. D. Director, Project on Chinese Business and Political Economy, Center for Strategic and International Studies ......................................................................................................77 Prepared Statement .........................................................................................................80 Statement of Mary Lovely, Ph. D. Professor of Economics, Syracuse University Maxwell School of Public Policy ........93 Prepared Statement .........................................................................................................97 Statement of Mark Wu Henry L. Stimson Professor of Law, Harvard Law School ........................................115 Prepared Statement .......................................................................................................118 Panel II: Question and Answer ........................................................................................136 iv RISKS, REWARDS, AND RESULTS: U.S. COMPANIES IN CHINA AND CHINESE COMPANIES IN THE UNITED STATES THURSDAY, FEBRUARY 28, 2019 U.S.-CHINA ECONOMIC AND SECURITY REVIEW COMMISSION Washington, DC The Commission met in Room 216 of Hart Senate Office Building, Washington, DC at 9:30 a.m., Vice Chairman Robin Cleveland and Commissioner Michael Wessel (Hearing Co-Chairs) presiding. OPENING STATEMENT OF COMMISSIONER WESSEL HEARING CO-CHAIR COMMISSIONER WESSEL: Good morning and welcome to the second hearing of the U.S.-China Commission's 2019 Report Cycle. And thank you all for joining us today. Today's hearing seeks to dive deeper into what are the challenges and opportunities for the U.S. vis-a-vis our companies operating in China and, conversely, from Chinese companies operating here. These might sound like easy questions to answer, but the reality is very different. Over the years that this commission has been in existence, the ability to really find out what is happening to our companies operating in China in a specific and granular basis has been difficult, if not impossible, to ascertain. The issue of what is happening to and what the activities of U.S. companies operating in China are is of paramount interest, especially as negotiations between our two countries on trade issues appear to be near an end. Focus has been on intellectual property theft and the coercive activities of the Chinese government and its companies to force technology transfer as a condition of doing business there. But there is also attention to gaining greater access for U.S. investments into the Chinese market. That has been identified as a priority. But a deeper examination of the desirability of focusing on that is, in my view, merited. Is greater investment by our companies in China in our companies' interests and is it in the interests of our domestic producers and employees? Is it in the interests of our nation, as China has sought
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