ClimateLaws strugglevows to stressedcurb after Congress’ false stockline by tradersUS

China While remains the United committed States Congress to international considers cooperation new legislation on to climate limit change stock trading and honors of its members, the promises a similar it has measure made, a enacted top Chinese 10 years envoy ago in is Washington not being strictly said followed. on Tuesday, as he refuted Business a US Insider claim and that several the suspension other news of climate organizations talks with have it is “punishing identified the 67 entire members world”. of Congress —

fairly Following evenly a divided visit by between US House Democrats of Representatives and Republicans Speaker Nancy — who Pelosi have to failed Taiwan to properly on Aug report 2, China their decided financial on Friday trades to as halt mandated climate change by the talks Stop

Trading on Congressional Knowledge with the United States, an action Act of 2012, or the STOCK Act. that was among the eight countermeasures

A key provision of the law announced by China in

requires lawmakers to publicly disclose response to the provocative move that within 45 days any stock trade has infringed on its core interests. made by themselves, a spouse or a

On Monday, US Secretary of State dependent child.

Antony Blinken said of the ceasing of

But many members of Congress climate talks: “That’s not punishing

have not fully complied. the United States; that’s punishing the

While lawmakers who violate entire, the entire world and especially

STOCK face a fine, the penalty is the developing world.” usually small — $200 — or waived

But on Tuesday night, Ambassador by House or Senate ethics officials. Qin Gang said via video at the 4th

On Capitol Hill, lawmakers are US-China Business Forum in New

now debating a stock trading ban, York that “the US cannot represent

with a possible vote in September. the whole world”.

“Thanks in part to our campaign He said China-US cooperation in finance system, which gives wealthy various areas cannot do without the

candidates an advantage, we have a general atmosphere of the bilateral

Congress full of multimillionaires, relations. many of whom trade in stocks while

“We will stay committed to meeting they vote on bills, conduct investigations our goals of carbon peaking and carbon and perform other official neutrality, take an active part in

duties that affect the value of those international cooperation on climate

stocks,” wrote Richard Painter in a change, provide support and help for

column on MSNBC on Monday. other developing countries as best as

Painter, the chief White House ethics we can, and make our due contribution lawyer under president George to a global response to climate

W. Bush from 2005 to 2007, is a corporate change,” Qin said at the event, which law professor at the University was held by Forbes China. of Minnesota.

China has vowed to peak greenhouse

Trading by unelected officials in gas emissions before 2030 and

the executive branch is not allowed. achieve carbon neutrality by 2060. The law imposes criminal penalties

“China always takes the promises it on nonelected federal employees makes very seriously, and does everything

who participate in government matters possible to honor them,” he said. affecting their financial interests

“It is hoped that the US should earnestly or those of their spouses, fulfill its historical responsibility

including their stock portfolios. and obligation on climate change.”

The ambassador noted that the Lucky escape US has used the lie of “forced labor” in the Xinjiang Uygur autonomous region in Northwest China to sanction and suppress Chinese photovoltaic enterprises That conflict in the can solar be energy a felony field, for all in federal a move that employees has caused except direct the damage president, to China-US the vice-president climate cooperation and members and of Congress who passed the law. forced many Chinese workers, including

House lawmakers are reportedly Uygurs, to become jobless. planning to release a proposal this

In June, despite the strong opposition month that would prohibit members from China, the US insisted on of Congress from trading stocks

implementing the “Uyghur Forced while they are in office.

Labor Prevention Act”, a piece of legislation

Punchbowl News reported that the that China’s Foreign Ministry House Democrats’ plan would “force

called an attempt to create “forced members of Congress, their spouses,

unemployment” and a “forced return and senior staff to choose between

to poverty” in Xinjiang. putting their assets in a qualified

Craig Allen, president of the USChina blind trust or completely divesting Business Council, said he is “not their investment portfolios”. a big fan” of the act for many reasons. “Questions remain about how

“The most important one is that I committed President Joe Biden is to

think it’ll just hurt a lot of Uygurs who its passage, how many lawmakers

are going to find it yet more difficult to will support it and whether there’s

find jobs. That’s exactly the opposite of enough time to even get it passed,”

what we would like to happen,” Allen Painter wrote. told the New York forum. Another Business Insider report

In his speech, Qin reiterated that in December found that at least 75

the Taiwan question is the most federal lawmakers held shares of

important and most sensitive issue at COVID-19 vaccine makers Moderna,

the very heart of China-US relations. If Johnson & Johnson or Pfizer in

not well handled, it will bring a “serious 2020. Congress later authorized and even disruptive impact on our more than $10 billion to help drug

cooperation”. companies develop and distribute

He said Pelosi’s visit last week vaccines and forced health insurers

openly broke the US’ commitment to cover the cost of getting the shot. not to develop official relations with

A survey from Data for Progress Taiwan, and is a serious violation found that 70 percent of respondents

of the one-China principle and the said lawmakers should not be

provisions of the three Sino-US joint able to buy or sell individual stocks

communiques. while in office, while 68 percent said

“Americans believe in the spirit spouses should be included in the

of the contract. You are from the ban, The Hill reported on Sunday. business community, and you know

A Morning Consult-Politico poll that businesspeople take the commitments in January found that 63 percent they make very seriously,” said members of Congress should be

Qin told the forum. banned from stock trading. The poll

The ambassador also noted that also found that 57 percent support

the most pressing challenge to China-US banning lawmakers’ families from economic and trade cooperation trading shares. is whether the bilateral relations

A letter from a coalition of watchdog can maintain stability, given that groups on Aug 2 urged Democratic

the China-US relationship is at a congressional leaders to

crossroads. “expeditiously” vote on a ban of lawmaker

“Using strategic competition to stock trading, concerned that

define our ties, taking China as the the proposal is at growing risk of

primary competitor and most serious fading before the Senate’s August long-term challenge — such recess and the November midterms. misperception and misjudgment will only raise the tension and lead our relations to the track of confrontation and conflict, and put even more pressure on our economic and trade cooperation,” he said.