【英文】新美国安全中心报告：遏制危机，对中国实施强制性经济治国方略的战略构想（28页）

To gain advantage in economic and technological competition, the United States and the PRC have traded blows  in coercive economic measures, i.e., restrictions on trade,  investment, and fnancial transactions intended to infict  costs on one another and induce policy change.1  As both  countries possess signifcant leverage in market power,  fnancial fows, and supply chains, they have employed  measures that are increasingly cross-domain, combining  the economic, fnancial, and diplomatic spheres. When  these countries impose coercive measures against one  another, other states may be impacted by a cycle of  economic coercion and retaliation, which complicates the  geoeconomic calculus of all actors. Firms may be forced  to choose between investing in the Chinese market or  investing elsewhere and building redundancy in supply  chains. Overall, these and related factors contributed to  reduced bilateral foreign direct investment in 2020.

Amid the increasing number of coercive economic  measures imposed in recent years, the 2020 “Phase  One” trade deal between the United States and China  attempted a brief respite from economic hostilities. It  promised expanded Chinese purchases of U.S. goods and  services to improve the U.S. trade balance with China  and structural changes that would improve access for  American frms that want to operate in the Chinese  market. Nevertheless, China’s commitment to fully  implement its obligations remains uncertain, and  the United States and China likely will continue to  utilize both threatened and actual coercive economic  measures over time.3  Indeed, since the trade deal was  signed in January 2020, there has been a series of  coercive economic measures between the two countries. Signifcant actions include targeted multilateral  sanctions in reaction to China’s treatment of the  Uyghurs and signifcant Chinese counter sanctions, as  well as the U.S. passage of the Hong Kong Autonomy  Act and related sanctions in August 2020 in response  to China’s imposition of the National Security Law in  Hong Kong.