Raising the Drawbridge

From headline-grabbing acquisitions to bold venture capital bets, Chinese money began pouring into the U.S. soon after the Global Financial Crisis. The Obama administration welcomed new growth drivers as key to economic recovery. But just years later, Congress passed the most sweeping overhaul of U.S. investment rules in half a centuryaimed squarely at China.

This book tells the story of that remarkable pivot: how cautious optimism gave way to suspicion, how decoupling and derisking entered the political lexicon, and why these years hold the key to understanding today's sharper, more guarded U.S. approach to interdependence with China.

Drawing on first-hand interviews with administration officials, congressional staff, and the lawyers, lobbyists, and labor activists involved in raising the drawbridge to Chinese investment in the United States, it's essential reading for anyone seeking to understand the forces reshaping global business, finance, and geopolitics and the 21 st century's most important bilateral relationship.

draws on 64 interviews with Trump, Obama, and Bush officials, congressional staff, and the U.S. business community the first to take a historical lens on Chinese capital in the U.S., investigating U.S. policymaker views over time conclusions shed light on the origins of "de-risking" today and future U.S. economic policymaking toward China

Autorentext

Dr. Lily McElwee is a nonprofit executive and an expert in Chinese foreign policy and Beijing's relations with advanced economies. She holds degrees from the University of Oxford and Stanford University.

Klappentext
A front-row account of how Washington grappled with surging Chinese investment in sensitive technology sectors amid a rapidly changing bilateral relationship. *** For anyone seeking to understandthe origins ofongoing debates in Washington over how far to pursue de-risking from China, 'Raising the Drawbridge'is a must read book.- Hon. Heath P. Tarbert, Former Assistant Secretary of the Treasury and CFIUS Policy Chair (2017-2019) 'Raising the Drawbridge' is a timely and important addition to the literature on U.S.-China foreign investment, which is an increasingly important part of the globalization puzzle.*

• William A. Reinsch, former President, National Foreign Trade Council

Rules on cross-border investment screening are central elements of the U.S.'s efforts to protect its economic security and de-risk from China. Lily McElwee has written the definitive study on the reform of the U.S.'s infamous and opaque CFIUS screening system. This deep dive reveals the tensions between politics, interdependence, and national security, forces that continue to animate ongoing policy debates in the United States and elsewhere.

- Dr. Scott Kennedy, Senior Adviser and Trustee Chair in Chinese Business and Economics, Center for Strategic and International Studies

From headline-grabbing acquisitions to bold venture capital bets, Chinese money began pouring into the U.S. soon after the Global Financial Crisis. The Obama administration welcomed new growth drivers as key to economic recovery. But just years later, Congress passed the most sweeping overhaul of U.S. investment rules in half a centuryaimed squarely at China.

This book tells the story of that remarkable pivot: how cautious optimism gave way to suspicion, how decoupling and derisking entered the political lexicon, and why these years hold the key to understanding today's sharper, more guarded U.S. approach to interdependence with China.

Drawing on first-hand interviews with administration officials, congressional staff, and the lawyers, lobbyists, and labor activists involved in raising the drawbridge to Chinese investment in the United States, it's essential reading for anyone seeking to understand the forces reshaping global business, finance, and geopolitics and the 21 st century's most important bilateral relationship.

Dr. Lily McElwee is a nonprofit executive and an expert in Chinese foreign policy and Beijing's relations with advanced economies. She holds degrees from the University of Oxford and Stanford University.

Inhalt

Chapter 1: Introduction: Colder Shoulder.- Chapter 2: Setting the Scene: U.S. Investment Relations with China, 1970-2018.- Chapter 3: From Ford to FIRRMA: U.S. Foreign Investment Screening Since the 1970s.- Chapter 4: Reversed Expectations: Shifting U.S. Perceptions of China.- Chapter 5: Going Quiet: American Business and U.S.-China Relations.- Chapter 6: Getting FIRRMA Past the Finish Line.- Chapter 7: Conclusion.