[20200921]LSB10538_美国对中国股票的监管：法律背景和监管选择.pdf

CRS Legal Sidebar Prepared for Members and Committees of Congress Legal SidebarLegal Sidebar U.S. Regulation of Chinese Stocks: Legal Background and Regulatory Options September 21, 2020 Tensions between the United States and China have again moved to center stage. In recent weeks, the Trump Administration has ordered China to close its Houston consulate over allegations of economic espionage, imposed sanctions on Hong Kong officials accused of undermining the regions autonomy, and issued executive orders that may effectively ban the use of two Chinese appsTikTok and WeChatin the United States. While commentators once noted the interdependence that characterized the U.S.-China relationship, these developments and similar disputes now generate debate over whether the two powers are on the verge of an economic “decoupling.” The regulation of U.S. investment in Chinese securities is another fissure in the bilateral relationship that has attracted special attention from Congress, the Trump Administration, and the Securities and Exchange Commission (SEC). In April, SEC officials released a statement warning investors of the risks of emerging-market stocks after two U.S.-listed Chinese f