China

The Obama administration will likely approve a limited number of politically controversial natural gas export projects despite some fears on Capitol Hill about a massive expansion, according to a Moody's report released Wednesday.

It said the Energy Department (DOE) would likely approve three out of the 20 applications under review for exporting natural gas to nations that lack a free-trade agreement with the United States. One such application already has received the go-ahead from the DOE.

Those projects have alarmed some lawmakers, who are tussling over whether to allow a major expansion of natural gas exports.

"The available evidence suggests" that the yuan "remains significantly undervalued," according to a new administration report. 

China is protesting a new U.S. law that restricts government purchases of Chinese technology equipment.

Shen Danyang, a spokesman for the Chinese Ministry of Commerce, argued that the restriction sends a misguided signal and threatens to harm U.S.-China relations, according to state media reports.

Foreign Ministry spokesman Hong Lei also urged the United States to reconsider policies that target Chinese businesses.

Rep. Mike Rogers (R-Mich.), the chairman of the House Intelligence Committee, said on Thursday that Sprint promised him they will not buy telecommunications equipment from the Chinese company Huawei.

Regulatory agencies are currently reviewing SoftBank's $20 billion acquisition of Sprint, as well as Sprint's purchase of wireless network operator Clearwire.

Rogers has argued that the Chinese government could use Huawei,the world's largest telecom equipment maker, to tap into U.S. communications networks and spy on people in the United States.  

The Treasury secretary will issue a stern warning during his visit to China next week, the Obama administration said.

Addressing the exchange rate for China's currency would be a "top priority" for Jack Lew if he is confirmed as Treasury secretary, the nominee told a GOP lawmaker.

In a response to a series of written questions from Sen. Orrin Hatch (R-Utah), Lew reiterated the administration's stance on China currency, saying he would "press China" to move to a market-determined exchange rate.

"There has been some progress. … More progress, however, is needed," he wrote. "If confirmed, addressing China's exchange rate would be a top priority."

Chinese hackers have stolen data from at least 115 U.S. companies since 2006, according to the American security firm Mandiant.

The United States and China should aim for a comprehensive framework that addresses the economic opportunities and challenges businesses face.

The U.S.-China Business Council (USCBC), a coalition of firms doing business in China, is pressing for the trading partners to embrace a more aggressive plan to solve nagging issues, instead of dealing with them incrementally, the group said Wednesday. 

"American companies face a variety of challenges in their business operations with China, including market access barriers, protecting intellectual property rights and licensing challenges," said USCBC President John Frisbie. 

Congressional leaders are pressing top Obama administration officials to tackle China's trade barriers during meetings next month. 

Four committee leaders expressed frustration that "necessary progress is lacking" as China moves away from reforming its economy and failing to follow through on its commitments to those changes.

In a letter on Friday, the lawmakers expressed concern that China is "more deeply embracing an economic model dominated by state-owned enterprises" and is applying inconsistent tariffs despite World Trade Organization (WTO) rules. 

"While incremental progress has been made, our list of concerns remains troublingly similar year-to-year," the lawmakers wrote. 

The decision came under immediate criticism from Sen. Charles Schumer (D-N.Y.).