Staying Up to Date With the Recent Communist Party Congress Meeting in China

Last month, the 20th National Congress of the Communist Party of China took place in Beijing. This weeklong meeting of the Communist Party Congress (CPC) happens only every 5 years, so it’s a significant event to watch. At this year’s meeting, China’s President Xi Jinping delivered remarks on a number of topics relating to China’s future.

As one of the world’s largest economies, what China’s leadership does affects the rest of the world: events in China impact not only their own economy, but the global economy as well. Therefore, it’s important to pay attention to what’s happening there, especially when it comes to notable events like this. 

Here’s a brief overview of what was discussed during the CPC meeting, and why business owners and manufacturers should be paying attention.

Main Points Discussed During the CPC Meeting

With the most recent election, Xi Jinping is in position to be the country’s most powerful ruler since Mao Zedong. His speech was primarily focused on national security, social stability, and China’s development objectives for 2035, with the overarching goal to continue building China into a world leader in terms of both national strength and international influence.

In his remarks, Xi discussed China’s fight against COVID-19 and the likelihood of continuing with their zero-COVID policy. He went on to highlight the importance of being prepared for difficult times that may lay ahead.

Xi also re-emphasized China’s desire to reunite with Taiwan. He said they will strive for a peaceful resolution, while reserving the right to use any and all options available (including military force) to reunite Taiwan and China. Additionally, he discussed safeguarding national security, including accelerating the growth of the military and modernizing national defense and armed forces.

But the bulk of the discussion during the CPC meeting centered on China’s development objectives for the year 2035. These include:

• Increasing economic strength, national strength, and scientific and technological capabilities

• Growing the per-capita GDP to be in line with mid-level developed countries

• Building a modernized economy

• Becoming a world leader in education, science and technology, culture, sports, and health

• Increasing per capita disposable income and equitable access to public services 

• Improving the standard of living in rural areas

• Lowering carbon emissions and improving the environment

Overall, the Communist Party Congress focused on strengthening China's economy and national security and growing their influence on the world stage. 

Why It’s Important To Pay Attention to What’s Happening in China (and Around the World)

As we mentioned earlier, China is one of the world’s largest economies. What happens there affects the rest of the world.

China has gained ground as a superpower in recent years, and despite a recent economic slowdown, their growth continues. For both American businesses and individuals, it’s important to pay attention to what’s happening within China’s leadership.

When you manufacture overseas, the choices made by leadership in the country in which your production takes place can directly affect your business. 

For example, if China does decide to maintain their zero-COVID policy, that could mean continued shutdowns during outbreaks. This unpredictability could be problematic for your business, especially if all of your manufacturing is done there.

However, at the end of the day, China has served as the factory to the world for many years. Other countries are developing in that respect, but China remains a major contender in the global market. 

Therefore, a successful manufacturing strategy in the current climate is one that doesn’t exclude China…but also one that isn’t limited to China alone. Placing all of your manufacturing interests in a single country can leave your business vulnerable to risk.

Diversify Your Manufacturing With Flywheel

With everything that’s happening in the world, it’s more important now than ever to find the right country with the right production capabilities for your company’s unique needs. Ideally, you should cast your net wide, diversifying your production across multiple countries.

At the very least, it’s important to start exploring greater diversification so that you can be prepared to make changes if the need arises.

Implementing sourcing from multiple countries—rather than relying on a single country for all of your manufacturing needs—will keep your business agile, resilient, and adaptable, protecting you from supply chain challenges.

With our extensive network on the ground in both the USA and Asia, Flywheel’s team of experts is equipped to support your manufacturing needs. We’ll offer guidance to help you make the best choices for your business and manage a global supply chain. Ultimately, we can help you manage a diversified supply chain under one roof, making the process and daily management easier and more efficient for your organization.  

Contact us to discuss your needs and learn what Flywheel can do for you.