Page 9 - Doing Business in China

GENERAL INFORMATION

Ever since the global supply chain was severely The 20th CPC National Congress was held in Beijing
disrupted by geopolitical conflicts, inflationary from 16 to 22 October 2022� Xi Jinping, General
pressures, and the recessionary environment after Secretary of the CPC Central Committee, delivered
the outbreak of Covid-19, China has been working a report to the 20th CPC National Congress on
with other countries to build a global industrial and behalf of the Central Committee of the 19th CPC
supply chain system that is secure, stable, smooth, National Congress at the Great Hall of the People in
efficient, open, inclusive and mutually beneficial, Beijing on 16 October� The 20th National Congress
according to a statement given by President Xi of the Communist Party of China (CPC) provides
in an International Forum on Resilient and Stable a new opportunity for China’s high-level opening
Industrial and Supply Chains held in September up to the outside world and new momentum for
2022� Following the lifting of Covid-19 restrictions global economic growth� In the report of the 20th
by the Chinese government, many international CPC National Congress, the word “opening up” was
research firms and multinational corporations mentioned as many as 29 times, and the report
recognise the contribution made by China with its emphasises the promotion of high level opening up
unique advantages in the supply chain system to and the promotion of the high-quality development
stabilise the global supply chain� With continuous of the Belt and Road Initiative (BRI) � 7
efforts made by the Chinese government to
establish a strong manufacturing base, completed
infrastructure, and an improving business BELT AND ROAD INITIATIVE (BRI)
environment, China remains a top destination
in the global supply chain of many multinational In late 2013, the Chinese government unveiled the
corporations� ‘Belt and Road Initiative’ (BRI) as a development
strategy involving infrastructure development
and investment in Europe, Asia and Africa� The aim
ADMINISTRATION is to create a single large market that can be fully
accessible on a national and international level
The National People’s Congress, based in the through cultural exchange and integration� This
capital city of Beijing, is the highest organ of state is expected to enhance mutual understanding
power in China� The central and highest organ of and trust among member countries and
state administration is the State Council, which increase China’s capital inflow, skilled talent and
directly oversees the various subordinate people’s technological innovation�
governments at the provincial, directly-controlled
municipal and autonomous regional levels� The BRI is considered one of the largest
infrastructure and investment projects in history,
The Communist Party is the only ruling party in covering more than 68 countries, accounting for
China, while other political parties are represented 65% of the world’s population and 40% of global
in the National People’s Congress and the Chinese GDP� It fills an ‘infrastructure gap’ and has the
People’s Political Consultative Conference� Under the potential to accelerate economic growth across
leadership of the Communist Party, a multi-party the Asia-Pacific region and Central and Eastern
cooperation and political consultation system is Europe� As of 7 December 2022, China has signed
established� BRI cooperation memorandums with 150 countries
and 32 international organisations� 8

7 http://www.chinadaily.com.cn/a/202210/28/WS635b7098a310fd2b29e7f162.html
8 https://www.ndrc.gov.cn/

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