The 20th National Congress of the Communist Party of China held in Beijing from October 16th to 23rd, 2022 has attracted unprecedented attention from the domestic and international community. At Influence Matters, we have followed the conference and the relevant reports of the Chinese media on the conference to get a feel for upcoming policy direction and the impact on technology businesses in China.
Some of the key takeaways for foreign business operating in China are that China reaffirms its commitment to what used to be the China 2025 plan, the objective to develop a homegrown, globally leading innovation ecosystem in certain technologies including semiconductor and smart industry, but with a more thought through approach to government oversight and foundational investment in R&D and talent. Gone are the days of unlimited funding with little oversight on the spending.
The Party also reaffirmed its commitment to globalization and its role in it, planning to continue improving the operation environment for foreign-invested companies in China and attracting FDIs. Likely heavily included in the report’s message in response to recent criticism about China’s zero-covid and its impact on the country’s place in the global supply chain system, and the investment freeze by many foreign businesses in China.
In clear, we are not expecting barriers from China for foreign businesses to operate in China in the near future, but an emphasis on supporting those bringing and sharing technologies and processes foundational to a homegrown innovation ecosystem. The challenges will come from a continued zero-covid policy and geopolitical stand-off escalation between China and the West shadowing the opportunities for cross-border business relations.
Read more of our take here, in this review written by our new team member Miro Li, with the support of Lina Xue.
If you would like to discuss how your business opportunities are affected in China, email me, and we will have a lot to talk about!
Cheers,
Simon Vericel
Managing Director & Founder of Influence Matters
In this report, Influence Matters’ experts dissected and analyzed each area related to China’s technology development, dual circulation, economic constructions, and green development.
Click here to read valuable insights from industry experts.
Heather Zhang Joins Influence Matters as Senior Account Executive
Heather manages and oversees clients in FinTech, IoT, and HRTech industries at Influence Matters, based in the agency’s Shanghai office. She brings a mix of PR, marketing, and digital expertise to ensure coordinated communication programs help achieve success for her clients, which include Riskified and ADP.
Miro Li Joins Influence Matters as Account Executive
Miro focuses on media relations, social media management, and content creation for Influence Matters’ semiconductor clients, based in our Beijing office. His clients include Winbond and Ampere. Miro graduated from Teesside University in the United Kingdom with a degree in Public Relations. Additionally, he has a strong interest in innovative technologies and communications.
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