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China may be shifting to a more quality-of-life-focused economic vision

Many things can have impacts on U.S. companies, large and small, that do business in China. Among these are the overall policy focuses of the Chinese government.

It appears that the Chinese government may be undergoing a policy focus shift that could have big ramifications for foreign firms doing business in the country. This is a shift away from focusing primarily on spurring on high growth when it comes to the economy. The shift would be towards a greater focus on quality-of-life issues, such as worker standard-of-living issues and environmental issues. This shift was reflected in a recent speech given by Xi Jinping, China's president.

Such a shift could have the potential to impact things like what sorts of pressures foreign companies are under in China to engage in programs and measures that touch on quality-of-life-centered issues.

As a note, a lot is still up in the air regarding what exactly will come out of this new economic vision being put forth by China.

Given that policy shifts in China can change the opportunities, challenges and pressures that are before U.S. businesses that operate in China, a business could feel a fair amount of uncertainty and nervousness when such a shift occurs. When dealing with such concerns, having quality information and guidance can be important. U.S. business owners that have concerns regarding a shift occurring in China, such as a policy or legal change, can take questions they have on what impacts the shift could have on their company's operations in China and what steps they could take to prepare for and respond to such impacts to skilled U.S-China business lawyers.

Source: Bloomberg, "China Tells Global Companies to Start Taking Care of Workers," Oct. 26, 2017

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