American companies accelerate capital withdrawal from China after the Third Plenum of the Communist Party Central Committee

On August 7, 2024, the American tech giant HP expressed its intention to move half of its production from China to neighboring jurisdictions. 

The company plans to relocate its business to Thailand, Singapore, and Mexico by 2027. HP’s strategic goal is to manufacture up to 70% of its laptops outside of China, including by minimizing the use of Chinese semiconductors and other high-tech components.

HP’s decision to significantly reduce its dependence on China was one of the most “aggressive” steps in its global supply chain diversification campaign, which Dell, Apple, and Microsoft also joined.