中 (zhōng): Center, middle. In this context, it's the first character of 中国 (Zhōngguó), or China, historically known as the “Middle Kingdom.”
国 (guó): Country, nation. Together, 中国 (Zhōngguó) means China.
共 (gòng): Common, shared, together. This is the key character for the concept of “communism.”
产 (chǎn): To produce, property, assets. The term 共产 (gòngchǎn) literally means “common property” or “shared production,” forming the core of the word “Communist.”
党 (dǎng): A political party or faction.
These characters combine in a very direct way: 中国 (China) + 共产 (Communist) + 党 (Party), creating “The Communist Party of China.”