News Formal

Foreign Companies Exiting China as Economy Declines

  • 📰 straits_times
  • ⏱ Reading Time:
  • 25 sec. here
  • 9 min. at publisher
  • 📊 Quality Score:
  • News: 37%
  • Publisher: 69%

Business ニュース

China,Foreign Companies,Economy

Foreign companies are closing their offices in China and reducing their staff due to the declining Chinese economy. Many multinational companies have reported a decrease in annual revenues from China in 2023.

For years, foreign companies were desperate to get into China, and faced formidable bureaucratic obstacles in their way. Now many are getting out. Over the past year, several foreign law firms have closed some or all of their Chinese offices. Orrick, Herrington & Sutcliffe, an American one, said on March 22 it would shut the Shanghai office it opened 20 years ago. Another, Akin Gump Strauss Hauer & Feld, plans to exit China altogether in 2024.

One reason for foreigners’ change of heart is the sorry state of the Chinese economy. Of the 18 largest multinational companies that report their earnings from China, 13 saw annual revenues there fall in 2023. Qualcomm and Samsung, two technology giants, recorded sales drops of more than 20 per cent. Apple sold nearly a quarter fewer iPhones in the first six weeks of 2024 than it did in the same period the year before. In February, Tesla shifted 19 per cent fewer electric cars.

 

コメントありがとうございます。コメントは審査後に公開されます。
このニュースをすぐに読めるように要約しました。ニュースに興味がある場合は、ここで全文を読むことができます。 続きを読む:

 /  🏆 5. in JP

日本 最新ニュース, 日本 見出し

Similar News:他のニュース ソースから収集した、これに似たニュース記事を読むこともできます。

China steps up pursuit of foreign investors, as companies await concrete actionBeijing hosted a slew of high-profile events this week aimed at drawing foreign investment into China.
ソース: straits_times - 🏆 5. / 69 続きを読む »