SINGAPORE: “Singapore-washing” is not a new phenomenon, but a recent Financial Times article underlined that it is perhaps more prevalent than ever.
This strategy makes the companies more acceptable to the regulators of countries opposed to China, including the United States. The Australian government, however, blocked Yuxiao Fund’s efforts, saying it was cautious of allowing “a foreign entity, especially one with strong links to the Chinese Communist Party, to control a critical national resource”.However, more companies appear to be going a similar route to avoid being subject to protectionist measures imposed by Western countries. One well-known company through “Singapore washing” is Shein, founded in Nanjing, China in 2008.
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