After years of ascending growth, some of the most powerful US tech corporations have started to slide hard and fast in the world’s second-largest economy amid the new reality of doing business there.
Beijing has endorsed uber-nationalism. In turn, sentiment toward Western business has soured. That’s especially so as domestic companies have stepped up as viable alternatives. And it’s all created a dangerous race to the bottom to win over consumers.
It’s no wonder US companies that once banked on this being the “Chinese century” are having to learn a very painful lesson about doing business in China.
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