News Analysis
U.S. retailers in China have been hit hard by COVID-19 lockdowns, a weakening economy, and increased nationalism.
Amazon Kindle is exiting the China market, as are Airbnb and Yahoo. Fifty-three percent of companies responding to a U.S. Chamber of Commerce survey said they would decrease their China exposure if COVID lockdowns persist.
The chamber’s president, Michael Hart, predicted that American and foreign investment in China will decline over the next few years because foreigners are finding it difficult to enter China and inspect the companies and the economy they would be investing in. Meanwhile, current lockdowns and the threat of future lockdowns are only one of many factors affecting foreign retailers in China….