{"id":72211,"date":"2022-11-29T10:57:03","date_gmt":"2022-11-29T10:57:03","guid":{"rendered":"https:\/\/tahrir2day.com\/news\/2022\/11\/29\/china-protests-uncertainty-reigns-for-foreign-firms\/"},"modified":"2022-11-29T10:57:03","modified_gmt":"2022-11-29T10:57:03","slug":"china-protests-uncertainty-reigns-for-foreign-firms","status":"publish","type":"post","link":"https:\/\/tahrir2day.com\/news\/2022\/11\/29\/china-protests-uncertainty-reigns-for-foreign-firms\/","title":{"rendered":"China protests: Uncertainty reigns for foreign firms"},"content":{"rendered":"
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The weekend’s unprecedented protests could not have come at a worse time for foreign companies operating in China.<\/b><\/p>\n<\/div>\n

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It’s been nearly three years of intermittent lockdowns, disrupted supply chains and rules that have made the country unattractive to international workers. The last year was particularly painful – as the rest of the world opened up and learned to live alongside the virus. <\/p>\n<\/div>\n

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“In my 12 years in China, I have never seen the scale of social and economic disruption. The extraordinary civil unrest that is taking place is all due to zero Covid fatigue,” Steven Lynch, chief executive of the UK Chamber of Commerce told the BBC. <\/p>\n<\/div>\n

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“This is the lowest level of sentiment we’ve seen, certainly for UK businesses.”<\/p>\n<\/div>\n

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Protests and political instability are not good for business. But it’s the Covid numbers in China that are really unsettling investors. <\/p>\n<\/div>\n

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There have been around 40,000 new cases in recent days – record highs for China – and as authorities are determined to stamp out infections in line with President Xi Jinping’s zero-Covid strategy, it could mean further disruption to manufacturing, services and normal consumer behaviour .<\/p>\n<\/div>\n

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The European Chamber of Commerce in China, which represents more than 1,700 members across the country, on Tuesday called for the launch of a vaccination campaign for the whole population and the easing of current virus control measures. <\/p>\n<\/div>\n

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“This should be preceded by a comprehensive, nationwide awareness-raising campaign about Covid-19, based on the latest scientific evidence, to allay any public fear and to illustrate that full vaccination significantly reduces the risk of contracting a serious illness.” , it said in a statement.<\/p>\n<\/div>\n

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The Chinese government says it is taking action. <\/p>\n<\/div>\n

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At a news conference on Tuesday, State Council health officials said they would speed up a push to vaccinate older and more vulnerable members of society. They also announced an advertising campaign to combat immunization hesitancy among the elderly and to promote vaccines’ ability to protect against serious illness and death.<\/p>\n<\/div>\n

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But they insisted that any complaints about Covid restrictions stemmed from “overzealous implementation” rather than the measures themselves.<\/p>\n<\/div>\n

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Asked whether the protests would encourage authorities to reconsider the policy, a spokeswoman for the National Health Commission said the policy is being “fine-tuned” to control the impact on society and the economy.<\/p>\n<\/div>\n

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Many companies still want to keep business going in the huge market – even if the strict Covid measures have made international operations difficult.<\/p>\n<\/div>\n

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\u201cDespite the headwind, many companies are doing very well. Look at Starbucks, Nike and Mercedes,\u201d said Frank Lavin, former US Secretary of Commerce for International Trade.<\/p>\n<\/div>\n

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\u201cThey already have resilience plans. Those who may be more vulnerable are the small and medium-sized companies that do business in China and don’t have a resilience plan. You can’t expect the business plan that worked at home to work abroad,\u201d Mr Lavin added.<\/p>\n<\/div>\n

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China’s growth into the world’s second largest economy has depended heavily on foreign investment, and these companies are now keen to reap the rewards. <\/p>\n<\/div>\n

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The country is a growing market for cars, clothing, luxury goods and electronics as its citizens become wealthier, and also a huge manufacturing hub with relatively cheap labor and established supply chains.<\/p>\n<\/div>\n

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But some executives are now wondering if their China dreams will ever be realized.<\/p>\n<\/div>\n

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\u201cChina has not communicated an exit strategy. There is no end in sight, no signs of normal life returning,” said Steven Lynch of the UK Chamber of Commerce.<\/p>\n<\/div>\n

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Additional reporting by Monica Miller<\/i><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

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