Famous firms pulling out of the People's Republic
As the US-China trade war and dispute over Taiwan rumbles on – and relations between other liberal democracies and Beijing deteriorate due to everything from intellectual property (IP) theft to human rights violations in Xinjiang and the erosion of Hong Kong's autonomy – many globally renowned companies are deserting China.
In fact, research firm Gartner revealed that a third of supply chain leaders had plans to move at least some of their manufacturing out of China by 2023. COVID-related sales slumps and supply chain disruption, as well as rising production costs, have hastened the exodus. Read on to discover which world-famous firms are partially or completely pulling out of the People's Republic. All dollar amounts in US dollars.