I didn't read the article because it's behind a paywall, but I was wondering, is the Chinese market that much of a deal for Western companies given selling things in China is much harder than the other way around?
But the brands pushed themselves into a conundrum, they have statements against exploitation and treating people with dignity, etc., and on the other hand they turn a blind eye to the cheap (forced) labor in western China and enjoy the nice profits from the cities in Eastern China. So they ignore their supposed convictions.
if you only count goods. if you count goods + services, US is still the biggest trading partner
It is a big deal for Western companies given their Embedded Growth Obligations. A lot of their stock price and chosen leadership is justified only by the potential for growth that only winning the Chinese market can possibly provide.
It is a big deal. One brand mentioned had 520 shops in China. I don't see how things are harder to sell. The article even mentions that covid cause a decline in sales but the higher sales in China can offset it for some (Hugo boss I think was the example).