BIG FOREIGN COMPANIES FACING PROBLEMS IN CHINA
INDIA MAY BE BENEFITTED MOST
2014-02-07 13:15
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China’s economy grew by 7.7 percent in 2013 - plummeted from a double digit growth of 10.4 percent three years ago. Its export plunged to 7.9 percent growth in 2012 from 20.3 percent in 2011. In 2013, export is unlikely to meet the target of 6 percent growth. In tandem, China lost its allure to MNCs. Foreign investment increased marginally by 1.4 percent over the three year period - from US$ 116.0 billion in 2011 to US$117.6 billion in 2013. Many MNCs are considering to pull out from China. Best Buy, an American electronics retailer and Media Market, a German company, put their shutters down. Revlon will pull out in near future and L’Oreal will stop selling Garner brand in China. Tesco, a British retail giant, joined hand with local firm, turning down its intention to go alone.