21 June 2019

Western firms cut jobs in China amid slowing growth, WSJ says

After years of rapid expansion in China, several Western companies are shedding jobs as the world’s second-largest economy grows at its lowest rate in more than 20 years, the Wall Street Journal reported Thursday. Among those cutting their workforces in China are Hewlett-Packard Co., Johnson & Johnson, International Business Machines Corp. and software-services provider Bsquare Corp., according to the newspaper. However, about half the American companies surveyed by the US-China Business Council plan to commit more resources to China in 2014. Still, that represents a drop from 67 percent in last year’s survey, the report said. IMAX Corp., General Motors Co. and Wal-Mart Stores Inc. are among the companies that have expansion plans in the country, it said. Foreign direct investment into the country from the United States and the European Union rose 19 percent to US$9.4 billion in the first 10 months from a year earlier, the newspaper said.

– Contact HKEJ at [email protected]




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