Retail
October 14, 2021
Some global players smoothly managed China’s policy shifts while others could not adjust. But did the trade war and rising labor costs also play roles? Image credit: Wang Guangyi
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6BRX1AkEY47CCUiQZ94NsbrFjYkod00a+\/i3l+4vYhSnI7k7TuGTkfi6J+A46xLWfpOSLdmh9Q8vY9sspSCzlJX6qtAYiusQQoxXdL8HTcL8bCAUt4lrrm\/dBhPbqnjULQofIYSM7h7nnTgmUXetGZ8CXuWfWtFFf6iVRdK45bLvArkDXF+wq3VhVDDEfK9uccebSELMhhiKWpAgPYATU2EAwMDDMJzcNt2ySCxc8qORSV7nXwcFeLHTEXLznMBiOfeBu9SENyuppjVUqXlLlaGceA3FejlBaW8JwbY9pNssM4Ockhf2H77DbtgWh1xl+hAVwj2nKaPoBHALolVgLICuxpbDeX09uM6lIqO4+wR5SbJnz3xofK86eIfaUUgPCWe1TlQBAH+o1yMEgjEG5Ir1pJbwMNxuKoqOdrQjYVaBONkcbCyA+IXVoDfpTCg9JQVWZmL9W3heQVvUftSRDR2tfvfGpCG6o3XJG4zH+6ZdYbkjTDaOJvXl6AH69yCX4siRE3lbkxhaRVC4+Do80nQjVlXXEYdScSbOmgBNzt\/bQP1b\/Mw1UrYPovBh+TU5iqdUkeDazLyPNKPv8DsvZRxoaW87+92b91sVdqmDr2DVpaWnZImuKV7eVmyeVtLG6VmHH17ic+uC67T59pkt91m1PHATdNHprD+KETvrahV6NR1nm4nE02NjivNsHmSwVLGyddaaJES4O7xMHRA0L25zw\/aIXkCsPf7kOLvgjZ10xlInXmKK+Iekoc19Ri2klX+LDgiKh06J4BKdttdoDp62cVyaeBLUSHfWPtVvhyb7rtOVU+8a5754eZZECF3cOQsfkVDW8SdXfGUzrquQCnAMO2wDSh5PEmYzzc5C9btaVsTsy9dqkqCkrzlhBQQKrL5DV+D0IBk+R1TgsfdJjTYv8924wUMjjJ8IbimMvE5VVoZSsUzFYV0U3xJEI+b9cMEIaU0hYaBgACQNItHV+INYtlyui9CJP879oMgB8AkPKvVZjv768EBrOT7kF2r4qcfrbbb49AOegEPeUOCES3I7hJ7ZE0+Ll\/W7IgEnUa8JoXrwjqODeVwplRXDdHjVRbbi2H8RR6Whgv37Rf6S0BXMxo1kMtwYlJ5YQJH7qzqZ8utgar\/6rF1ByoNRqrR\/wUG2SPcPPfYECyqGOOqPmQlXUpHS8Es1d5M9mLfNIZPYznVzs0ijn+V8Zp9eDFJCRzud71YmXPVprdW96VdZ7kwouCrA0D08X2e1dkQoojd14C4Onhh4IwRMG\/JisMJP+FnPn6dHiYH9r2aG7Q3Uvj8u9WgW94kgIKniv8o3bBmUM4MR77fcwQpYiPYy\/kxGOchPY+DVxCSbvUXuDlI4OQycUYUHT9x4i0\/pAsZlf95zjPVbFyPnCLBBNvsdMTfOAvwDI0suWCh1keJnptLJprwa0PeDpDxIIe\/Y8+LgD7LQMqIhQqQtuP\/uDhb1SpGcWCZFSNrQ+H3Gkig7yRBRm22UN9k0GX6Opx2cq2tX43D+nbydd3vW5X+bFEs\/TiPZ32W3+mMNDyq3gp5\/OZjom3IulYl6vMz\/WOO7OkTzUesa2TUrbaK53dDeoO+jsl2NZGmlUC2PJQDIRwAeohS+7GXHTxQBf637cbS\/VMX42mRxsEcVkqbZJvIzic\/v97hjd\/0up4niOL7u9Tnf1vOhlObvBpFdBsD3B+teZtfIZjdTjhtBiqOCuhEsPY+OULbWXam17r1zBO4guB0ZTMDx5FGh3qZCw12nri83SVMPswKlgZ0DD5cg9J+skpHU5g0q5fLulzz1dXop\/6lTnVSpuq1Z4Pt40vEzpnYAaP\/CyTvWVqbRnvUFa56d5wDOUJ7eVL9JZOlBgHNylJpdt3zXyClOx87VlAGh0O93nl3cm37tedr01FfhaoQbkNvRUJd660DUdIuPTgntb2qtg1xnzM\/B56sO4wORetxFHknuNeqApxTYqk0Qx9adPliEPbDx9I0D7PpkP6gqomWDOljrZEMqbasxa8HwBSZDvQ72FeNDL+eurt7AheAMlZy7ka+woOyJDuhbvEHRJen8mvIqowO1Pm2Ef5YQv7L5uOLOVTe+7pjipbD8LnRO0jIR\/UcB9WwwKpd7vJn9EQWsR4cwck9KXiM8IdyR9MFAhI+zhkjLcgpJdAPLt3wAWLUnl5kbATm7LwkBoUV09H8yY7jD6DoAg6DX1maJdLy26M1YfiBUto5rXofAlWW9jLt4nsajIHLuPEZKquegXCYOWkHwbsg4Hsy7v6HINTsvdbu8KeARvBlYEfXAv7xBWPFbTrwsqxNiZr4UULIqG8wvo7JcdejrhXQmaGg24BqSXBhKFy46sshSgKHzLYgrdp\/Ul50952ggEFltc8cVmtWCnJ\/RPs0F6\/SljV7TDWWlbSK0mIAlmlnwIwHB5D2VxdC+650hcFY3\/Sak6Twttp5U7WX\/Rc39vP29R6Sy7ioS\/9keLlEwVz3A7zz0rTW0wyhaNlItJNA0z26T01oy+X\/7hjKKDH4XXJA7KE9zIBJnyc4wxOWamoUmGA+PIn8gW0HoAsAfg45FU6ysyd73gAhfb1Yhd55wt6IksyDsrrKxnfFwX3gaCdt5r6QP3CXDZhatiHaxVua7\/LT6moeinkOVc023n5\/CmL0MTCwRgH4cUWEmZ8MX2I8rsWpbvtg76hqpZl6J66qe6dGalzOFCsTyGgFbpxWiYDQqDsAhI80NEZ1mt6Q\/90no7iT\/bwUihgDwGXeiZcid2DdWX+rfo6vgBCWilJgFP8O3F8perB397G\/EXwd91VzOo9lwbFU9Aiy9duiE9lP7xWUmUS7kcPMI1Xgsz4e2hPl3hskxo5rNXkZfrUJWgYklKR06lXhUixitTIDMxonWzzhOsaYZ2+yz5AEhxUQg0ESS\/H4cIpIejf8Zt0Ky80eKj9nzYS1RUZQBAgTkldOIE1DyXIPqAxK0knOuS05k97xHZixXKyVZOBtUc82AfOfYL4eo6+HjlVQSUCSulcgTuk++wdoUNz9erA47p1LItBp7TxjeVPpZJC++3gpcTxp\/jdDfcd69gislLB8zfhHA+hP059Vj\/wsdISx3dzZglzU3FizZky6ABG5pE+CudPMtVdC92LjFNi23uqmP1JRp8OKyY6X9D85EcFhhflF6\/bqf+8ymhS+7gEEblqv1\/SmmcaF4258mqTQc1szDEbgpvlhaCrbzbNDzk1RqA4AmO84PIzF8eVk\/FPq5yUZ4N6axyBADBJQj5iCpDM95EoTEYDxF4sK5yCtfivklqEl6+BEC0HXpyfDv7ySyQz2er3QinGosZTU9cgWGiAutL0o3uO\/vl4yLB+puVUTjRC1T3VesFRfVa4FwVglNpoaYAQFkZ71nFq0lqxpszFEOMKdQyAhfIdZjhh7r3NpWW24yvzL+EeiWCMCvUmUk2cQL95Azo6whdkB9hQ1ECRFqB9R1CtG7d5dKbQ9A0DiEJ+9HaivH77EpR+azIo5dNkaC8jwbAgGANDUL3\/vqXitj+EfYWWFOzDpQtrRZpf9+Gged0byAKgnW0Q3O10gPmkcnRCOaOFAJHJqBncCUl32KHQBq7I+jcS3HZK1TfNg5lPDa0q9cqfekPc0mghu\/aC4no2UUrJGHT7W53A74sppvrUbYjSUUz1kh2BDBe4TgS5UslpZnEv+VjtYwuX9m6PoSL646ZiRXnrc9wZ478uJIh45ZM6EZmVow+R+mK+Ov\/i97jye7uQL+A75QQ7G5ti7XvUsnR+ED7YEM8ZsrXtKTGj+imgiOUNn236dQc3ofTJEquc25VAqxlSMxnKFsad0V2OoOsojRntVJAnRCrShcq4IQdkWCtMKA17W2eGhm+7B3ulJu2rEqWwWZLukfYtipG8FnqbNL\/Hqpv5kvnm5eeDxaIG7fcENXddF9WN4FCu6bdJ2l1GCXS0HnES2juI\/XbLZsAC6driAtonwIq+4Pat+WH1L4nXidhmTyThhXTGUeEjaA3ff88NbSHsj09jprMBTh6hOPpXFJT\/32g9Do0orPSEXddjDsGrjJWF+tRO\/+0rxmLWpTOG3IDOWXhOxahv4UJF3PJrxUheank2qkQW+qFzU\/rm8DtJE6cDvgGKxnSSnS+lg7ShYxcdtjvBMGeaVC0dlF69RXjRT0jkiLRvW7sAIo0H4n7vUqAIOVjDxlTD+qNApgWXU57dFM6lnyGNRmEN4tJiO23FtN2K0IKyLWaAzPNXiudKbwjKAd6qy8buT7jycQP6GxINHx8nzGe6YZ2dBNO4Nc+q+J0CpEcVdbLzQCnPGiKWosLKJNAYN0fZ8qN1izU99LmTUVt69eHqnwlVM0cagt5IOrESrB6QMfLkC2OhbSXOUjaaBSmIHiqkbrefMHuYd5+sRWm5DAjLCdp7kOqKiByJEsmQD1QZmOPmwv3Laq1JuSl867d+U41qbVF+\/KD8nCiqHZOyfN8gg8bbWdZbRWLRZ4I0S7LkU3uSGE39c5TelDWValwrUsoECtsUqAMwGRFHQ7+RTAqVBWSV+QqkoziGA1kb\/d0stR\/uH0NKhm5ub+vAF6lJV5pzi\/sq6ncLsI+nw1qGvuJq7xUndYViW8FmqfxkAdp9Eq0skrNsDrSpG3i6g49vVxDfyH8lsdUWTh9yEqhpcCskv5AkiuvqmuGOcs15yyoz7xuliG+8Sv8VL+MkMO\/GWPUapp0eibSKkD9VmdD1mfBu3harHJ+OEs3sSlRvkv2USa6hsl6CDbOa6HEUy5mDKAQeQrt0qbKpHULKZD7EEWfB\/ejxskVbjtYHffIqXFOSHwHn7AbBfGszFV0OrNUtb5sipUAtwI90mHSdwDBf80KFvZb0UT+gwYfQi8MZPf\/oLICz8p+BTPO1\/ofvk+ArmhFVCMSIbiPtL756P\/gRCBQ\/Igze6uW2SkJL\/TJrzqOTyvbO+mnB\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