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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rZIlkCphnDecZj\/rXwFef3IW42xxaRhlBJNNiIZKTYF\/J2V9kyBuce\/ZmYIkppgVQTnoCwspeXliECFQiqy2QnG4HtexdFGKIqbYFtkdSFagW4HSq6CGJ7aneXwcZAE06fSoDr06dA5VYID8OXWSJ3++kt\/BGFs9nq+9uzxiq4H6SzX9EJDBBH2BCE+KELfa+USKEJbXWcvW18Cu6ccCGnB6q31N63uU82hMw+xeMfo6cihN0IaRc25yxf9QgpjYF7b1bTo6XixiQE7lzbGu5vi+Jbyf7SK8s0MK6MJHtQFDadur8qErWwWh99WhX3PGg+l0lRxpay4W7cBeJoQRkrOvmY+r0\/WrCnCSZa\/fTHG7\/fueFYsHBhcOp9TU0gnZ6VdyChs7M4B4XcQu0QrkQrLloCzfF3kLwQMaYEbQ7jCbfT66ZZIKlF3ycfCtNmRPRYEqg41GZKfoO1h0LB3h86B1ch3w\/QAID7vmE+BCZqZJmCPBVk5pTRq39f7RiEoHA60D6\/xNcknC5Zp6aGVcIgLeX3VRU6is4xEmxtBUc7swiY5Q6nCJDE1sIiK2zoX1s1UrJhfOE3npUPeSU\/da7wFfpfJHvuxWOTD1QR+GxiTWOQu9iEbmTJUmjr\/ZjRaWHartZsXmuVZFLgUw6DBPhc1EXaT0Zhpxaur8\/BRFu+fKqu4UC5OMmy7MABJ1L5FQ8fZ1PAoV56vDxEZYDfuXPd0aNljgTb8OHrHUUlqD1jeB7yV\/CA+ZJwiHm2oJrwraOHTga5gHueM8KacBlcEsjQhLmcSScQaN\/xzjCdWJY66aZyxRvtiYmrVlmII49ZpCmmJNtC3XiogpAsbpyL\/hlt4rPKyt8cxhkRzl\/XLGVi6VfDWn9K4kbrNhs\/FuDN\/fOjlX5QVGK2SmkR2tm4JD4idP6GcFZm220nlBz99AtqpQwNjAJUSepZ6bYEKouw9SCUVQ4gHKlTayVus1gPz15fqCYF8V4MNPsfowCLbhgk\/Ag\/HWddw8Qa0CRbiDN3kLhPzJ+wKvrGDXpkj5wuzR2lP7l5KRxkXuTdUS63Ic3OMpKFGfdHxdqo68LKVnN9MkxppYdmXr+X8xv1CATs37NdHA3idx1jmclnTYYF954m+NUVy0qDhIhTrmbBP3JejDN7nW\/MbyN7gqO0LMiU6nr78d+PXP6cSqh5T0RmghhQxFs2KoXd6Mqfv9LbUS5CQR3q4DWYP3wk+VHnLcptNufVNqDq4juEtjer\/FL77SaQnYPc0r+rNj7G7fuYJlf1cBCO65hYdaaTzGCRz\/5m2EGZNnATnKT3I9lHnL58wiqHLPQT3QiblPm4olGqwWA77022eKPMo9MfHFT8Sj6t+ivRFos5owfkx3kkdLH5oliIxvGqi2pDQ4nXegG5sxt+x7lwcOqDUMlzcGA8M73jCQwu4Q76HToEtyghLFsnPNtJZZVb1unKy+DSQXVUQEzfwJf41ZaJuxYf7oFG51cGZZVSTp4R3FBp+b0jmWGgfpfKaCkXCqtTMjY3BTEsPi7V6XKSCqH07IeXtmCgKLG0b6WAKRXWzRab3XOSYd2nQGIsCUd0SyqnNpZ7nT46BfSzdzjYmOP9hbsIXy15El9brIJu5K2yiZ2VdfQsel7u5Cvj2aY90s04xdpsF2xZCwg7fu33T6KszbIugg7Z0rB7HBhX8e05YdiO5l4w4DTfSxtZBrsgt5QwJC+niC7zFr17A\/TJ+j4KIuLOR+IW06rXAiTF2cuH3CtIDjBB4BX4fQamCjveLf3\/LeDPqCm9l\/PAVpq96JoLR7cxhfYMURZ7OrbUR5K+csiAPdN+\/8nL\/0YskQmMnt7vAtRi\/NL6GXE5D22eVlAU\/CMktBmEVgOtlpB3xfYd+0oNsy9iTF2ShMbhh\/gta3p36BD8WiCUT9ZYIql7klpbA+yysiYVV6TifmOu92esATdPAkuIrlpk8sDoXpzdaXBw5CzIGsgy13Cor2jvMzxR4N\/GcibFtEwqfd+P6ixsVMBZleosEq+g\/5URQuMGq4KotAmZZ\/FJDS511mGfOPAWk6NX2WsBhE4HKWb3e8eDskiOlkw8WuAK6duv7CxDJIOzxaj7Kjx\/vhwDo\/x8ciKx1OZxgcyvUGj7DBaV5suoVrqBrgDZefcgd32YABlyDJ1TpJd10W\/SlSTE3KGuLmMoXh6XWQh830wenJFk\/USItjwGwfw4\/1zdHAabDeMbXUjBFbFmcME7AAQ99mw0UYi2K2NNDCK8QN1Z2ZEUV3NGE7ItyfE4vyMD2SUQo+82RoF4gOF2miwcD0IGZ3EJ9hbOKsj5QoTzazmMSNlxkbYjep2CjdLI7AQGAvaaZ1IbbtAfCyjiugaUxMZvEBltk38td00j29hcwxGwcaWVhY4h0Yj01hh57hOvYKuv0V5bnthUuu82ajRSGdGWsaGRvdiGFczBy4O6\/4bW3irfBFg2+iytRuCrEwN+MBlZUhZhdOae5mZUmgE6gSGNfN3d3yfWUQcvmqXaGqLY1FdEqI+AGX2mOB2L3s4pHbLAk4xtF3ILDGXZx7P9pyFr\/NrxsWcDBLqXrN8BnPiX6upYyMx\/zpCrpRBku\/4uFAy34xZDjD5jiYAzDBBmDEvT\/I75ecDbUPpx4SRCq4Gp55xJLBaVF7HCcqYm\/unUXwQeDSC1I69yzNZgOERn\/zgdn+oUV1ldfaEUbHtyX1bBvcRcH8PWTP4vHtMVrmlTnY0v5n2429O86yIZCjLehR26VBERLEK6aW0bUsA9FuveuibUVbnyE+D3klsQFJvCEZJbsjAEIpNZIG\/8wmGpZ\/2+gWLshgF55CN\/ISqDZR4DfS10H+dCaUn26BV9c1\/SaH67d4WvwX8TNaoTBFQGTMUUJOz\/KwL\/+YBb\/CX93eUqCnxW+5OCJJCCom14CPiTvA5PzDZSNVUucj2lIj0Krx9O19GFMzAbyYMpisr7VtDJp7JR8s0lTEQNuhTa2lid1VI8T6NmFK3jT8x7Nrkza7TW+PhNPmYZjAsusDK8qjJY+At4dQj\/vhfGLXjLkcu390E2J4lC++HZTUjbPbEb8n1nmzxhhi4iWOh58l0x+EVh5ZS\/9zhfsbWxd53ybddrj3iH4OsU9zZWInQrB1EvH3U8XYu4g8hKmSLS6z3jfZaOKVENatYirVdABpjUpWxa5ICVVeEv5L+mG0jl3sU9bn1BhSvFhUCqsL0PCrTKo2cVh\/v9iXYvkU+D0b8JIgUO80khMgbQvgWTvq7zYtffuvZV1RzjbOTj4S+TQ2R6qT0L\/pOfQzo\/FiCvDgp7Aee8NddJqRR8sdSRpOUOz0FkjO0YeU3VxE3kupV2+pzCs38bHSZeCuMXON1p7\/4k597tJgOs80Grzj46tj3rKT068c83n+mCG3lbwlX1Hw\/EgHcpVSKOjXiuGJQ6aI2qRQA5ElLtMFUke123cgtP+1P\/LegREbyhPf+wbOhPSxn0ItaA+q8NCz+x0SX4+AjFOrzVrSTKlBjBBIKok4R7rAqrVa1Kh7iSITpqBWAKAIlH7NAWGqNaLpoE0ROb95VmQA2OpkXW4HSAb+0iDKm3Dc98z0wT7PHUA5UylsEIPTQEUg87FyjUZlW3pnzaG+2b6fu8mGueMQoDGA0XcjvwJXRz6E3TX3OYUlvhDdaAH3nZFVxTRuqJy8bjpTwQ1JEUJ33AQ7TKAS70h0gX6KvCpeDbCuIA+jJ+sIpRymE3A9C8p\/lV0VktMBhoFCaz+UpHQ09n\/rKqSDe5CpCU01u53QNQJDF6FGjASjxrzTOyKrkv71pRYnyHkNJTohbFQ\/C97G7Rqsx35VtX7U3uv8IodEetpbdrKAdNW2959EGnuVfJB9HFk7tjER\/JtRev0EMfcv9vF9Z8aTH4vyn+mV6pvG2rOQDRhVTnmDDFHb4YF4VTPIxHOKh7v6t8x6ebcTKC5LXyAYmjSB\/yf4MOlRi4kOfroY44uUYDN1BYdx9GKqsy3sEhX2jk5HCe45ZaxPivdmrnwY\/eaUaIoM9QgUwqfAoHd07Od3dx+Csn7Fl\/dPKVhZ8Bp0JC4ngRJkLrYsxf0MZHukqrZGRyubLPk4+uGCE9WFf2mkgw9nmROC82bNjJLIRWC48qwOMkp4MWtnAeIVKjsv8J\/BxGmyyh2TulxyjrmgCrMtPwhcR4gZxGCga7IeBxqkDplLLa+GYhnwpuk+8hTaoWsVcDp++9vZ8NCAW+W8mUln2kx5lKI1dhI0xZ45f61yQYQaGZTgs8D+cJfRXszln18eZC+MubWa8A18Wa3T2fxD6uKtIEZL3IEry7YkU\/fc0ZviXiwVRoNuUN3NWK6J6EKvCiH3XdUCmYundHhCgw363OJPP53NbK91ytLUS47s\/hARgvxpw3N91n3SlTatHFt8WiusPcqwn2BXqLSFa8wJJ5+btMlJjGe3OU5nzQpVAnKYiJClGeZlOTvC4jJcPB2h9te4sP2nHBfJcr1GbeM7USfRt2KjMG28XDNsOjrYKUWAOV3srnBR3jWmH6+a8SzHBOgZNde5eSePt3gdFxa2SLeEugFYbTHveTC5xLGUm6UASR2kAcmyQHEtuxTwRsQCfoJi5AcKFQy00AzpVYzJ0nEf\/NY2k+YMmhHV3U5tvDJk1RLnLh6lbSToEhHrEqIjqy70kP2Lr91ll\/dk+nzJJhV7loUW12qx2krbOvNWCBlEczMFgxwNAQC35d6AFuQVhsJWsS5TCa2YW4Ez14cWvIXCI8PvpWMUczJ\/BvIeD46bzONDna0Zdl40uyzxlDsaYaonuF+va+Gt1CC+1WLsGht6LBlxFyVKSGsRBXjqLSZYrx8mEOqjcGVtJp7E5Twv7bHPMZB+meY0D5vcDDyMnXsDrWL2+NFnNNXJpEggQm+f\/\/uu5FaS4mKjHmuzUTinEs6WzqwUnS13IMPx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