Western suspicions of Chinese business are mounting, together with intensifying geopolitical tensions and mistrust
and mistrust between China and the West. America has banned Huawei, a Chinese maker of telecoms gear, at home and crushed its efforts to capture lucrative Western markets. On March 6th it was reported that Germany’s government was about to bar mobile operators from using Huawei kit and replace installed Chinese equipment. TikTok may be in for similarly harsh treatment.
In recent years, however, the dealmaking has slowed. In 2022 Chinese companies spent just $400m on foreign brands. The authorities in Beijing have grown warier of The latest wave of global Chinese brands have taken a different approach. Many initially eyed the domestic market, before the covid-19 pandemic and China’s draconian response to it forced them to look abroad for growth, says Jim Fields, a marketer who works with Chinese brands in America. Companies such as Shein, Temu and TikTok may grab the headlines but hundreds of Chinese firms have been making similar inroads in America, Europe and Japan—using similar strategies.
The companies’ savvy use of technology and supply chains allows them to limit their non-Chinese assets—their third shared strategy. Being asset-light appeals to investors, notes Zou Ping, of 36Kr, a Chinese research firm. It helps cut costs while also reducing the risk of assets being stranded should Western politicians turn up the pressure.
Seeing that none of this has fully satisfied Western regulators, other Chinese companies are going further still. Last year Shein also decamped to Singapore, from Guangzhou. The city-state is now its legal and operational home. Add its planned New York listing and its executives almost bristle when you call their firm Chinese. More businesses seem likely to adopt a version of this model.
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