In many sectors in China, Western companies no longer enjoy a technological advantage over Chinese companies.
An example is General Motors, which plans to close its factories in China. Many European and American companies in the country are also collapsing.
We all know that previously Western countries made cheap products in a growing economy. However, now China’s economy is experiencing stagnation and a housing crisis. Chinese companies are also experiencing losses.
Companies such as Apple and VW are facing price competition from Chinese Huawei, BYD and NIO, which is why they are seeing a decline.
The situation will probably become more difficult since there may be sanctions from the West, which will bring reactions from the Chinese government.
[Source: http://www.in.gr]
