China wants the world to know economy is open for business again, but foreign startups and small businesses have a growing list of reasons why the giant consumer market is losing its appeal.
A sense of caution reigns as businesses face an unpredictable business environment. Beijing’s absolutist pandemic policy effectively prevented new entrants from entering the market, while those already present were mired in a cycle of lockdowns and reopenings that hurt profits and highlighted the complexity of making business in a country where the government has ultimate control.