During a Singles Day selling festival from Nov. 1 to Nov. 11, Chinese e-commerce hulk Alibaba pronounced Apple, L’Oreal, Estee Lauder, Lancome, Nike and Adidas were among a brands that exceeded 100 million yuan (about $15.2 million) any in sum sell value. GMV refers to a sum dollar value of products sold over a certain duration of time.
“Many companies are looking to China now for growth,” pronounced Daniel Zipser, comparison partner during McKinsey. “We’ve really seen an boost in hiring, … seen companies spin their selling initiatives toward China.”
In a Shanghai high-tech business park called Zhangjiang — home to internal domicile for many vital multinationals such as Qualcomm, General Electric, HP, Novartis and AstraZeneca — a mood is changing as well, according to internal business personality Cheng Dong.
There were companies withdrawal China, or laying off staff, though a clarity is this trend is weakening, Cheng told CNBC final week. He is a vice-chair of a Shanghai organisation for abroad Chinese business and a deputy to a national-level advisory physique called a Chinese People’s Political Consultative Conference.
