One of Kelly’s biggest regrets is that she didn’t get the chance to go on the six-week China trip that the business school offered. It took a few years, but Kelly finally made it to China in 2012 as part of an internship with CNBC. She only had enough time to visit Beijing, but it was enough to see a lot.
Even so, she would not have predicted that by 2023 we would be talking about China’s “phenomenal growth” and how “all of its many problems have been solved.” Instead, the opposite has happened: China’s botched post-COVID bounce has painted a bleak picture of the country’s underlying economic problems.
For many U.S. investors and businesses, Chinese exposure — which has fueled returns for the last 15 years — is becoming a liability. Apple shares tumbled 4% yesterday on the news, and are down another 3% this morning as Bloomberg reports that China may expand the ban to include state-owned enterprises (SOEs), a major employer, and other government-run entities.
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