China Tries Getting Rich In America’s Backyard– dailycaller.com
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Excerpt:
Some major Chinese companies are attempting to gain a foothold in new markets such as Brazil, the New York Times reported on Friday.
Several big Chinese companies have been moving to attract consumers and hire more workers in recent months amid increased competition and mounting trade tensions with the U.S., according to the NYT. In May, Meituan, China’s largest food delivery platform, announced that it would shell out $1 billion to establish operations in Brazil, the NYT reported.
“The golden time for Meituan’s food delivery business in China may be over,” Ernan Cui, a consumer analyst at the research firm Gavekal Dragonomics in Beijing, told the NYT.
Cui also told the NYT that factors such as stringent regulations and increasing competition are “all adding pressure” on the company.
Moreover, Mixue, a Chinese multinational fast-food restaurant chain, recently said it was planning to hire thousands of employees in Brazil, the NYT reported. Similarly, Temu, a popular Chinese shopping site, began selling products in Brazil in June 2024. In May, the Trump administration ended a tariff loophole that allowed certain packages valued at $800 or less from China to enter the U.S. duty-free, which has impacted popular Chinese e-commerce websites such as Temu and Shein.