Multinational firms are finding it hard to let go of China

Few jobs are guaranteed to turn hair grey faster than running operations for a multinational business in China. Diplomatic spats and consumer boycotts are hazards of the job. A zero-covid policy that causes intermittent local lockdowns, such as the one that recently began in the southern city of Guangzhou, has disrupted supply chains and made the country inhospitable to foreign managers. A fractious workforce is adding to the woes. On November 23rd a riot erupted over pay and working conditions at the main factory that makes Apple’s iPhones in China. In a survey by the European Chamber of Commerce in China, 60% of members reported that the business environment has become more challenging.