1、In 2023,the market expected a post-pandemic rebound after China ended its zero-Covid restrictions and opened up.Hopes were indeed high during the start of the year,but the economy has struggled to get back on its feet.Among several structural macro-economic issues,consumption in China was lower than

2、 expected,and the property crisis added to spending caution.High debt levels limited investment potential,and uncertainty deterred foreign investment inflows.Exports were impacted by economic slowdown in Western markets.The relative importance of Chinas trade with developing economies and close part

3、ners such as Russia continued to increase.Concerns about Chinese subsidies of certain product categories also increased.In fact,all components of the GDP equation were facing several red flags.Not only have the economic conditions been tough,but the rapid increase in competition in the local market

4、also made it more challenging for Western firms to gain or maintain market share.Many business leaders who returned to the market after several years of pandemic closure commented on the quick and impressive emergence of strong domestic brands within their respective sectors.These brands are not onl

5、y gaining traction in the Chinese market,but they expand abroad and become competitors in Western companies home markets.Many respondents in this years survey comment on unequal treatment of foreign companies,and the impact of buy domestic policies on their businesses.The strong focus on developing

6、local firms is taking its toll on foreign companies.Added to long-standing challenges,such as market access and regulatory barriers,unequal treatment and burdensome administrative requirements,new worries about the Chinese and global economic slowdown are among the factors that has brought an increa