Thanks to the Chinese market, unsustainable supply chains in Southeast Asia just won't go away.
Illustration by Nate Kitch
Sukanto Tanoto beamed as he shook Xi Jinping’s hand. It was 2015, and the fact that Tanoto — an Indonesian billionaire who was born to Chinese immigrants — had been invited to attend the conference in Hainan, China, was something of an honor. Only two other overseas Chinese entrepreneurs were reportedly included in the discussion, which centered on regional economic integration and financial cooperation around the then-novel Belt and Road Initiative.
Tanoto had worked hard for his invit
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Walmart should be in trouble in China, where its competitors are in retreat and its sourcing operations have been criticised by both Beijing and Washington. But the American retailer seems to have found a way forward in a difficult sector and remains one of the biggest benefactors of China-U.S. trade.
The Commerce Department wants to expand export controls to majority-owned subsidiaries of Chinese companies. That could trigger cascading effects — and challenges.
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