Friday, October 15, 2021

Fortune Global 500 companies exiting China

Foreign Fortune Global 500 companies such as Samsung, Toshiba and Ericsson are swiftly withdrawing from China in September, and thousands of workers face unemployment.

South Korean shipbuilder Samsung Heavy Industries Company (samsung heavy) is withdrawing capital from its shipbuilding plant in Ningbo, Zhejiang province “due to decreased productivity at its retirement facilities”. wrote Korea Herald, a South Korean media in Seoul.

thousands from September 8 employees Ningbo gathered at the plant to protest the closure of the factory, and expressed their dissatisfaction with the compensation package proposed by the management.

The protesters had banners in their hands which read “Samsung is my home, I want to work! I need to support my family!” And “Government ‘Empty the cage and replace the bird,’ Whereas the employees get the least.”

“I want to eat [live]!” workers Screamed.

empty the cage and replace the birdIt is an industrial restructuring strategy of the Communist Party of China (CCP) proposed by Wang Yang, the then party secretary of Guangdong province in May 2008, indicating the relocation or elimination of some industries in the region and the replacement or upgrading of other industries in the same region. Area.

a documents from the local government, and broadcast online, said the Ningbo government has signed an agreement to reclaim about 476 hectares of land belonging to Samsung Heavy Industries.

Mr. Zhang, an employee of Samsung Ningbo Shipyard, said The Chinese edition of The Epoch Times said that on September 12, dozens of special police arrived at the rally site and there was no clash between police and staff.

In fact, in early 2020, the workers had heard that the government was going to take over the land. “Samsung Heavy has withdrawn its investment this time because the Ningbo authorities unilaterally took over the land and paid Samsung Heavy $620-770 million in compensation,” Zhang said.

“Ningbo is planning to use the land to build a chemical field,” he said.

Ningbo officials have yet to confirm how the land will be used.

“Although the authorities did not prompt people to boycott Samsung, it was a proxy boycott and expulsion,” the Chinese financial media blogger cold eyeIn a YouTube video on September 11th.

Toshiba and Ericsson are closing in on two cities

Apart from Samsung, Japanese electronics giant Toshiba and Swedish telecoms gear maker Ericsson is also closing its companies in China.

Japanese electronics giant Toshiba willHutter own factory in the northeastern city of Dalian, Liaoning province at the end of September, Nikkei Asia said.

A Chinese financial media Caijing said on September 11 that Toshiba . the servant employees Dalian told The Time Weekly that Some employees are no longer working there.

Toshiba Dalian was founded on 25 September 1991. When the company closed, it would have reached its 30th anniversary.

Swedish telecommunications equipment maker Ericsson is closing its R&D center in Nanjing, Jiangsu province, and Finland-headquartered TietoEVRE has agreed to lay off 630 of its employees. mobile world live.

In early July, Ericsson released its second-quarter 2021 financial report, indicating that sales were down more than 60 percent year-on-year, resulting in a year-on-year increase in total revenue, according to data from Caixin. – A decline of 1 percent year-on-year. Financial media in China.

Fortune Global 500 set to withdraw more foreign investment from China

Following the outbreak of the US-China trade war, as well as the impact of the COVID-19 pandemic, the global supply chain has seen the importance of disconnecting from the CCP. “It is now a major trend for foreign companies in the Fortune Global 500 to move their industrial chains out of China,” said financial cold eye.

Japanese Panasonic Group will close its battery plant in Shanghai, China. Panasonic will focus its investments on Central and South America and Southeast Asia, where it has the largest share, sHelp Nikkei Asia in April

IBM closed a research institute in China that had operated for 25 years in the Zhongguancun area of ​​northwestern Beijing. today china on 24 January.

Apple, Microsoft and Google plan to move their production lines to other parts of Asian countries such as vietnam, thailand, CNBC Reported on March 4, 2020.

And global consumer electronics makers HP, Dell, Microsoft and Amazon are all looking to move substantial production capacity out of China, reported Nikki Asia on 3 July 2019.


This News Originally From – The Epoch Times

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