China’s Penny-Pinching Companies Are Dealing a Blow to Growth
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Chinese companies are becoming stingier as the nation’s economic pain deepens, threatening to delay a much-needed consumption rebound and cause deflation to become more entrenched.
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Published Feb 05, 2024 • 3 minute read
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(Bloomberg) — Chinese companies are becoming stingier as the nation’s economic pain deepens, threatening to delay a much-needed consumption rebound and cause deflation to become more entrenched.
For Simon Wang, the multinational tech company he works for in eastern China has eschewed week-long team-building outings across the country in favor of day trips to nearby cities via bus. At Alex Zhang’s energy investment firm, birthday bonuses are getting cut by a third. Others said companies are asking them to book trains for travel over planes.
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Bloomberg News
2024-02-05 17:40:46
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