Western financial firms cut jobs, postpone expansion in China due to economic recovery doubts.
Western financial firms like Fidelity International, Morgan Stanley, and Legal & General are cutting jobs or postponing expansion plans in China due to economic recovery doubts and lagging markets. Despite these measures, they plan to stay in the Chinese market, betting on its eventual recovery. The companies face decreased revenues and increased expenses, leading them to reconsider their China growth strategies.
April 22, 2024
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