 As China shows signs of backing its domestic private sector, Western tech and financial firms are increasingly scaling back their presence there. With US-China trade tensions rising, tech companies are adopting an “Anything But China” approach, The Wall Street Journal reported, by not only diversifying their supply chains, but also building factories outside of the country. The relocation is much more permanent, and a boon to alternative locations like Mexico and Malaysia. And on Wall Street, banks are shifting their Asia resources to Japan and India, as tightening US restrictions on China investments — coupled with Beijing’s sluggish economy — make the country “a fading prospect,” Bloomberg wrote. |