Title : These Are The Tech Giants Leaving China
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These Are The Tech Giants Leaving China
Samsung is pulling its production out of China amid the trade war and slowing sales in the country. Photo: Xinhua
Asia Times: Chinese fret as Samsung, other giants leave
Samsung to close key assembly base in Guangdong, while Foxconn may cut production of iPhones
Local officials and workers in China’s Guangdong and Jiangsu provinces may have to brace for lost revenue and jobs as Korean tech giant Samsung has reportedly decided to wind up its last production lines and leave the country for good.
There have been reports that Samsung’s factory in Huizhou city in Guangdong – where some of its best-selling handsets like the Galaxy smartphone series were assembled – will shut down, following similar closures in Shenzhen and Tianjin in northern China.
The Huizhou base kept the local economy ticking during its heyday as it churned out electronic products for Chinese buyers and for export to the US and Europe. But rumors started to swirl right after the Chinese New Year break in February that the factory would lay off workers soon.
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WNU Editor: This exodus is just the tip of the iceberg. China is no longer an attractive place for investment, and certainly not the place to manufacture products for export. India and Vietnam is the place to be, with Vietnam being the big winner.
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