Foreign media say US and European companies are setting off another wave of withdrawal from China

According to reports from Singapore’s Lianhe Zaobao.com, following the American company Revlon’s announcement to withdraw from the Chinese market at the end of last year, L’Oreal, the world’s largest cosmetics company, followed up in January this year by announcing that it would stop selling its brand Garnier products in China. Italian manufacturers of women’s shoes Gianni Ziliotto, leather goods Piquadro, clothing AndCamicie and other manufacturers have also decided to withdraw all or part of their production lines from China and other places. The United States has the largest number of manufacturers withdrawing and returning from China, reaching 130, followed by the United Kingdom with 30 and Italy with 28. Japanese businessmen accelerated their withdrawal from China, and their investment in Southeast Asia surged to US$22.8 billion in 2013, nearly three times the amount of investment in China. In the first quarter of this year, the amount of Japanese direct investment in China decreased by 47.2% year-on-year, and Japanese businessmen interested in expanding production in China fell to a record low.