Doing Business in China

As President Trump seeks to cut the US trade deficit with China, Martin Wolf explains what it will take for the Chinese to build a mass consumer market. Shenzhen’s tech trailblazers are anxious about rising property prices. Foreign manufacturers welcome the crackdown on copycats but are ambivalent about Trump’s trade bluster

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Local businesses steal march on multinationals that fail to notice market shift

Rising wages, faster product cycles and ageing workforce squeeze margins

Promises to liberalise markets are less than they seem, but retaliation is real risk

Rising costs dent the city’s appeal and force some companies to relocate

Trump administration focuses on Chinese innovation-led growth strategy

Catching up with US will depend on continued ‘opening up’ and avoiding big upheavals