1M Chinese customers unable to access bank deposits; Airbnb to close its domestic business in China
China in Focus
China’s ongoing lockdowns are driving foreign companies away—including Apple. Now the company is turning to nearby neighbors. Vacation rental company Airbnb is saying goodbye to the Chinese market after a several-year revenue struggle under China’s lockdown policies. Though multinational companies are planning to step back from China, some voices still say it won’t be easy to detach from China’s supply chains. A million bank customers are blocked from withdrawing their own money. Four local banks and $1.5 billion are involved. Customers now fear they might lose the funds for good.
China in Focus
China’s ongoing lockdowns are driving foreign companies away—including Apple. Now the company is turning to nearby neighbors. Vacation rental company Airbnb is saying goodbye to the Chinese market after a several-year revenue struggle under China’s lockdown policies. Though multinational companies are planning to step back from China, some voices still say it won’t be easy to detach from China’s supply chains. A million bank customers are blocked from withdrawing their own money. Four local banks and $1.5 billion are involved. Customers now fear they might lose the funds for good.
