Business · 2 hours ago
China now makes high-end goods and cars, challenging Europe's rich industries
Chinese manufacturers are moving beyond cheap goods to produce high-end items for luxury brands like Gucci and electric vehicles, competing with European firms. Germany's economy is feeling this shift most, with its exports to China falling 9.7% and imports rising 8.8% last year. Volkswagen, for example, saw its deliveries in China drop 36.6% in the second quarter and plans to cut 100,000 jobs.
Reported by Fortune · How we write briefs