The speaker discusses the decline in export volume and the shift in customer base at the China Import and Export Fair, with fewer customers from Europe and the United States and more from Asia, Africa, and Latin America.

Decline in Export Volume and Change in Customer Base

The speaker highlights the impact of the decline in foreign orders on Chinese factories, including layoffs and economic hardship. They also mention the piling up of empty containers at Chinese ports as a result of reduced freight transport.

Impact on Chinese Factories and Foreign Orders

The speaker discusses the withdrawal of foreign investments from China, citing data that shows a significant decline. They mention the pressure on the central and local governments to stimulate the economy and the grim economic outlook for China.

Withdrawal of Foreign Investments and Economic Outlook

The speaker highlights the concerns and challenges faced by foreign business delegations visiting China, including reductions in business travel, detentions, and interrogations at airports or hotels.

Concerns and Challenges for Foreign Business Delegations

The speaker discusses the impact on business trips to China, with companies advising caution and implementing security measures such as providing clean laptops and using separate phones for communication.

Impact on Business Trips and Security Measures

The speaker highlights the inconveniences faced by foreign travelers in China, including difficulties with digital payments and restrictions on hotel stays. They also mention the severe downturn in inbound tourism to China.

Inconveniences for Foreign Travelers and Downturn in Inbound Tourism

The speaker suggests that the reluctance of foreign companies to travel to China signals the end of China's reform and opening up era and the emergence of a more assertive and challenging environment for attracting foreign investment.

End of China's Reform and Opening Up Era

- The China Import and Export Fair (Canton Fair) is experiencing a decline in European and American customers, with more customers from Asia, Africa, and Latin America.
- Exporters are facing a decrease in orders, pressure on payment cycles, and shrinking profits.
- Official data confirms declining exports to the European Union and the United States.
- Chinese ports are experiencing piles of empty containers due to the decrease in foreign orders.
- The decrease in foreign orders, foreign investment withdrawal, and factory layoffs are causing economic hardship for Chinese citizens.
- Some small home appliance factories are finding opportunities in countries like Vietnam, Thailand, India, and Indonesia due to COVID-19 measures.
- Foreign direct investment in China has continuously decreased, leading to pressure on the government to stimulate the economy.
- Provinces that typically benefit from foreign direct investment are seeking alternative financing methods.
- Chinese governments are concerned about the decline in foreign direct investment and are lifting restrictions on foreign investment in the manufacturing sector.
- American companies are reducing business travels to China due to national security concerns and strained China-US relations.
- Some clients have been detained or interrogated at Chinese airports or hotels.

- Some clients, including law firms and manufacturers, have experienced detainment or interrogation at Chinese airports or hotels for unusually long periods of time.
- Chinese authorities have the authority to detain individuals under various laws, creating psychological pressure for those traveling to China.
- Companies are advising employees to be cautious on business trips to China, including avoiding posting certain content on social media and using separate devices for communication.
- There are many inconveniences for foreign business travelers in China, including difficulties with digital payments and obtaining necessary documentation.
- Inbound tourism to China has significantly decreased, with a severe downturn in international flights and a lack of Western tourists.
- Foreign companies are becoming increasingly reluctant to travel to mainland China due to legal concerns, signaling the end of China's reform and opening up era.

The decline in foreign orders is also evident at the China Import and Export Fair. The China Import and Export Fair, also known as the Canton Fair, is the largest trade exhibition in China and has always been considered a crucial weathervane and indicator of China's foreign economic activities. It reflects the ups and downs of this massive economic entity.
The Canton Fair opened in mid-October this year, but some exporters have revealed a decreasing trend in European and American customers. Some exporters have openly mentioned the decline in orders.
#cantonfair #chinatrade #chinaeconomy #chinaobserver
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at a carpet stall and for some reason it's really quiet today.

Despite there being a crowd outside, it doesn't seem to carry over inside the exhibition hall.

It's all gone pier-shaped, it's already noon, and still pretty much deserted.

So far, we've only managed to get 2 business cards.

Usually at these kinds of fairs, we'd have a bunch of customers from Europe and America, but this time I can see that more than 80 are from Asia, Africa, and Latin America.

And there are some who come just to collect business cards.

We're not seeing many of those purpose-driven types with orders ready and money in hand, which used to be more common.

I have been engaged in the production and export of lighting fixtures for over 20 years.

This year, I feel a lot of pressure as there is a noticeable decline in our export volume compared to the past few years.

Even after the pandemic lockdowns were lifted, customers did not rush in as expected.

Moreover, Some of our regular customers who used to place frequent orders are facing pressures on the payment cycle.

Profits are also shrinking and it's getting tough.

We don't even need to work overtime anymore.

You can see how dim it is in the factory workshop.

The decline in foreign orders is also evident at the China Import and Export Fair.

The China Import and Export Fair, also known as the Canton Fair, is the largest trade exhibition in China and has always been considered a crucial weather vane and indicator of China's foreign economic activities.

It reflects the ups and downs of its massive economic entity.

The Canton Fair opened in mid-October this year, but some exporters have revealed a decreasing trend in European and American customers.

Some exporters have openly mentioned their decline in orders.

A woman in the video is an exporter at the Canton Fair.

According to her, even though she has distributed many business cards, her clients are mostly unfamiliar faces Consisting of new customers from countries along the Belt and Road initiative in Asia, Africa and Latin America There are very few customers from Europe and the United States leaving her uncertain about whether these new customers are satisfied with her products

Due to the Canton Fair and the Art Expo, there have been an influx of foreigners in the market recently.

However, the number of ordinance haven't increased significantly.

From my perspective in the foreign trade sector, it appears that foreign trade orders are decreasing compared to previous years.

The foreign trade market continues to be sluggish, so we won't have too high expectations.

We need to tighten our belts and live with our means."

According to Reuters, 10 exporters who typically conduct most of their business in Europe reported a sale decline of 10% to 30% this year.

Chen Kuo Group's Christmas sales have also dropped by about one-tenth.

The company's owner, Mr Chen, stated everyone is affected because electricity prices have increased significantly and the conflict in Russia and Ukraine continues, with the added concern of Israel.

Official Chinese data also confirms the trend of declining exports.

Data shows that in the first 9 months of 2023, China's exports to the European Union fell by 10.6% year-on-year to US$382.18 billion and exports to the United States decreased by 16.4 percent to 372.25 billion US dollars.

The reduction in foreign orders is also affecting freight transport with Chinese ports experiencing piles of empty containers.

Behind me is the Yanqian port in Shenzhen, where empty containers are piled up like mountains.

The height of the stacked containers behind me is no less than 10 years.

For those familiar with normal ports, you know what it means to stack containers 10 layers high.

These containers are empty and there's nothing inside.

The decrease in foreign orders, foreign investment withdrawal, and factory layoffs are also having a significant impact on Chinese factories, plunging many Chinese citizens into economic hardship.

According to mainland media reports, Lei Tu Electrical Appliance used to manufacture fans for top-tier brands in the United States, with exports reaching as high as 2.2 million units in 2020, with 80% going to the United States.

However, as overseas factories gradually resumed production and China continued to enforce strict COVID-19 measures, some small home appliance factories found opportunities in countries like Vietnam, Thailand, India and Indonesia.

In 2021, Leitu's orders decreased by 50 percent.

From 2022 to 2023, annual export orders were further reduced to 600,000 units, which is less than 1 third of the peak period.

Before the pandemic, Leitu had 140 employees, but now there are just over 90 remaining.

With the decrease in orders from the United States, many workers have returned to their hometowns.

The trend of people returning to their hometowns in Shanghai has already begun.

Those who used to work in factories have returned to their hometowns and many of them may not come back.

Shanghai Hongqiao railway station is crowded with people while the factories are quiet and empty.

Since foreign investments withdrew from Shanghai, many factories were moved away, resulting in a significant number of job losses.

The withdrawal of foreign investments from China is now an undeniable fact.

According to data compiled by the Financial Times based on data from China's Ministry of Commerce, foreign direct investment FDI inflows into China have continuously decreased by double digits since May this year plummeting to 72.8 billion yuan approximately 10 billion US dollars in September a 34% year-on-year drop marking the largest decline since the data was first published in 2014 Combined with a significant outflow of funds from the Chinese stock market, this has added pressure on both the central and local governments to stimulate the economy, making the economic outlook for China grim.

Data from China's Ministry of Commerce shows that actual foreign direct investments from January to September this year amounted to 919.97 billion yuan, approximately 125.7 billion US dollars, an 8.4% year-on-year decrease.

In the first 8 months, actual foreign investment was 847.17 billion yuan approximately 115.7 billion US dollars, down 5.1% year-on-year.

Foreign direct investment in September significantly dragged down the cumulative figure.

Direct investment liability, an indicator measuring foreign capital inflows into China reveals the deteriorating situation of foreign investment.

According to adjustments made to early data in September, direct investment liability in the second quarter was US$6.7 billion, a sharp decline from US$21 billion in the first quarter, hitting the lowest level since 2000.

Recent months have seen a stark contrast between the decline in foreign direct investment and the robust foreign direct investment during the COVID-19 pandemic when China implemented strict zero-COVID lockdown policies that severed its connections with the outside world.

According to the Ministry of Commerce's data, in 2022 China's foreign direct investment reached an annual average record of US$189 billion.

The report cites an analysis by Brad Setzer, a senior fellow at the Council of Foreign Relations, stating this data indicates foreign companies are no longer reinvesting in China, but are instead quickly repatriating their profits.

Provinces that typically benefit from foreign direct investments are now forced to seek alternative financing methods, with many companies relying on government support to replace overseas investments.

After abandoning the 0 COVID lockdown measures in December 2022, local governments facing a real estate crisis and the burden of pandemic control have been actively trying to attract foreign investment back to China.

There are signs that Chinese governments at all levels are increasingly concerned about the decline in foreign direct investment.

At a recent event commemorating the 10th anniversary of the Belt and Road initiative held in Beijing, Xi Jinping announced that Beijing would lift restrictions on foreign direct investments in the manufacturing sector.

However, in an atmosphere of heightened Chinese national security concerns, worsening China-US relations and the wave of Western efforts to de-risk supply chains from China, Visiting foreign business delegations are mostly keeping a low profile and have adopted various strategies.

Some companies are even avoiding business trips to China whenever possible, making China seem like a restricted area.

According to the Wall Street Journal, a survey related to the US government found that nearly one-fifth of respondents are reducing their business travels to China.

The report also quotes Tammy Kring, the president of ATG Travel Worldwide, who observed that American companies cancelling or delaying business trips to China have increased by around 25% in recent weeks.

Dale Buckner, CEO of Global Guardian and International Security Services Company, said that over the past 8 months, some of his clients, including law firms, manufacturers, consulting companies, and employees of other firms had been detained or interrogated by at Chinese airports or hotels for periods unusually ranging from 2 to 5 hours.

Zhuang, who works in product education and training for a well-known international pharmaceutical company in the United States, had a similar experience.

He said that a few months ago, when he was on a business trip to Hong Kong, he was taken into a small room when he passed immigration and his passport was confiscated.

When he asked if there was a problem, they replied that there was not.

Drang said, my feeling was that they needed approval from someone else.

Not that I was on a blacklist or anything, they didn't tell me what the issue was, but they probably needed someone else's approval for me to pass.

Drang estimated that he was detained for about 20 minutes in total.

I think they probably photocopied every page of my passport," he said.

However, he also mentioned that the Hong Kong custom officers were relatively considerate and directly explained to him the legal basis of their actions.

Zhang expressed that under laws like the National Security Law, Counter Espionage Law, Foreign Relations Law and the Anti-Foreign Sanction Laws, China essentially has the authority to do whatever it wants.

This can create some psychological pressure for those who have to travel to China although the company has not officially prohibited business trips to China.

Zhang hasn't received any travel assignments to mainland China for nearly 2 years.

Zhang believes that in the current standoff between the United States and China, American individuals may be more sensitive.

Especially if any leverage can be obtained, they might be detained using so-called legal grounds as a bargaining chip in negotiations with the United States.

Lai, Deputy General Manager of a well-known international accounting firm and management consulting company in Taipei, told Voice of America that the company verbally warns employees who are going to China on business trips.

If an employee has posted content on social media that emphasizes democratic freedom, they are advised to be extra cautious when conducting themselves in China.

On a policy level, the company provides each traveler with a clean laptop containing only the necessary materials for the trip and requests that employees do not bring their usual work laptops to China.

Ms Lai also mentioned that the company advises against bringing regular personal smartphones into China.

Instead, employees are encouraged to use an old or unused clean phone that does not have any unnecessary software or social media apps and does not retain any conversation history.

The phone is intended solely for communication with the company and clients.

Apart from security concerns, there are many inconveniences for foreign traveling for business in China.

1 netizen shared their frustrating experience of trying to navigate China.

The netizen posted that last year, they found a client in the United States and the conditions were all negotiated and settled.

However, the client wanted to visit the company's research and production facilities in Shenzhen before signing the contract.

Unfortunately, due to the pandemic, obtaining a visa was impossible at that time.

This year, they finally had the opportunity to visit and arrived in Shenzhen, staying at a hotel in Futian Central District.

However, on the second day, they had difficulty paying for the taxi ride because they didn't have a means of digital payment.

A 20 yuan taxi fare ended up costing them 100 yuan in cash because the driver couldn't provide change.

The company assistant helped them download WeChat and Didi, but the WeChat pay required a Chinese bank account and they had to go to a bank to open an account.

The bank required a Chinese phone number so they had to obtain a local phone number for a telecom provider, which required a Chinese ID card number, and as a foreign passport holder they had to apply for a one-year package.

The foreign client appreciated the company's capabilities but found the business environment in China too challenging.

Another netizen stated that, to their knowledge, many second and third-tier cities in China's business hotels outright refuse customers with foreign passports unless they have registered with the Public Security Bureau.

Shocking data reveal a severe downturn in inbound tourism to China.

In the first half of this year, the number of passengers arriving on international flights decreased by over 3 quarters compared to the same period in 2019, and as of July this figure was only slightly over 50%.

This year China has seen almost no Western tourists.

Compared to 2019, group travel from the United States in the second quarter of this year dropped by about 99%.

Foreigners are prohibited from leaving China and foreign business people are reluctant to travel to China, leading analysts to see this as ironic in the context of Xi Jinping's China's dream.

According to Voice of America, Professor Shun Guo Xiang of the Department of International Affair and Business at Nanhua University in Taiwan expressed that, after China's reform and opening up, the country has always wanted to showcase its successful political and economic development to the world.

The key to this success was opening its doors and attracting global foreign investment into China, leading to China's status as the world's factory.

However, now due to the issues related to national security law and other legal concerns, foreign companies are increasingly reluctant to travel to mainland China, signaling the end of China's reform and opening up era and the emergence of a more assertive of a more assertive, Leninist imperialism, which will pose a more severe challenge to China's hopes of attracting foreign investment.


Speaker 0: I'm

Speaker 1: at a carpet stall and for some reason it's really quiet today. Despite there being a crowd outside, it doesn't seem to carry over inside the exhibition hall. It's all gone pier-shaped, it's already noon, and still pretty much deserted. So far, we've only managed to get 2 business cards. Usually at these kinds of fairs, we'd have a bunch of customers from Europe and America, but this time I can see that more than 80 are from Asia, Africa, and Latin America.

And there are some who come just to collect business cards. We're not seeing many of those purpose-driven types with orders ready and money in hand, which used to be more common. So yeah, that's a pretty big change.

Speaker 2: I have been engaged in the production and export of lighting fixtures for over 20 years. This year, I feel a lot of pressure as there is a noticeable decline in our export volume compared to the past few years. Even after the pandemic lockdowns were lifted, customers did not rush in as expected. Moreover, Some of our regular customers who used to place frequent orders are facing pressures on the payment cycle. Profits are also shrinking and it's getting tough.

We don't even need to work overtime anymore. You can see how dim it is in the factory workshop. The decline in foreign orders is also evident at the China Import and Export Fair. The China Import and Export Fair, also known as the Canton Fair, is the largest trade exhibition in China and has always been considered a crucial weather vane and indicator of China's foreign economic activities. It reflects the ups and downs of its massive economic entity.

The Canton Fair opened in mid-October this year, but some exporters have revealed a decreasing trend in European and American customers. Some exporters have openly mentioned their decline in orders. A woman in the video is an exporter at the Canton Fair. According to her, even though she has distributed many business cards, her clients are mostly unfamiliar faces Consisting of new customers from countries along the Belt and Road initiative in Asia, Africa and Latin America There are very few customers from Europe and the United States leaving her uncertain about whether these new customers are satisfied with her products

Speaker 0: Due to the Canton Fair and the Art Expo, there have been an influx of foreigners in the market recently. However, the number of ordinance haven't increased significantly. From my perspective in the foreign trade sector, it appears that foreign trade orders are decreasing compared to previous years. The foreign trade market continues to be sluggish, so we won't have too high expectations. We need to tighten our belts and live with our means."

Speaker 2: According to Reuters, 10 exporters who typically conduct most of their business in Europe reported a sale decline of 10% to 30% this year. Chen Kuo Group's Christmas sales have also dropped by about one-tenth. The company's owner, Mr Chen, stated everyone is affected because electricity prices have increased significantly and the conflict in Russia and Ukraine continues, with the added concern of Israel. Many people are feeling afraid. Official Chinese data also confirms the trend of declining exports.

Data shows that in the first 9 months of 2023, China's exports to the European Union fell by 10.6% year-on-year to US$382.18 billion and exports to the United States decreased by 16.4 percent to 372.25 billion US dollars. The reduction in foreign orders is also affecting freight transport with Chinese ports experiencing piles of empty containers.

Speaker 0: Behind me is the Yanqian port in Shenzhen, where empty containers are piled up like mountains. It's the busiest port in the country. Take a look. The height of the stacked containers behind me is no less than 10 years. For those familiar with normal ports, you know what it means to stack containers 10 layers high.

These containers are empty and there's nothing inside.

Speaker 2: The decrease in foreign orders, foreign investment withdrawal, and factory layoffs are also having a significant impact on Chinese factories, plunging many Chinese citizens into economic hardship. According to mainland media reports, Lei Tu Electrical Appliance used to manufacture fans for top-tier brands in the United States, with exports reaching as high as 2.2 million units in 2020, with 80% going to the United States. However, as overseas factories gradually resumed production and China continued to enforce strict COVID-19 measures, some small home appliance factories found opportunities in countries like Vietnam, Thailand, India and Indonesia. In 2021, Leitu's orders decreased by 50 percent. From 2022 to 2023, annual export orders were further reduced to 600,000 units, which is less than 1 third of the peak period.

Before the pandemic, Leitu had 140 employees, but now there are just over 90 remaining. With the decrease in orders from the United States, many workers have returned to their hometowns. The trend of people returning to their hometowns in Shanghai has already begun. Those who used to work in factories have returned to their hometowns and many of them may not come back. Shanghai Hongqiao railway station is crowded with people while the factories are quiet and empty.

Since foreign investments withdrew from Shanghai, many factories were moved away, resulting in a significant number of job losses. The withdrawal of foreign investments from China is now an undeniable fact. According to data compiled by the Financial Times based on data from China's Ministry of Commerce, foreign direct investment FDI inflows into China have continuously decreased by double digits since May this year plummeting to 72.8 billion yuan approximately 10 billion US dollars in September a 34% year-on-year drop marking the largest decline since the data was first published in 2014 Combined with a significant outflow of funds from the Chinese stock market, this has added pressure on both the central and local governments to stimulate the economy, making the economic outlook for China grim. Data from China's Ministry of Commerce shows that actual foreign direct investments from January to September this year amounted to 919.97 billion yuan, approximately 125.7 billion US dollars, an 8.4% year-on-year decrease. In the first 8 months, actual foreign investment was 847.17 billion yuan approximately 115.7 billion US dollars, down 5.1% year-on-year.

Foreign direct investment in September significantly dragged down the cumulative figure. Direct investment liability, an indicator measuring foreign capital inflows into China reveals the deteriorating situation of foreign investment. According to adjustments made to early data in September, direct investment liability in the second quarter was US$6.7 billion, a sharp decline from US$21 billion in the first quarter, hitting the lowest level since 2000. Recent months have seen a stark contrast between the decline in foreign direct investment and the robust foreign direct investment during the COVID-19 pandemic when China implemented strict zero-COVID lockdown policies that severed its connections with the outside world. According to the Ministry of Commerce's data, in 2022 China's foreign direct investment reached an annual average record of US$189 billion.

The report cites an analysis by Brad Setzer, a senior fellow at the Council of Foreign Relations, stating this data indicates foreign companies are no longer reinvesting in China, but are instead quickly repatriating their profits. Provinces that typically benefit from foreign direct investments are now forced to seek alternative financing methods, with many companies relying on government support to replace overseas investments. After abandoning the 0 COVID lockdown measures in December 2022, local governments facing a real estate crisis and the burden of pandemic control have been actively trying to attract foreign investment back to China. There are signs that Chinese governments at all levels are increasingly concerned about the decline in foreign direct investment. At a recent event commemorating the 10th anniversary of the Belt and Road initiative held in Beijing, Xi Jinping announced that Beijing would lift restrictions on foreign direct investments in the manufacturing sector.

However, in an atmosphere of heightened Chinese national security concerns, worsening China-US relations and the wave of Western efforts to de-risk supply chains from China, Visiting foreign business delegations are mostly keeping a low profile and have adopted various strategies. Some companies are even avoiding business trips to China whenever possible, making China seem like a restricted area. According to the Wall Street Journal, a survey related to the US government found that nearly one-fifth of respondents are reducing their business travels to China. The report also quotes Tammy Kring, the president of ATG Travel Worldwide, who observed that American companies cancelling or delaying business trips to China have increased by around 25% in recent weeks. Dale Buckner, CEO of Global Guardian and International Security Services Company, said that over the past 8 months, some of his clients, including law firms, manufacturers, consulting companies, and employees of other firms had been detained or interrogated by at Chinese airports or hotels for periods unusually ranging from 2 to 5 hours.

According to reports, Mr. Zhuang, who works in product education and training for a well-known international pharmaceutical company in the United States, had a similar experience. He said that a few months ago, when he was on a business trip to Hong Kong, he was taken into a small room when he passed immigration and his passport was confiscated. When he asked if there was a problem, they replied that there was not. Mr.

Drang said, my feeling was that they needed approval from someone else. Not that I was on a blacklist or anything, they didn't tell me what the issue was, but they probably needed someone else's approval for me to pass. Mr. Drang estimated that he was detained for about 20 minutes in total. I think they probably photocopied every page of my passport," he said.

However, he also mentioned that the Hong Kong custom officers were relatively considerate and directly explained to him the legal basis of their actions. Mr. Zhang expressed that under laws like the National Security Law, Counter Espionage Law, Foreign Relations Law and the Anti-Foreign Sanction Laws, China essentially has the authority to do whatever it wants. This can create some psychological pressure for those who have to travel to China although the company has not officially prohibited business trips to China. Mr.

Zhang hasn't received any travel assignments to mainland China for nearly 2 years. Mr. Zhang believes that in the current standoff between the United States and China, American individuals may be more sensitive. Especially if any leverage can be obtained, they might be detained using so-called legal grounds as a bargaining chip in negotiations with the United States. Ms.

Lai, Deputy General Manager of a well-known international accounting firm and management consulting company in Taipei, told Voice of America that the company verbally warns employees who are going to China on business trips. If an employee has posted content on social media that emphasizes democratic freedom, they are advised to be extra cautious when conducting themselves in China. On a policy level, the company provides each traveler with a clean laptop containing only the necessary materials for the trip and requests that employees do not bring their usual work laptops to China. Ms Lai also mentioned that the company advises against bringing regular personal smartphones into China. Instead, employees are encouraged to use an old or unused clean phone that does not have any unnecessary software or social media apps and does not retain any conversation history.

The phone is intended solely for communication with the company and clients. Apart from security concerns, there are many inconveniences for foreign traveling for business in China. 1 netizen shared their frustrating experience of trying to navigate China. The netizen posted that last year, they found a client in the United States and the conditions were all negotiated and settled. However, the client wanted to visit the company's research and production facilities in Shenzhen before signing the contract.

Unfortunately, due to the pandemic, obtaining a visa was impossible at that time. This year, they finally had the opportunity to visit and arrived in Shenzhen, staying at a hotel in Futian Central District. However, on the second day, they had difficulty paying for the taxi ride because they didn't have a means of digital payment. A 20 yuan taxi fare ended up costing them 100 yuan in cash because the driver couldn't provide change. The company assistant helped them download WeChat and Didi, but the WeChat pay required a Chinese bank account and they had to go to a bank to open an account.

The bank required a Chinese phone number so they had to obtain a local phone number for a telecom provider, which required a Chinese ID card number, and as a foreign passport holder they had to apply for a one-year package. This was just 1 of many inconveniences. In the end, the contract was not signed. The foreign client appreciated the company's capabilities but found the business environment in China too challenging. Another netizen stated that, to their knowledge, many second and third-tier cities in China's business hotels outright refuse customers with foreign passports unless they have registered with the Public Security Bureau.

Shocking data reveal a severe downturn in inbound tourism to China. In the first half of this year, the number of passengers arriving on international flights decreased by over 3 quarters compared to the same period in 2019, and as of July this figure was only slightly over 50%. This year China has seen almost no Western tourists. Compared to 2019, group travel from the United States in the second quarter of this year dropped by about 99%. Foreigners are prohibited from leaving China and foreign business people are reluctant to travel to China, leading analysts to see this as ironic in the context of Xi Jinping's China's dream.

According to Voice of America, Professor Shun Guo Xiang of the Department of International Affair and Business at Nanhua University in Taiwan expressed that, after China's reform and opening up, the country has always wanted to showcase its successful political and economic development to the world. The key to this success was opening its doors and attracting global foreign investment into China, leading to China's status as the world's factory. However, now due to the issues related to national security law and other legal concerns, foreign companies are increasingly reluctant to travel to mainland China, signaling the end of China's reform and opening up era and the emergence of a more assertive of a more assertive, Leninist imperialism, which will pose a more severe challenge to China's hopes of attracting foreign investment.

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Canton Fair Crisis: 80% Drop in EU/US Buyers - Exhibitors in Tears: No Orders, No Hope!