Alibaba logged 213.5bn yuan ($30.7bn) in sales for its annual Singles’ Day extravaganza, setting a record as shoppers swarmed the e-commerce giant’s online bazaars.
China, dubbed ‘the workshop of the world’ for its sprawling supply chains and huge export capacity, is hoping to manufacture something new this week at a huge trade fair in Shanghai: import orders.
Chinese manufacturers need time to rearrange complex supply chains, but Chinese consumers can easily change vacation plans to visit Tuscany rather than Napa Valley.
A common theme this earnings season: U.S. business executives are ready to relocate their supply chains if the cost of importing Chinese goods becomes prohibitive.