Despite concerns about human rights abuses and growing economic dominance over the United States, some of the largest American-owned corporations are planning to expand their operations across China.
Corporations like McDonald’s, Starbucks, Tyson Foods, Hormel Foods, Ralph Lauren, and Tapestry Inc. are planning to expand in China. Starbucks, in particular, is banking on rapid growth in the Chinese market to open thousands of new stores.
The Wall Street Journal reports:
“I remain more confident than ever that we are still only in the early chapters of our growth story in China,” said Howard Schultz, Starbucks’s interim chief executive and longtime leader, earlier this month. The company plans to open 3,000 new stores by 2025, even though same-store sales in the country fell 42% in December and 15% in January from a year earlier. Mr. Schultz said he is planning his first visit to the country in years in the spring.
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McDonald’s, meanwhile, opened about 700 stores across China in 2022 and plans to open another 900 this year — more than twice as many as it plans to open in the U.S. Tyson Foods, similarly, is planning to open three new food processing plants in China while Hormel Foods is also reportedly scheduling a large expansion.
People walk past a McDonald’s fast food restaurant in Beijing, China. (FRED DUFOUR/AFP via Getty Images)
China-based media has reported that Hormel Foods will build a nearly $15 million food processing plant just outside of Shanghai, China. Executives did not respond to requests for comment from the Journal.
The corporations’ expansion in China comes with hardly any legislative pushback from lawmakers in Washington, DC, and President Joe Biden’s administration even as the communist country has worked to gut America’s working and middle class through job-killing free trade that has translated to economic dominance for the Chinese Communist Party (CCP).
Most recently, Sens. Tom Cotton (R-AR), Ted Budd (R-NC), Rick Scott (R-FL), and J.D. Vance (R-OH) introduced legislation to end China’s permanent normal trade relations status with the U.S.
John Binder is a reporter for Breitbart News. Email him at jbinder@breitbart.com. Follow him on Twitter here.
https://www.breitbart.com/politics/2023/02/27/american-corporations-plan-expansion-communist-china/
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