Hong Kong · Alibaba · China · Donald Trump · India · Indonesia · Fortune Technology
BYD, for example, sold more than one million cars overseas in 2025
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However, Chinese companies still struggle to figure out how to appeal to foreign consumers.
Key facts
- In October 2024, the Wall Street Journal reported that McKinsey had cut approximately 500 jobs in Greater China, roughly a third of its regional workforce, after scaling back its client base
- Another example is food delivery, where JD.com ’s decision to break into a market dominated by Meituan and Alibaba led to all three devoting over 100 billion yuan ($14 billion) to subsidies
- Leung, who has Swiss and Chinese heritage, joined McKinsey’s Zurich office in 1993 before transferring to Hong Kong in 1997
- Retail sales grew 0.2% in April, the slowest rate since December 2022, the depths of the COVID pandemic
Summary
When Joe Ngai, McKinsey’s Greater China chair, first began to test-drive his point that “the next China is still China” on social media, the world’s second-largest economy was in a post-COVID slump. “You heard all these things. We’re trying to de-risk from China,” Ngai tells Fortune in McKinsey’s Hong Kong office. Ngai’s observation is now a book, The Next China is Still China: An Insider’s Playbook for Winning in the New Era, coauthored with Nick Leung, director of the McKinsey Global Institute and Ngai’s predecessor as Greater China chair. The narrative on China’s economy is shifting. But for global multinationals, Ngai and Leung argue that China remains a “hard, competitive, and oversupplied” market that requires a shift in corporate strategy.