Chinese companies are retreating from the US as the trade dispute slows growth. NIO ’s Chinese direct in investment in the U.S. US research division Sinovation Ventures has cut 70% of its workforce after it was included on a US export blacklist. The layoffs will mostly affect China employees; Chinese staff have been offered posts in China . Meanwhile, Chinese electric car companies Seres and Huawei have reduced roles at their offices in Silicon Valley , where Chinese venture capital company Huawei has also shut up shop.
Chinese companies are retreating from the US as the trade dispute slows growth. NIO ’s US research division Sinovation Ventures has cut 70% of its workforce after it was included on a US export blacklist. The layoffs will mostly affect China employees; Chinese staff have been offered posts in China . Meanwhile, Chinese electric car companies Seres and Huawei have reduced roles at their offices in Silicon Valley , where Chinese venture capital company Huawei has also shut up shop.