Sunday, October 11, 2026
Teikoku Databank counted 10,118 Japanese companies with a presence in mainland China in June, down 22 per cent in two years and 30 per cent from the 2012 peak. A record 4,137 left or could no longer be traced. Among those that remain, China's standing as a production base has slipped only a little since 2019. Its standing as a market has collapsed.
The Institute for Supply Management's services survey slipped to 54.9 in September, still comfortably in growth. Its prices index rose to 74, the highest since July 2022. Half of the purchasing managers surveyed paid more for what they buy; 2.2 per cent paid less. All 17 industries that reported a change in prices reported an increase.
The delivery company building Expo 2030 shifted to Saudi-made pipe, cable and concrete and avoided the shortages the war produced. Local content rules were written to build an industrial base. They turned out to be a supply chain hedge nobody had priced.
John Ternus took over Apple on Monday. Tim Cook moved to executive chairman and, by several accounts, kept the company's relationships with Washington and Beijing. The handover says less about two men than about a job that no longer fits inside one post.
US officials say COSCO vessels carry concealed signals-intelligence equipment. China calls the claim baseless. Either way, the problem the accusation creates is commercial: the fleet in question calls at the ports that everyone else's cargo moves through.