Factbox-What are global companies saying about China's economy?
(Reuters) -United States Commerce Secretary Gina Raimondo has said U.S. companies have raised concerns that China has become «uninvestible», pointing to fines, raids and other actions that have made it too risky to do business in the world's second-largest economy.
Major global firms ranging from banks to chipmakers are taking a largely cautious stance on their China business amid a frail recovery of the country's economy from a pandemic slowdown.
Following are comments from some of the top firms on their China business during the latest reporting season:
Estee Lauder (NYSE:EL) The luxury firm forecast a weak annual profit, owing to a
slower-than-expected rebound in Asia travel retail business.
Haleon The Sensodyne maker said sales from Fenbid pain reliever gel
doubled in China in the first half.
Tapestry (NYSE:TPR) Coach handbags maker said it expects to benefit from a
recovery in demand from the «highly profitable region» of
China this fiscal year.
Starbucks (NASDAQ:SBUX) The coffeehouse chain saw a sharp recovery in China, with
third-quarter comparable sales surging 46%.
Marriott The U.S. hotel operator said rebounding demand in China
International boosted its earnings.
Merck & Co The drugmaker said use of Gardasil in China was the biggest
growth driver for the human papillomavirus vaccine.
Procter & Gamble (NYSE:PG) The Tide detergent maker reported a 1% drop in its
fourth-quarter volumes, mainly due to weaker demand in the
Greater China region.
Intel (NASDAQ:INTC) «The China market, I think, has been well reported, hasn't
come back as strongly as people would have expected overall,»
chipmaker Intel CEO Pat Gelsinger said.
AbbVie Inc (NYSE:ABBV) The Botox maker said it has seen rates for aesthetics
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