October 29, 2020 Rosemary Coates- Management Consultant, Executive Director of Reshoring Institute
Our work helping companies reshore manufacturing has increased significantly since the beginning of the trade wars, and now the pandemic. Reshoring is a hot topic in business, discussed in C-level staff meetings and Board meetings throughout America.
Reshoring often involves leaving China on a quest for finding another low-cost country or in re-patriating manufacturing to America. But extracting business from China, whether it is your wholly-owned foreign subsidiary (WOFE), a contract manufacturer, or a supplier, isn’t as easy as you might think. There are a whole host of Chinese regulations, fees, and risks to consider.
I have written about this before, but lately, there seem to be a lot of companies making the same mistakes when trying to extract themselves from China.