Large fashion companies and clothing chains in the United States and Europe are the first economic victims of the ongoing diplomatic crisis between China and the West
This is the real call for weapons. This is something that has happened in China in recent days: Fortunately, only weapons will not fire, but they have worn out. The battlefield is made up of cotton fields inhabited by Uighur and Muslim minorities in Xinjiang. The enemy is a great brand of international leisure and sportswear, starting from Nike, Adidas, and H&M; Soldiers are Chinese clothing companies and ultimately a large number of consumers living in the People’s Republic of China.
“The Chinese are very angry. For two consecutive days, multinational companies including H&M and Nike have attracted attention for their controversial remarks on Xinjiang affairs. Their statements are in line with the NGO’s “Better Cotton Project”. “(BCI) Requirement to stop using Xinjiang cotton. Big Dang (People’s Republic of China).
In fact, in the context of the broader issue of allegations of Uyghur genocide and forced labor, China has already happened, and in recent days this has also led to bloody disputes with the European Union. They have realized that some international Big country H&M, Nike, Adidas, Burberry, New Balance and other brands and brands that are deeply loved by the Chinese public. -Decided to be a supporter of the moral cotton movement and no longer use raw materials from Xinjiang.
Therefore, according to the media reported by the South China Morning Post yesterday, the products of these companies have disappeared from major e-commerce platforms, and large-scale boycotts have begun on Chinese social media and official newspapers.
On Chinese social networks, angry users gathered together under the acronym “We Support Xinjiang Cotton”, and about 30 Chinese sportswear and casual clothing brands-starting with Li Ning and Anta-posted arrows from their profiles, To reiterate that they use Xinjiang’s cotton and get-according to the British “Financial Times” report today-also have good returns on the Hong Kong Stock Exchange: Li Ning + 19%, Anta + 14%.
The clothing group HLA wrote on Weibo: “We support the snowy Xinjiang cotton and the prosperity of our beloved homeland cotton industry.” The value of its shares fell by 11%.
In the past two days, the market value of rival Xinjiang cotton producers Xinjiang Sailim and Xinjiang Tarim have increased by 21% and 16%, respectively.
According to GT, a journalist who has disbanded, the shops of the brands affected by the boycott have been abandoned for two days.
Obviously, in addition to more or less spontaneous boycotts, political initiatives are also brewing. Foreign Ministry spokesperson Hua Chunying currently only defends the boycott: “The Chinese people have the right to express their feelings. It does not accept the fact that foreign companies make money from them on the one hand, but slander China on the other.”
Beijing may be studying the actions to be taken more formally. It seems impossible to take action at the WTO level. Therefore, what is most likely to happen-which will be broadcast by the Global Times today-the government will retreat to the accelerating new legislation to form a list of foreign entities that harm China’s interests. For this reason, sanctions must be imposed.
(With source Askanews)