On July 23, Japan’s Nippon Steel Corporation announced it will end its 20-year joint venture with China’s Baosteel. The contract will be terminated at the end of August when it expires. Nippon Steel finds it challenging to expand its business in China and plans to focus its investment resources in the United States and India.The exodus of foreign capital from China is spreading from manufacturing to the beauty products sector. Japanese beauty brand Shiseido’s high-end skincare line, BAUM, announced it will withdraw from the Chinese market. The BAUM Tmall flagship store recently posted a closure notice, stating it will no longer accept new orders starting July 10.#chinaobserver
