Moody’s: Credit rating firm Moody’s is going to remove its business from China, employees will also be laid off.
US-headquartered credit rating firm, Moody’s Corp has decided to shut down its consulting business in China. Apart from this, it has also decided to retrench its employees in other offices. According to The News International report, two experts with knowledge of the matter said that Moody’s Corp is laying off people associated with the unit at several locations across the country.
Why did Moody’s take this decision?
The people said on condition of anonymity that Moody’s Corp began winding down Moody’s Analytics business in China this week. Moody’s decision has affected more than 100 employees in Beijing, Shanghai and Shenzhen. According to the report of the European Union Chamber of Commerce, the reason behind this move of Moody’s is believed to be the strictness caused by China’s zero Kovid policy and lockdown. According to the report, Moody’s is planning to shift its offices to other countries.
China’s credibility decreased in matters of trade
Most recently, in September, the Chamber of Commerce of the European Union released a report that China has become less predictable, less reliable and less efficient, resulting in many multinational companies moving their operations out of China to other markets. Thinking. According to a survey by the European Chamber of Commerce, 50 percent of Western firms reported that business in China had become more political in 2021 than in prior years.
