Part 5/8:
Businesses attempting to shift their focus to domestic sales are faced with fierce competition and price undercutting. The domestic market is flooded with lower-priced alternatives spurred by the same tariffs impacting export goods, creating a perfect storm for businesses already struggling to survive.
Historical products that were staples in Western markets have no substantial demand within China, further complicating the transition for companies that previously relied heavily on exports. The loss of consumer confidence and tightening of means within China exacerbates the dire economic landscape, leaving many industries in a state of decline.