Two years ago the chief executive of General Electric, Jeffrey Immelt, predicted that his company’s annual sales in China would reach $10bn by the end of this year.
And as recently as last December Mr Immelt praised Beijing’s economic stewardship in a speech at West Point, where he gushed: “Man, these guys are good,” and commended China’s leaders for doing “exactly what they say they will do”.
But his tone was very different in June, as he told an audience of Italian executives in Rome that GE was facing its toughest business conditions in China in 25 years.
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