McKinsey Says China Remains Hard To Ignore Despite Slower Growth

According to CNBC, McKinsey senior partner and chairman of its Greater China offices Nick Leung and Joe Ngai said China is not headed for Japan-style stagnation or major decoupling from the U.S. in their new book, "The Next China Is Still China: An Insider's Playbook for Winning in the New Era." They said China’s global manufacturing dominance and spending to catch up on frontier technology remain key factors, and Ngai said foreign companies’ disappointment reflects the contrast with two decades of market-share dominance in China. He added that many foreign businesses are talking with Chinese private equity firms about local partnerships, but there are currently more discussions than deals. The article also said Lingverse plans to officially launch its owl-themed reading companion in the U.S. this fall and is speaking with some Florida school districts about using its AI-powered learning device during field trips and other activities. It noted that Mixue shares fell last week after cost of sales grew faster than revenue, leading to a 14.7% profit drop in the first half of the year.