Why Amazon didn't make the cut in China

When Amazon announced last week that it was giving up the e-commerce business in China, it wasn't because of Chinese protectionism. Retail, after all, is almost the only sector where Beijing doesn't favour the locals. LVMH, Prada, Gucci, Zara, H&M, Uniqlo all prosper. It's a rare, relatively level playing field for foreign companies, a sector in which local competition must fight long and hard.

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