China’s Economic Woes Are Impacting Small Businesses

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China, a critical cog in the global supply chain, is in an economic jam–and that’s a problem for business owners who rely on the manufacturing superpower. Rewind to 2020: Labor shortages, production delays, increased demand, and other issues led to global supply chain disruptions, and the continued lockdowns in China worsened those woes.

One Inc. 5000 business owner, Matthew Borjes, 47, founder of the Lexington, South Carolina-based telehealth and mobile computing solution company Space Saving Solutions, saw lead times for wire shelving and baskets balloon from weeks to months and prices increase 50 to 80 percent within the first 90 to 120 days.

Today, Borjes says most of those prices have yet to come down. And rather than rebound after lockdown restrictions, China continues to face a slew of economic challenges that put pressure on U.S. business owners, including higher wages for factory workers, an ongoing tariff war with the U.S., and record-high youth unemployment, to name a few….Story continues..

By: Sarah Lynch

Source: China’s Economic Woes Are Impacting Small Businesses | Inc.com