(Beijing Bloomberg) Due to the downturn of the Chinese economy and the downturn in China, Shida, a well -known American law firm, will close the Shanghai office and reduce some employees of mainland China.
This law firm headquartered in New York issued a statement on October 18 saying: "The changes in market dynamics have prompted us to decide to start to reduce the business in Shanghai and re -adjust our business scale in China."
A person familiar with the matter said the company has merged its Shanghai business with the Beijing department, and some lawyers have also received the opportunity to mobilize.
Shida Law Firm is the latest foreign enterprise that has reduced its business scale in China in recent years.Due to China's economic slowdown and strengthening supervision, the capital market and private enterprises have been impacted, and multinational companies have been trying to improve their revenue in China.
People familiar with the matter revealed that earlier this year, the Fidelity Fund Management Company Fidelity International plans to lay off about 20 people in China.Other foreign fund management companies that have abolished Chinese business include Pioneer Group, Van Da Group, and Matthews International Capital Management Co., Ltd..
