Big Brands Are Playing the Long Game in China

For years, the world's biggest companies poured into China, enticed by the promise of generating hefty revenue from a growing class of consumers. That strategy in many cases paid off handsomely until last year, when the fallout from the country's Covid-19 policies and a drawn-out property crisis spiraled the economy into turmoil. China is now grappling with significant youth unemployment, dour economic forecasts and the collapse of what was once the country's largest property developer. While U.S. executives have lamented weaker demand for some consumer products in China during earnings calls in recent weeks, a breakup is unlikely soon. Apple,…