Closing Seagate Suzhou plant ‘normal’

Source: Xinhua | 2017-01-20

THE recent move by American computer hardware manufacturer Seagate Technology to shut a plant in China was a “normal business decision,” the Ministry of Commerce said yesterday.

“The closure of the Seagate factory in Suzhou, east China’s Jiangsu Province, was based on the company’s adjustment of its global operation strategies,” ministry spokesman Sun Jiwen said at a press conference.

Earlier this week, company officials said the Suzhou plant, one of two Seagate assembly factories in China, had been closed due to weak global demand for laptops, personal computers and corporate hard drives.

“We will continue to open up more and reduce restrictions on foreign investment in China,” Sun said, citing China’s latest measures to attract foreign investment and give investors easier access.

Foreign firms will face fewer curbs when entering service, manufacturing and mining sectors, according to a State Council document released Tuesday.

Entry controls will be relaxed for banks, securities brokerages, insurers and futures companies, among other moves, the document said.