China’s Official Calm Belies a War Battering Small Factories

When China’s Premier Li Qiang stood before global executives in Beijing last weekend pledging stability for his nation’s economy, toy factory manager Huang Shan had just laid off half his workers — undone by a war that’s rapidly reshaping the outlook for millions of smaller firms.

“All I want is to run a small business just to support my family with some steady income,” said Huang Shan, who’s slashed his production staff in the eastern province of Zhejiang to about 100 employees since the start of the Iran war. But now “the international environment is too harsh,” he said.