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Shanghai-based business and financial media outlet Yicai reported on Monday that International Business Machines (IBM) plans to shut down its research and development division in China, impacting over 1,000 employees. This comes as China's economic slowdown gathers pace and US companies are increasingly exiting the world's second-largest economy, opting for 'friend-shoring' or 'reshoring' to secure supply chains amid vast uncertainty with deteriorating Sino-US relations. 

Yicai explained that the IBM China Development Lab and IBM China System Lab would be wound down, and over 1,000 employees would be cut. 

Here's more from the Shanghai-based media outlet:

In recent years, Apple's move to diversify its production from China to India and elsewhere only suggests that this trend will continue through the end of the decade. Companies exiting China are turning to the Americas, such as the US and Mexico, India, Japan, Vietnam, India, Indonesia, and Japan. 

The major shift out of China by Western companies, plus the nation's property crisis and demographic winter, only suggests that the growth rates of 8, 9, 10, and 11% might never be achieved in this decade, and 2, 3, and 4% growth rates are the new normal. These growth rates might be even lower in the next decade.