Boyu Capital, Starbucks' China business holding company, opens a store in Xinjiang, drawing condemnation from US lawmakers.
Boyu Capital, the controlling shareholder of Starbucks' China operations, has opened two stores in Urumqi, Xinjiang, CNBC reported. This move drew condemnation from the U.S. House Select Committee on the Chinese Communist Party, which called it a "shocking and morally bankrupt" decision. China's Ministry of Foreign Affairs dismissed the U.S. accusations as "outright lies." Analysts believe Boyu Capital's decision, made after weighing Washington's reaction, indicates that domestic business opportunities are considered more important. It could also be a strategy by Chinese authorities to attract global brands to demonstrate regional stability.
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