Entrepreneur in China since 2001 here. The big shift occurred in 2007 in the lead-up to the 2008 Olympics when China said "OK, enough foreigners" and tightened

Entrepreneur in China since 2001 here. The big shift occurred in 2007 in the lead-up to the 2008 Olympics when China said "OK, enough foreigners" and tightened up the visa rules (which were admittedly extremely open). They never relaxed them again. This experienced reality perfectly conincides with the drop-off seen in the graphics in this article. IMHO there are three parts to the story the article misses: (1) The impact of the 2007 changes has now passed and stats across the board have stabilized or are picking up again. (2) China's first tier cities are now extremely expensive, which is a massive disincentive for small-scale foreign investors. (3) That Blue Frog chain's food is both terrible and expensive. Also there are have been many major macro changes in this time the article misses, like increased focus on anti-corruption, reforms toward digital tax, banking and governance systems, Belt and Road Initiative, cities now choking on cars, WeChat and mobile payment going from 0-100% penetration, omnipresent food delivery, etc.