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上周末，西方商业领袖聚集在北京参加中国发展论坛，与将在未来五年内治理该国的新领导层会面。
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美国高管们正面临着被传唤到国会山面对敌意质询的前景，而最近关于中国有能力的科技交易商包凡失踪和明思集团北京办公室被突袭的头条新闻也没有带来任何安慰。
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许多美国企业不再将中国视为首要的投资重点。
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中国有如古希腊神话中一个有三个头的复杂生物：地狱三头犬：第一个头：古老的中国：一个拥有无与伦比的生产效率的广阔市场；第二个头：如同日本，一个可能不会再次繁荣的巨大市场；第三个头，如同俄罗斯，一个西方企业可能不得不退却的大市场。
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中国的增长率已经轻轻放缓，政府对经济复苏没有信心，人口统计学正在成为经济的拖累，而房地产行业已经接近需求高峰。
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政治问题已经出现，如美国贸易战、出口管制、数据流管理和美国制裁，以及现在俄罗斯对乌克兰的入侵。
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公司会很高兴看到第三个头的势头的衰退，然而，中国的政策制定者不能保证意识形态不会再次取得胜利。
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如果真的如此，外国公司可能会发现他们的资产被搁浅，就像被困在地狱里由地狱三头犬守护的亡灵一样。
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中国企业家正成群结队地前往新加坡，习近平再执政5-10年也无法抚慰他们的神经。
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Last weekend, western business leaders gathered in Beijing for the China Development Forum with the new leadership that will govern the country for the next five years.
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US executives are facing the prospect of being called to Capitol Hill to face hostile questioning and recent headlines on the disappearance of China’s capable tech dealmaker Bao Fan and a raid on the Beijing offices of Mintz Group offer no comfort.
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Many US businesses no longer view China as a top investment priority.
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China is a complicated creature with three heads: a vast market with production efficiencies, Japan - an enormous market unlikely to boom again, and Russia - a large market from which western businesses may have to retreat.
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China’s growth rates have gently slowed, the government is not confident of a recovery, demographics are becoming a drag on the economy, and the property sector is close to a peak in demand.
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Political issues have arisen, such as US trade wars, export controls, data flow management, and US sanctions, and now the Russian invasion of Ukraine.
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Companies would be delighted to see head three withdraw, however, Chinese policymakers cannot guarantee that ideology won’t triumph again.
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If it does, foreign companies may find their assets stranded like the dead souls trapped in the underworld guarded by Cerberus.
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Chinese entrepreneurs are decamping in droves to Singapore and five - ten more years of Xi’s rule does little to soothe nerves.
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