Standard Bank CEO Sim Tshabalala warns about Temu and Shein in South Africa

• Standard Bank CEO Sim Tshabalala warns that Temu and Shein could decimate local industries in South Africa unless the country builds manufacturing capacity.
• Temu and Shein's influx of cheap imported goods into South Africa has already affected the textile and electronics sectors, with local producers complaining about unfair competition and non-compliance with local regulations.
• The South African Revenue Service has cracked down on a loophole used by Chinese importers to pay lower import taxes, but attempts to regulate unregulated products have been thwarted, leaving the country's manufacturing sector vulnerable to further disruption.