Gigi Hadid Out of VS Fashion Show in China ... 'Won't Be Able to Make It'

Gigi Hadid will NOT be walking the runway for Victoria's Secret in China -- despite saying she would this summer -- and folks think it's got something to do with her mocking Asians.

Gigi announced Thursday she "won't be able to make it to China this year," adding she'd be there in spirit with her VS family, and couldn't "wait for next year!"

The model didn't elaborate as to why she was bailing, but people online couldn't help but point to the backlash she caught earlier this year when she imitated a Buddha face online ... which many people called racist and insensitive.

this is y'all woke palestine queen? Gigi out here mocking Asian people. i would say she's cancelled but she never started. rat @GiGiHadid pic.twitter.com/b6wj5k1sXE

Again, Gigi hasn't explained the reason behind her cancellation ... but either way, it looks like she's walking this one all the way back ... not on the runway, though.

Quick side note ... it appears her sister, Bella, is still planning to appear in Shanghai.

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