torsdag 23. mars 2023

US firms 'more negative' about doing business in China

US companies are "more negative than they've been in a long time" about doing business in China, according to the president of the American Chamber of Commerce in China (AmCham China). As tensions continue to grow between the world's two biggest economies, Michael Hart says that the rivalry has "made business very challenging".

The governments of President Xi and President Biden have been disagreeing on what seems like an ever-increasing number of issues; ranging from Ukraine, to coronavirus, and Taiwan, to Tiktok, and semiconductors. That is reflected in AmCham China's latest annual survey of its more than 900 members. For the first time it shows that a majority, 55%, no longer regard China as a top-three investment priority - a place where they should spend money to grow their business.

The number who see the "uncertainty of bilateral relations" as their leading challenge in China has risen 10% in the last year to 66%. At the same time, the number who think China has become less welcoming to foreign companies has grown to 49%.