SHANGHAI : Optimism among U.S. businesses in China has hit record low levels, an annual survey showed on Friday, as competitive, economic, and regulatory challenges compound the stresses already imposed by Beijing's ongoing zero-COVID policies.
In addition, about half of the companies said that their headquarters’ confidence in China’s economic management had fallen in the past year and that just 18 per cent ranked China as number one in their company's global investment plans, down from 27 per cent last year. "What keeps a lot of businesses up at night is competition and rising competition from Chinese competitors," Sean Stein, chairman of the chamber told a news conference.
Beijing is exhorting its key industries to become more self sufficient especially as tensions with the United States grow over China's policy towards Taiwan, its relationship with Russia and, more recently, U.S. efforts to prevent transfer of semiconductor technology to Chinese companies.