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U.S. business optimism about China outlook falls to record low

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Geopolitics and a slowing economy are fuelling pessimism among U.S. businesses operating in China, with the proportion of firms optimistic about their five-year outlook in the country falling to a record low, a survey released on Tuesday said. Even after the ending of COVID curbs, which weighed heavily on both revenues and sentiment in 2022, the percentage of surveyed U.S. firms optimistic about the five-year China business outlook fell to 52%, according to the annual survey published by American Chamber of Commerce (AmCham) in Shanghai. This was the lowest level of optimism reported since the AmCham Shanghai Annual China Business Report was first introduced in 1999.

FILE PHOTO: Illustration shows U.S. and Chinese flagsSHANGHAI - Geopolitics and a slowing economy are fuelling pessimism among U.S. businesses operating in China, with the proportion of firms optimistic about their five-year outlook in the country falling to a record low, a survey released on Tuesday said.

"Frankly, if there was one thing that surprised me about the survey this year it was that number," said AmCham Shanghai Chairman, Sean Stein. "By the time we did this year's survey a lot of the illusions had fallen away that we would see a sustained rebound in economic growth ." Companies have been at the centre of deteriorating relations between the two countries for several years. China has criticised U.S. efforts to block China's access to advanced technology and U.S. firms have expressed concern about fines, raids and other actions that make doing business in China risky.

 

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