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 in Shanghai.
"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 ." Concern over the transparency of China's regulatory environment also grew, with one third reporting that policies and regulations towards foreign companies had worsened in the past year, though many respondents pointed to U.S. government policy rather than China's when asked about pressure to decouple.
Last month, U.S. Commerce Secretary Gina Raimondo said during a visit to China that U.S. companies have complained to her that China has become "Geopolitical tensions were also cited as the top risk to China's future economic growth in the AmCham report, with improved U.S.-China relations the number one factor respondents said would improve their industry's prospects in China.