| Almost one-fifth of US businesses in China are looking to move some of their operations out of the country as confidence about their prospects in the world’s second-largest economy hits a record low, a key survey shows.
However, it also revealed US companies were not giving up on China completely. Some 31 per cent of respondents are increasing investment in China this year compared to 2022 when COVID-19 restrictions shutdown large parts of the economy.At the same time, 22 per cent were decreasing investment this year because they were worried about deteriorating Sino-US relations and an unpredictable regulatory environment under Mr Xi’s leadership.
There are hopes Joe Biden will meet Xi Jinping in November after senior US and Chinese officials held talks on Russia and Taiwan on Sunday.