US firms in China say vague rules, tensions with Washington, hurting business, survey shows

American companies operating in China view tensions with Washington over technology, trade and other issues as a major hindrance for their businesses there, according to a survey by the American Chamber of Commerce in Shanghai.

Overall, the survey showed sentiment worsened from last year, when companies were embroiled in disruptions from “zero-COVID” policies that caused parts of entire cities, transport networks and travel to be shut down, sometimes for weeks at a time. Intensifying competition has also been worsened by policies that favor local companies over foreign ones and courts that tend to favor Chinese companies in decisions on protection of intellectual property such as patents and trademarks.

Southeast Asia ranked as the top choice for the 40% of companies shifting their investments to places outside China, followed by the U.S. and Mexico, the survey said. “Companies are much more hesitant,” said Sean Stein, AmCham Shanghai's chairman. He noted that the problem was acute for financial and pharmaceutical companies.

Foreign investment into China fell 2.7% from a year earlier in the first half of 2023, according to official data.

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