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August 13, 2020

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Survey: US firms staying put in China

Source: Xinhua | 00:00 UTC+8 August 13, 2020 | Print Edition

US businesses are not leaving the Chinese market despite “an unprecedented downturn” in US-China relations during the COVID-19 pandemic, according to an annual member survey released by the US-China Business Council on Tuesday.

“Both our data as well as conversations with members indicate that American companies remain committed to the China market over the long term,” said the survey.

The USCBC is a trade group representing more than 200 US companies that do business with China.

Eighty-three percent of companies counted China as either the top or among the top five priorities for their company’s global strategy, showed the survey, which was conducted in late May and June, among more than 100 USCBC member companies.

Projections about the five-year business outlook in China are similarly sanguine, with nearly 70 percent expressing optimism about the commercial prospects of the market, the survey said.

Ninety-one percent of companies indicate their China operations are profitable, albeit at a lower margin than in years past, the survey showed, noting that the primary restraint on profitability is COVID-19 and its impact on the economy.

As a result of this long-term confidence in the China market, 87 percent of companies reported no plans to shift production out of China.

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