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June 1, 2017

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European firms see better earnings for 1st time in 6 years

MORE than 50 percent of European companies in China reported better earnings for the first time in six years, while calling for greater market openness, a survey showed yesterday.

It found 55 percent of respondents said their revenue rose, up four percentage points from last year, the European Union Chamber of Commerce said in a survey of nearly 570 companies on China’s mainland conducted in the first quarter this year.

It was the first uptick since 2011, according to the survey.

The chamber attributed the better results to companies cutting costs and the Chinese government’s efforts in stabilizing the economy through supportive monetary and fiscal policies.

Companies, however, continued to call for the Chinese market to open up as 79 percent of the respondents cited barriers to market access which has significantly hurt European companies’ operations in China. The survey found 91 percent of the respondents said they would increase investment in China if market access is expanded.


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