Over 50% of American businesses have either delayed or decreased investments in China as a result of the recent Covid outbreak, according to a survey published Monday by the American Chamber of Commerce in China.
The survey – which was conducted from April 29 to May 5 with 121 member companies participating – also detailed the impact of Shanghai’s lockdown on American firms. The city is China’s financial hub and has been under a lockdown since the end of March. As many as 58% of respondents have cut 2022 projections for revenue in China, up from 54% just a month ago. Nearly half said that foreign workers are either significantly less likely or refusing to relocate to China because of the zero Covid policy.
“We understand China choosing to prioritize health and safety above all else, but the current measures are throttling US business confidence in China,” said Colm Rafferty, Chairman for the Chamber in China, in a statement that accompanied the survey results. “Our member companies urge the government to achieve a more optimal balance between pandemic prevention, economic development, and opening-up of the country,” he added.
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