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The US-China relationship has a direct and profound impact on global peace and prosperity, and China is a critically important market for many American companies. The American Chamber of Commerce in the People’s Republic of China (AmCham China) dates back to 1919, and will continue to act as a bridge for constructive commercial engagement between both countries for many more years.
We are delighted to have partnered with PwC for the execution and analysis of the 24th annual edition of our 2022 China Business Climate Survey (BCS) Report. Our member companies believe that American business in China benefits both the United States and Chinese economies. As one of the key barometers of the sentiment of the American business community in China, this year’s edition includes some key themes:
- Earnings before interest and taxes (EBIT) bounced back to 2018 levels, with US companies taking a long-term view: EBIT margins are up for a majority of companies, with business growth as the primary driver. China remains a top three priority investment destination for 60% of our companies near term global investment plans. Member companies remain committed to their China business operations, and 66% plan to increase their investments in China in 2022. That said, in looking at the “company business outlook in China” over the next two years, members are overall less optimistic than they were in the year prior.
- Mounting pressure and risks for US companies operating in China on politically sensitive issues: Navigating US-China bilateral tensions remains a top challenge and concern for companies. 42% of companies have been facing mounting pressure to speak out and make (or not make) statements on politically sensitive issues, often causing them trouble in both the US and China markets. Of those companies, 66% have been receiving this pressure from the Chinese government, with 32% from the U.S. government.
- Increasingly complex regulatory environment: There are multiple major new regulations being implemented all at once, both in China and in the United States, on an increasingly wide range of high impact topics, from transit of key business personnel to personal income taxes for expats, and data security to environmental regulations to sanctions. The list of new and updated regulations continues to grow.
- AmCham China members desire constructive engagement, leading to concrete actions to address concerns: The number of member companies which “feel less welcome” operating their business in China has doubled over the past year, across all sectors. However, it is worth noting that the BCS survey was completed in November 2021, before the Chinese government took action to address two major practical member concerns: extension of preferential policies related to the Individual Income Tax (IIT) for foreign individuals, and support for the launch of the US-China Fast Track Travel Channel Program to help facilitate travel into China for the American business community and their families. The responses from companies to these developments have been very positive and demonstrated again the value of constructive engagement, especially with business organizations like AmCham China, in initiating mutually beneficial policies and actions.The data included in this report provides an accurate and nuanced view of the experiences that our member companies are having on the ground in China.
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