US companies in China optimistic about growth: AmCham Shanghai

SHANGHAI - US companies in China are generally optimistic about their growth potential in the Chinese market and continue to expand their operations here, according to a survey report released by the American Chamber of Commerce in Shanghai (AmCham Shanghai) on Thursday.

The survey, conducted among 338 member companies of AmCham Shanghai between June 15 and July 15, shows that more than 82.2 percent projected higher revenues in 2021 than in 2020. Among the most sanguine industries are pharmaceuticals, medical devices and life sciences, automotives, non-consumer electronics and industrial manufacturers.

Ker Gibbs, president of AmCham Shanghai, said that the Chinese economy has recovered quickly from COVID-19, and US companies doing business in China have generally performed well.

Nearly 60 percent of the respondents reported increased investment in 2021 compared to last year, up 30.9 percentage points, the survey shows.

Looking ahead, 77.9 percent of respondents described themselves as either optimistic or slightly optimistic about the five-year business outlook, a return to the figures observed from 2015 to 2018, according to the survey.

Jeff Yuan, Asia Pacific transfer pricing services leader for PwC China, which jointly conducted the survey, said that for American companies optimistic about the Chinese market, making a comprehensive and smart China strategy remains the top priority.