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18、103.95103.95103.95103.95103.95103.95103.95103.95103.95103.95103.95103.95103.95103.95103.95103.95103.95103.95103.95103.95103.95103.95103.95103.95103.95103.95103.95103.95103.95103.95103.95103.95103.95103.95103.95103.95103.95103.95103.95103.95103.95103.95103.95103.95103.95103.95103.95103.95103.95103.95

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20、476.40462361017837.293918793278642109.2839123.02 183.97 2729.726 82648.2938462361017837.293918793278642109.2839462361017837.293918793278642109.2839103.95166166166166213126476.40126476.40462361017837.293918793278642109.2839123.02 183.97 2729.726 82648.2938462361017837.293918793278642109.2839462361017

21、837.293918793278642109.2839103.95166166166166213126476.40126476.40462361017837.293918793278642109.2839123.02 183.97 2729.726 82648.2938462361017837.293918793278642109.2839462361017837.293918793278642109.2839103.95166166166166213126476.40126476.40462361017837.2939462361017837.293918793278642109.28394

22、62361017837.2939103.95166166166166213126476.40126476.4018793278642109.2839123.02 183.97 2729.726 82648.2938462361017837.293918793278642109.283918793278642109.2839103.95166166166166213126476.40126476.402023CHINA BUSINESS REPORTTHE AMERICAN CHAMBER OF COMMERCE IN SHANGHAI2 AmCham Shanghai 2023 China B

23、usiness ReportAbout AmCham ShanghaiThe American Chamber of Commerce in Shanghai(AmCham Shanghai),known as the Voice of American Business in China,is one of the largest American Chambers in the Asia Pacific region.Founded in 1915,AmCham Shanghai was the third American Chamber established outside the

24、United States.As a non-profit,non-partisan business organization,AmCham Shanghai is committed to the principles of free trade,open markets,private enterprise and the unrestricted flow of information.AmCham Shanghais mission is to enable the success of our members and strengthen US-China commercial t

25、ies through our role as a not-for-profit service Find us online at www.amcham-shanghai.orgReport Authors:Contributors:Designer:Mickey Zhou at Snap Printing AcknowledgementsJessie Niu,Jason Wang,Qinly Wu,Yulia You,Chengqi LiRachel Rapaport,Ian Driscoll Survey partners:Jeff Yuan,Tiger Shan,Jian Li,Jun

26、 Jin,Jia Xu,Toby Zhang,Junda Lin,Huchu Xu,Jason Wang,Jingyu Cai,Helen Xu,Sharon Song,Jenny Wangprovider of high-quality business resources and support,policy advocacy and relationship-building opportunities.AmCham Shanghai would like to thank all survey participants and business executives who provi

27、ded input for this report.AmCham Shanghai 2023 China Business Report 3CHAMBER MESSAGE2023 was supposed to be the year investor confidence and optimism bounced back after years of Covid disruptions and re-strictions.According to our 2023 survey of US businesses in China,however,the rebound has not ma

28、terialized and business sentiment has continued to deteriorate.While the details vary by sector,the trends are clear:geopolitical tensions,Chinas worsening business environment,and doubts about the countrys economic recovery are depressing optimism and shaping how companies operate in China.2022 was

29、 a difficult year for businesses.Less than half of the respondents saw 2022 revenue increase over 2021,the lowest percentage in over 15 years;just 68%of respondents reported being profitable in 2022,the lowest percentage on record;and only 37%saw their operating margins increase over the previous ye

30、ar,the lowest rate since 2008.Optimism continues to fall.Last years survey registered record-low levels of optimism among US companies in China.This year,the number dropped even further,with only 52%of companies reporting that they are optimistic about the business out-look in the next five years.Re

31、flecting this,only 17%reported that China was their headquarters number one investment desti-nation globally,down from 27%in 2021.Among companies reporting plans to curb investment,70%blamed uncertainty about US-China tensions,49%cited slowing growth in China,and 48%expressed concern over future Chi

32、nese commercial policies.Companies are shifting supply chains and redirecting investment away from China.Nineteen percent of companies were considering moving some operations out of China in the next one to three years due to uncertainty about US-China relations(75%),disruptions during Covid(30%),an

33、d concerns about supply chain resiliency(29%).The most favored desti-nations for redirected investment were Southeast Asia and the United States.Chinas regulatory environment continues to deteriorate.Companies report that the improvement in the business cli-mate has stalled or reversed in recent yea

34、rs.Transparency is a growing challenge in many sectors,and 60%of businesses said that a more transparent and predictable regulatory environment would boost their confidence.A majority,56%,said there was favoritism toward local companies,nine percentage points higher than in 2020.Those results sugges

35、t that Chi-nese policymakers should make the regulatory environment more predictable,curtail procurement practices that favor local businesses,and overall ensure national treatment for foreign businesses.The guidelines released by the State Council in August on improving the foreign investment envir

36、onment address some of those concerns,but how they will be implemented over time will determine their effectiveness.Of course,more stable US-China relations would bolster US business confidence in China.This requires joint efforts from both governments.Increasing communications between Washington an

37、d Beijing in recent months was an important step to stabilize the relationship.Ultimately,US businesses would welcome a healthy bilateral relationship that allows mutu-ally beneficial cooperation while effectively managing differences.This years survey was conducted between May 31 and June 30,and ha

38、d 325 responses.Eighty-six percent of the respond-ents have been in China for over 10 years,giving them historical perspective.Published since 1999,the American Chamber of Commerce in Shanghais annual“China Business Report”is one of the longest-running surveys of US businesses in Chi-na.The report r

39、eflects the opinions of our member companies operating in this important market.We trust that this report will provide valuable insights to our members,to policymakers on both sides of the Pacific,and to company headquarters seek-ing an independent view of Chinas business environment.We thank our su

40、rvey partner,PwC,for its analytical support and those members who contributed their invaluable perspectives.Eric ZhengSean Stein4 AmCham Shanghai 2023 China Business ReportEXECUTIVE SUMMARYRevenue expectations stable:With the end of zero-Covid,52%of respondents expect their revenue to beat 2022s.Thi

41、s rate was highest 74%for retail companies,which suffered significantly during last years restrictions.The percentage of companies expecting China revenue growth to outpace global growth dropped 7 percentage points(pp)to 40%.However,the retail sector was relatively optimistic on this metric,with 57%

42、of retail companies expecting China revenue growth to outperform worldwide growth compared to only 41%for manufacturing and 31%for services.Financial metrics plummet:A record-low percentage of respondents,68%,were profitable in 2022 after city-wide closures and intermittent lockdowns struck a deep b

43、low to operations.Only 49%saw revenue increase in 2022 compared to the prior year,a 27-pp drop from last years survey,while just 37%reported margin increases down 17 pp year-over-year.Five-year optimism at a record low:Just 52%of respondents are optimistic about the five-year business outlook in Chi

44、na,a 3-pp drop from last year and the lowest in our surveys history.The percentage of companies identifying as slightly pessimistic or pessimistic was 23%,even worse than in 2019,when the imposition of US tariffs prompted 21%of companies to describe themselves as such.More companies increasing inves

45、tment:31%of companies plan to increase investment in China this year,6 pp more than did last year.The top reason for increasing investment was unchanged Chinas market growth potential followed by the removal of zero-Covid restric-tions and pressure to localize.Meanwhile 22%expect to decrease investm

46、ent,on par with last year,and this was highest for the manufactur-ing sector at 29%.The top reason for decreasing investment was overwhelmingly uncertainty about the US-China trade relationship,followed by expectations of slower growth in China and uncertainty over future Chinese commercial policies

47、 and policy implementation.China is the top priority for fewer companies:Only 17%of companies ranked China as their headquarters number one investment des-tination,down marginally from 18%last year,but 10 pp lower than the 27%recorded in 2021.Unsurprisingly,headquarter confidence has suffered.Only 8

48、%of survey takers reported that their headquarters view of Chinas economic management had improved in the past year,against 46%that said it had worsened.More companies moving investment abroad:40%of respondents are redirecting or planning to redirect investment originally planned for China,a 6-pp up

49、tick from last year.Southeast Asia remains the most favored destination,followed by the United States,Mexico and Europe,which surpassed the Indian subcontinent for the first time.The top reasons for redirecting investment were making contingency plans to diver-sify away from China,growth opportuniti

50、es in the target market and market changes in China.Geopolitical challenges loom large for companies:Asked to identify the top challenges to their company over the next three to five years,60%of respondents chose US-China tensions,60%chose an economic slowdown and 49%chose domestic competition.Simil

51、arly,geopolit-ical tensions was cited as the top challenge to Chinas economic growth while improved US-China relations was the factor that respondents most expected to benefit their industry.Uncertainty about US-China relations was also the top reason that nearly one-fifth of all respondents are pla

52、nning to move some of their operations out of China.Chinese competitors prove increasingly challenging:Domestic competition was ranked by the most members,32%,as a serious opera-tional hindrance,and by a further 46%as some hindrance.Although three-quarters of companies see local firms speed to marke

53、t as superior,they remain confident in their product quality and product development.The most common strategy for better competing with Chinese firms is to adapt products to the local market,chosen by more than half of respondents.R&D spending is stable:This year,42%of companies with R&D in China pl

54、anned to increase their R&D investment,down 3 pp from 2022.Automotive and chemical companies saw the most respondents increasing R&D expenditure(65%and 53%,respectively).Only 10 of the 217 companies with R&D activities in China expect to cut their R&D budgets,a reassuring sign given todays downbeat

55、economic environment.Digital policies continued to trouble respondents:70%labeled data localization and other cybersecurity requirements as a hindrance to their business.Meanwhile,60%said that digital and data security laws have brought increased uncertainty about such policies requirements and enfo

56、rcement,while 48%say it has increased their companys operating costs.Barely a passing grade for market reform:Asked how committed China is to market opening and reform,on a scale of 1-10 with 1 as no commitment and 10 as fully committed,respondents gave an average ranking of 6.Companies from the pha

57、rmaceuticals,medical devices and life sciences and banking,finance and insurance industries gave the best grades;those in technology hardware,software and services and legal services gave the worst.Meanwhile,companies perception of policy transparency deteriorated for a third-straight year,with only

58、 one-third labeling the regulatory environment as transparent,and more than half said that government policy in their industry favors local companies.Pressure to decouple comes mainly from the US:Of the two-thirds of total respondents that face decoupling pressure,two-thirds said the pressure comes

59、from US government policy while only one-third blamed Chinese government policy.Uncertainty over future Chinese policy direction and uncertainty over future US policy direction were the top factors contributing to this pressure,followed by tariffs and trade barriers and then risk of military conflic

60、t.Among companies that considered how the effects of excessive/premature or non-strategic decoupling of their industry would impact the US,72%said that Chinese competitors would replace their operations in China and 57%said that unnecessary de-coupling would disadvantage US companies by distancing t

61、hem from a competitive environment.Extension of expatriate tax benefits and new foreign investment measures may boost confidence:The Ministry of Commerce and State Taxation Administration extended the preferential individual income tax policy on foreigners fringe benefits for another four years.The

62、announcement shows commitment to fostering an environment that attracts foreign talent.The State Councils release of 24 measures to pro-mote greater foreign investment and ensure national treatment of foreign-invested enterprises is another signal that government has listened to the business communi

63、tys key concern,though the effects will be minimal until companies can assess how the measures are implemented over the coming year.AmCham Shanghai 2023 China Business Report 5INDEXBusiness Performance.6Record-low profitability.6Revenue increases weakest in over a decade.6Fewer companies saw margins

64、 rise.7Business Forecast and Strategy.8Looking forward with gritted teeth.8Lower percentage expecting China revenue growth to outpace global growth.9Sending support back home.10Five-year optimism hits record low.10Investment.12A third of companies increase investment.12Growth potential spurs increas

65、ed investment.12Headquarters continue to de-prioritize China for investment.13Chinas economic management fails to impress.13Some companies consider capping investment exposure .14Investment shifting to Southeast Asia.15Macro and Business Challenges.16Geopolitical tensions loom.16Thinking about exit

66、plans.17Shoring up to stay safe.18Operational Environment.19Domestic competition and rising costs loom large.19Local rivals muscle up.19Job cuts ahead.20R&D spending is stable.21Corporate guardrails around local R&D.22Policy and Regulatory Environment.23Regulatory obstacles grow even more troublesom

67、e.23Digital drag.23Chinas weak IP regime limits R&D investment .24Companies need a predictable regulatory environment.25and its not here yet.26Transparency occludes.26Local companies still favored.27Opening and reform:more commitment needed.28Decoupling.30Still in China,for China,but getting tougher

68、.30Drivers of decoupling vary by industry.31Dealing with decoupling and its disadvantages.32Decoupling will benefit domestic competitors at the expense of US businesses.32Survey Demographics.33Survey Results.666 AmCham Shanghai 2023 China Business ReportBUSINESS PERFORMANCE Record-low profitability2

69、022 was an exceptionally challenging year for many US companies in China with just 68%of respondents reporting being profita-ble,the lowest level on record.Meanwhile,18%reported losses,five percentage points(pp)higher than in 2021.This weak performance is unsurprising as city-wide closures and inter

70、mittent lockdowns struck a deep blow to operations in the beginning of 2022.A greater percentage of compa-nies in the manufacturing sector(77%)en-joyed profits than retail(70%)and services(54%),indicating a skewed post-lockdown recovery.Companies with the longest tenure in China(more than 20 years)w

71、eathered the storms better than newer arrivals,with 77%seeing profits last year compared to 52%of companies operating in China for fewer than five years.Most of our automotive members are suppliers,and the growth of Chinas electric vehicle(EV)market has been a boon to those providing parts and syste

72、ms to foreign and Chinese EV manufacturers.Companies supplying the US auto market also benefited from relatively healthy demand in 2022.Exports of vehicles made by Chinese manufacturers to emerging markets ex-panded,providing another market for US suppliers even as foreign automakers sales in China

73、declined.Losses within legal services stem in part from the 2022 Covid lockdowns,with multinational corporations(MNCs)saving cash for operational purposes rather than spending it on legal services.Trade tensions and the maturation of Chinas economy also weighed on profits.While most internationally

74、sourced work is driven by inbound investment and M&A,it is spread unevenly among firms.Businesses with retail and high-tech clients fared better than those serving exporters,some of whose business is increasingly flowing to countries like India,Indonesia and Vietnam.Fewer Chinese firms are investing

75、 in Europe or the United States,which has impacted outbound M&A and capital markets work,although delistings of Chinese companies from US stock exchanges has boosted some firms.Some law firms have fared well,but others have exited the China market.Industry heads suggest others will follow.Revenue in

76、creases weakest in over a decade2022 was also a challenging year for corporate revenue.Less than half of respondents 49%saw 2022 revenue in-crease over the previous year,the weakest rate in over 15 years and a dramatic 27 pp drop from last years survey,while 36%saw revenue decrease.This is on par,th

77、ough,with how members expected their financials to turn out when quizzed last year(47%anticipated an increase and 35%foresaw a drop),meaning the second half of the year brought few surprises.The manufacturing sector saw more respondents with revenue increases(53%)than services(46%)and retail(40%).Hi

78、storical summary of business performance:Operating margins upProfitableRevenue up75%76%54%77%57%77%71%46%78%50%62%77%2012201120132014201520162017202120202019201843%50%68%49%37%2022Automotive 95%profitableLogistics,transportation,warehousing and distribution 83%profitablePharmaceuticals,medical devic

79、es and life sciences 79%profitableLegal services 40%reported lossesTechnology hardware,software and services 37%reported losses Retail and consumer 30%reported lossesPercentage of respondents reporting profitsPercentage of respondents reporting lossesAmCham Shanghai 2023 China Business Report 7Less

80、than a quarter(23%)of companies reported higher China revenue growth in 2022 than their worldwide average,a sharp drop from 43%in last years survey.A greater percentage of companies in the manufacturing sector(29%)compared to retail(16%)and services(17%)reported higher China revenue growth.Meanwhile

81、,the percentage of respondents report-ing lower China revenue growth compared to worldwide growth rose more than 20 pp to 44%.Fewer companies saw margins riseOperating margins increased in 2022 versus 2021 for only 37%,down 17 pp from last years survey and the lowest since 2008.Only 29%of retail sec

82、tor companies saw margins increase.The decline in margins in the retail and consumer industry was driven by consumers downgrading purchases and becoming more cost conscious.During Covid,consumers,whether eating out or buying goods for home,often engaged in product mix changes,including buying larger

83、,lower margin packs of products than previously.Similar behavior was observed in restaurants,where average sales prices trended downwards as people switched to lower-cost offerings.Competition for fewer spoils in logistics,transportation,warehousing and distribution combined with lower freight rates

84、 pressured industry margins.Thirty-six percent of auto suppliers also reported margin decreases in 2022,despite 95%of industry companies being profita-ble.Margin falls were driven by several factors,including supply-side inflation,demand-side remixing,and high logistics costs that they struggled to

85、pass onto automakers.Margin increases in pharmaceuticals,medical devices and life sciences are at first glance surprising given the pricing pressures exerted by volume-based procurement for off-patent drugs and national drug price negotiation for innovative drugs.However,counterbalancing forces incl

86、ude improved transparency around the National Reimbursement Drug List;growing expenditure in healthcare via social medical insurance,commercial insurance and out-of-pocket payments;and the adoption of new therapies in leading hospitals.The margin increases in banking,finance and insurance are limite

87、d to selected institutions as many asset managers are losing money and foreign banks are treading water.Percentage of respondents reporting margin increasesPercentage of respondents reporting margin decreasesPharmaceuticals,medical devices and life sciences 50%Legal services 50%Banking,finance and i

88、nsurance 50%Retail and consumer 59%Logistics,transportation,warehousing and distribution 45%Management consulting 37%8 AmCham Shanghai 2023 China Business ReportBUSINESS FORECAST AND STRATEGY Looking forward with gritted teethEven with zero-Covid restrictions in the rearview mirror,just over half of

89、 respondents(52%)expect this years revenue to beat that of 2022;if true,this would be slightly better than the revenue performance last year but still lower than pre-Covid norms.Historical summary of revenue growth:The retail sector is expecting the biggest rebound,with 74%of companies anticipating

90、2023 revenue to be higher than 2022 revenue compared to 42%for manufacturing and 56%for services.The retail sector also had the highest percentage of companies increasing 2023 revenue projections specifically because of the end of zero-Covid,at 71%compared to 49%overall.Industry-wise,pharmaceuticals

91、,medical devices and life sciences(67%),retail and consumer(66%)and banking,finance and insurance(61%)have the highest percentages of respondents expecting revenue to grow because of Chinas post-Covid opening.The relatively high percentage of chemicals companies expecting revenue decreases this year

92、 is largely a result of the broad decline in manufacturing due to poor economic conditions.Some foreign producers of advanced specialty chemicals still expect to benefit from a competitive moat,particularly those supplying manufacturers of EVs and electronics.However,de-mand for consumer electronics

93、 such as mobile phones and computers is slipping in both domestic and international markets,tempering second-half profit expectations.Demand for specialty chemicals or materials such as silicones for new energy vehicles has also boosted specialty chemicals producers,but the decline in demand for int

94、ernal combustion vehicles has hit demand for other materials.Slack demand for commodity chemicals from industries such as construction has also hurt some Percentage of respondents expecting revenue increasesPercentage of respondents expecting revenue decreasesEducation and training 79%Retail and con

95、sumer 72%Banking,finance and insurance 61%Pharmaceuticals,medical devices and life sciences 58%Logistics,transportation,warehousing and distribution 64%Technology hardware,software and services 53%Chemicals 41%Industrial manufacturing 41%20112012201320142015201620175%4%12%18%53%9%6%6%7%6%4%7%44%37%3

96、9%29%37%44%22%13%19%23%30%27%29%27%14%17%11%12%8%8%8%14%10%5%8%8%4%9%6%6%20185%3%31%28%15%12%10%2%44%22%12%9%6%2019202120222020 6%28%16%10%17%20%4%*2011-2017 data does not include a“Not applicable”option.*Projected revenue change3%3%9%49%18%9%4%8%Up over 50%Up 11-50%Up 1-10%Remained the sameDown 1-1

97、0%Down over 10%Not applicable*4%26%22%17%12%19%2023*1%3%29%16%14%17%19%AmCham Shanghai 2023 China Business Report 9chemicals producers.Even if local demand for commodity chemicals improves in the third or fourth quarter,the benefit will be mitigated by the decline in exports.Revenue expectations in

98、pharmaceuticals,medical devices and life sciences are relatively optimistic despite the impact of volume-based procurement.This is due in part to ameliorative action taken by firms in recent years.Many big pharmaceu-tical MNCs have carved out or expect to carve out off-patent drugs and are accelerat

99、ing new product launches.Some firms have reduced their in-house sales force and are using local partners for promotion and manufacturing.Such actions have helped to bolster or maintain return on investment and profitability in the China market.Given the current geopolitical situa-tion,some MNCs have

100、 also pushed their local subsidiaries to hit growth targets with lower investment than previously.This can also improve financial performance.Changes to 2023 revenue projections due to the lifting of zero-Covid restrictions:Lower percentage expecting China revenue growth to outpace global growthIn l

101、ast years survey,47%expected China revenue growth to outpace global growth in the following three to five years.The experience of the past 12 months has dampened optimism;now,only 40%expect this to be true.For smaller companies,many of which have significant exposure to China,a growth slowdown will

102、have serious ramifications.Amid global economic weakness,the retail sector is relatively optimistic about China performance,with 57%expecting Chi-na revenue growth to outperform worldwide growth compared to only 41%for manufacturing and 31%for services.This data fairly reflects on-the-ground circums

103、tances as exports are weak and areas of the service sector have been dogged by regulatory concerns.Conversely,the governments efforts to boost consumption should provide a following wind to retail and consumer businesses.Over the next three to five years,how do you expect your revenue growth in Chin

104、a to compare to worldwide revenue growth?Retail and consumer 63%Pharmaceuticals,medical devices and life sciences 56%Chemicals 53%Logistics,transportation,warehousing and distribution 45%Technology hardware,software and services 39%Industrial manufacturing 35%sec i v r eSgn i r u t ca f unaMl i a t

105、eRl l a r evONo changeIncreasedDecreasedNot applicable6%11%49%71%46%46%33%24%35%34%12%16%10%3%2%2%sec i v r eSgn i r u t ca f unaMl i a t eRl l a r evOComparableHigherLowerNot applicable11%10%4%21%40%57%41%31%25%21%27%24%24%12%28%24%Percentage of respondents expecting revenue growth in China to beat

106、 other marketsPercentage of respondents expecting revenue growth in China to lag other markets10 AmCham Shanghai 2023 China Business Report Sending support back homeInvestment in China contributes to US employment and operations.Of companies with US operations,26%said their China operations added to

107、 their US operations/employment.This is a 5-pp increase from last year.The industrial manufacturing in-dustry was the outlier.Even so,just 16%indicated that their China operations reduced US operations/employment,versus 6%overall.In general,the data shows that US investment in China continues to boo

108、st the US economy and employment.Five-year optimism hits record low Despite the end of Covid-era constraints,the percentage of companies describing themselves as optimistic or slightly op-timistic hit a record low of 52%.Concerns about geopolitics,US-China relations and Chinas poor economy are all w

109、eigh-ing on expectations.The percentage of companies identifying as pessimistic or slightly pessimistic was 23%,even worse than in 2019,when the US-China trade war prompted 21%of companies to describe themselves as pessimistic or slightly pessimistic.In last years survey,the chemicals industry and t

110、he banking,finance and insurance industry saw the highest levels of op-timism at 80%and 64%,respectively.This year both industries logged significant declines,both to 53%.In the chemicals industry,demand for specialty chemicals has buoyed some companies,but exports have suffered,competition from loc

111、al commodity chemicals producers has stiffened and slow industrial demand is weighing on expectations.Many commodity chemical products have also seen prices fall due to slowing demand.Pessimism among our members in logistics,transportation,warehousing and distribution stems from growing domestic com

112、-petition and softness in US-China trade,both in exports and imports.Optimism in pharmaceuticals,medical devices and life sciences is on par with last year(59%),with the industry benefiting from the governments efforts to raise healthcare stand-ards.However,both the price-depressing effect of volume

113、-based procurement and the impact of a major rectification cam-paign for the health sector announced in July will curb their enthusiasm.6%Reduced USoperations/employment26%Added to USoperations/employment68%Little net effect on USoperations/employmentHow have your China operations impacted your US o

114、perations?AmCham Shanghai 2023 China Business Report 11Pessimism in the management consulting industry is underpinned by several forces.These include the investigations of due diligence firms,the reluctance of Chinese state-owned enterprises(SOEs)to use foreign consulting firms,and less work from fo

115、reign MNCs that have adopted a wait-and-see approach during tough economic times.How would you describe your five-year business outlook in China?Highest levels of optimism Highest levels of pessimismPharmaceuticals,medical devices and life sciences 60%Legal services 60%Retail and consumer 55%Logisti

116、cs,transportation,warehousing and distribution 42%Technology hardware,software and services 42%Management consulting 33%2023201720182019202120222020NeutralOptimistic/Slightly optimisticPessimistic/Slightly pessimistic55%24%21%80%13%6%80%13%7%61%18%21%59%23%18%78%12%10%52%25%23%12 AmCham Shanghai 202

117、3 China Business ReportINVESTMENT A third of companies increase investmentThirty-one percent of companies are increasing investment over 2022 levels,6 pp more than did last year.Meanwhile,those ex-pecting lower investment increased by 1 pp to 22%.A higher percentage of manufacturing sector responden

118、ts(29%)are decreas-ing investment year-on-year than services(18%)and retail(11%).The cut in investment by manufacturing firms is partly due to a rebalancing of investment due to initiatives to build supply chain resiliency and offshoring part of their production.How is your companys investment in Ch

119、ina changing in 2023 compared to 2022:Among the 73 companies that are cutting investment,70%chose uncertainty about the US-China trade policy/commercial relationship as a reason.This is a huge jump from the 39%who chose this reason for cutting investment in last years report,indicating that bilatera

120、l tensions have sapped business confidence.The second most cited reason for lower year-over-year investment was expectations of slower growth in China(49%),followed by uncertainty over future Chinese commercial polic-es and policy implementation(48%).In the chemicals industry,some of the investment

121、cuts can be attributed to a narrowing of investment focus to help trim short-term costs.Growth potential spurs increased investmentChinas market growth potential was the most popular reason that some companies are investing more in 2023,chosen by 84%of the 102 companies doing so.Next unsurprisingly

122、was the removal of zero-Covid restrictions,chosen by 39%,followed by pressure to localize(23%)and the ability to take advantage of efficient and cost-effective supply chains(17%).In the auto industry,41%of companies are increasing investment over 2022 levels.Industry executives say that almost all c

123、apex investment will be aimed at serving the EV segment,especially as Chinese companies continue to go global.Automotive 41%Legal services 40%Chemicals 41%Management consulting 37%22%21%19%46%54%51%31%25%30%2023 Projected2022 Reported2022 ProjectedIncreaseNo changeDecreasePercentage of respondents i

124、ncreasing investment in China this yearPercentage of respondents decreasing investment in China this yearAmCham Shanghai 2023 China Business Report 13 Headquarters continue to de-prioritize China for investment Only 17%of companies ranked China as their headquarters number one investment destination

125、,down marginally from 18%last year,but 10 pp lower than the 27%recorded in 2021.Nineteen percent of companies reported that China was a low investment priority.One industry where China has fallen further out of favor is industrial manufacturing.Last year 40%of in-dustrial manufacturers ranked China

126、as a top-three investment target for their company;this year it was 26%.Unlike manufacturing where Covid stranded supply chains and forced many companies to diversify,a third of companies in the retail and consumer industry still see huge market potential in China.Restaurant chains continue to expan

127、d,although some of the biggest firms have localized their ownership models.Industries where the greatest percentage of companies ranked China as a number one priority were:Parent company ranking of China in global investment plans:Chinas economic management fails to impressOnly 8%of survey takers re

128、ported that their headquarters view of Chinas economic management had improved in the past year,against 46%that said it had worsened.While 46%is an improvement on last years 52%,it is a sobering figure given Chinas efforts to incentivize and encourage new foreign direct investment.Industry differenc

129、es are notable,with 70%of legal service companies saying headquarter confidence has worsened while 15%of retail and consumer,16%of technology hardware,software and services and 20%of pharmaceuticals,medical devices and life sciences companies said it has improved.In the past year,has your parent com

130、panys confidence in Chinas economic management:Management consulting 30%Retail and consumer 33%Education and training 40%Top-three choiceNumber-one priority2021202017%43%2022202345%25%55%27%53%18%8%Improved46%Remained the same46%Worsened14 AmCham Shanghai 2023 China Business Report Some companies co

131、nsider capping investment exposure Among the 281 companies that did not describe themselves as China-based or China-focused,20%plan to cap their China investment at less than 5%of their total global investment in response to the changing geopolitical and economic situation.The trend is even stronger

132、 in the service sector where a lack of transparency has been a growing problem in recent years.Twenty-eight percent of service sector firms plan to limit China investment to less than 5%.This confirms anecdotal evidence that some headquarters are now formally capping their investment in China.Compan

133、ies intending to limit investment come primarily from these industries:While the banking,finance and insurance industry had a more positive view of Chinas regulatory environment than most indus-tries,it is among the industries with the greatest percentage of companies planning investment caps.Foreig

134、n wealth manage-ment and asset management companies are the exception of course,given the size of the market opportunity.In other financial sectors,however,MNC-facing businesses are facing growth constraints and they struggle to compete against the entrenched Chinese banks to increase market share,p

135、articularly in a slowing economy.While international insurance companies have sometimes fared better than their banking counterparts,success in China has been limited and few have made the returns they once expected,contributing to head office reticence regarding greater investment.Outside of financ

136、ial services,the smallest companies by global annual revenue(less than US$50 million)were most likely to impose investment caps while the biggest companies(greater than US$5 billion)were least likely.As a percentage of total global investment,is your company planning to limit investment exposure to

137、China in the future?Banking,finance and insurance 53%Education and training 57%Technology hardware,software and services 65%3%1%Yes,limit to between 15%and 25%3%Yes,but the limit will be higher than 35%Yes,limit to between 25%and 35%Yes,limit to between 5%and 15%14%20%Yes,limit to less than 5%58%No,

138、we are not planning any limitsAmCham Shanghai 2023 China Business Report 15 Investment shifting to Southeast Asia In the past year,40%of respondents have redirected investment or formulated plans to redirect investment originally planned for China,6 pp more than last year and much higher than pre-Co

139、vid or at the height of the trade war in 2018(20%)and 2019(26%).Among these companies,Southeast Asia is the favored destination(57%),followed by the United States(30%)and Mexico(29%)as near-shoring and friend-shoring trends continue.Interestingly,Europe(23%)bested the Indian subcontinent(22%)for the

140、 first time.Broken down by industry,of technology hardware,software and services companies that have redirected investment planned for China,55%favored Southeast Asia.Some of this investment will be channeled to Singapore or Malaysia,with the former re-gaining its popularity as a high-tech manufactu

141、ring hub.Driving the moves are pressures to diversify supply chains,tariffs or the threat of tariffs on China-sourced goods,and“made in where”worries.Mexico is the favored destination for the auto industry.Eighty percent of companies redirecting investment selected Mexico where low labor costs,proxi

142、mity to the US market and the benefits of tariff-free trade under the US-Mexico-Canada trade agreement have lured companies for several years.This trend started after the Trump administration introduced tariffs on Chi-nese goods and has accelerated as companies diversify their supply chains in respo

143、nse to geopolitical friction and Chinas Cov-id-era disruptions.A similar narrative explains why many companies have decamped part of their production to Southeast Asia,especially Thailand,another low-cost labor area with an established auto parts ecosystem.Favored destinations for companies redirect

144、ing planned China investments:Push factors from the Chinese market prevail over pull factors from the target markets when companies are planning to redi-rect investment.Exactly 40%of companies redirecting investment cited contingency plans to diversify supply chains as the top reason,and this reache

145、d 75%for the pharmaceuticals,medical devices and life sciences industry.Market changes in China are also pushing 11%of these companies elsewhere,as are tariffs(9%).The tariff effect was an acute factor for the auto industry(40%)and for the retail and consumer industry(36%).Among all companies that a

146、re redirecting investment,22%singled out growth opportunities in the target market as the driving factor.23%23%16%EuropeIndian subcontinent30%22%22%20212022202335%29%29%MexicoSoutheast Asia51%58%57%22%32%30%United States(and territories)16 AmCham Shanghai 2023 China Business ReportMACRO AND BUSINESS

147、 CHALLENGES Geopolitical tensions loomAsked what they expect to most benefit their industry over the next three to five years,respondents chose improved US-China relations(56%),growth of the consumer market(44%)and innovations in technology(37%).These are the same frontrunners as last year,minus cha

148、nges to Chinas zero-Covid policies,which was not an option in this years sur-vey.Seventy-nine percent of technology hardware,software and services industry members chose improved US-China relations as a factor that would most benefit their industry,unsurprisingly the highest percentage of any indust

149、ry as such companies have been impacted by US export controls and Chinese government procurement restrictions.Predictably,consumer market growth was particularly important for retail sector respondents,with 75%ranking it in the top three.Factors companies expect to benefit their industry over the ne

150、xt three to five years:Anticipated challenges over the next few years mirrored these expecta-tions.Concerns about geopolitics and the economy surged this year.Asked to identify the top challenges to their own company over the next three to five years,US-China tensions and an economic slowdown both j

151、umped by a third to 60%.Concerns about domestic competition came in third at 49%.No-tably,worries about inflation fell signif-icantly this year,with fewer companies identifying increasing labor or material costs as a top-three issue.Improved US-China relationsGrowth of consumer marketInnovations in

152、technologyEconomic and financial reformsSupportive industrial policies and subsidiesExpansion of e-commerceRemoval or reduction of tariffsUrbanization Growing local talent poolStrengthened legal institutionsImproved IP enforcementOtherNone of the above56%44%37%29%24%18%18%17%17%15%15%1%3%Over the ne

153、xt three to five years,what do you expect to be the top three challenges facing your company in China?1%1%5%10%8%12%21%2%4%5%9%11%13%14%17%20%23%US-China tensionsEconomic slowdownDomestic competitionIncreasing labor costsUnpredictable regulatory environmentPolicies/bidding criteria that favor domest

154、ic companiesOther unpredictability or uncertainty(non-regulatory)Pressure to decoupleUS policies and regulationsChinese policies and regulationsIncreasing material costsPressure to localizeIP concernsChanging environmental standardsLimited access to due diligence and/or consulting services Other19%6

155、%32%60%60%46%45%49%52%2022202310%N/AN/AN/A0%AmCham Shanghai 2023 China Business Report 17In addition to listing challenges facing their company,respondents were also asked to list the top three threats to the Chinese economy.Most respondents(69%)chose geopolitical tensions,followed by excessive/prem

156、ature or non-strategic decoupling(43%)and Chinese economic policies(39%)as the greatest challenges.Which of the following do you believe presents the greatest challenge to Chinas economic growth?Unsurprisingly,industries with the most globalized supply chains and networks were the most likely to lis

157、t geopolitical ten-sions as the greatest challenge to Chinas economic growth,including automotive(86%);pharmaceuticals,medical devices and life sciences(80%);and logistics,transportation,warehousing and distribution(75%).Thinking about exit plansUS-China tensions are also pushing companies to review

158、 their operational footprints.This year,63 companies(19%),ten more than last year,are considering moving some of their current operations out of China over the next one to three years.The top reason by far was uncertainty about US-China relations(75%),trailed by lingering concerns about Chinas manag

159、e-ment of Covid(30%),rising costs(29%)and efforts to make supply chains more resilient(29%).Top reasons companies are moving operations out of China:Although many companies attributed Chinas Covid restrictions as a key factor driving decisions to relocate operations,only around one-quarter of compan

160、ies said that the lifting of zero-Covid restrictions led them to reconsider their decision.Relocated operations are almost evenly divided between manufacturing and non-manufacturing.Of the 63 companies re-locating part of their operations,slightly less than half are moving some manufacturing operati

161、ons and just over half are moving some non-manufacturing operations.None are moving the entirety of their manufacturing operations,and only one is moving the entirety of their non-manufacturing operations.1%1%6%5%11%Rank 1Rank 2Rank 3OtherWealth disparityMiddle-income trapWeakness in the property ma

162、rketMilitary conflictRegulatory overreachPopulation declineChinese economic policiesExcessive/premature or non-strategic decoupling from the USGeopolitical tensions2%3%11%3%5%23%26%31%23%10%6%7%6%10%10%11%10%10%34%19%7%8%39%12%14%13%43%11%21%11%69%21%21%26%75%Uncertainty about US-China relations30%L

163、asting impressions due to Chinas management of Covid 29%Supply chain resilience(improve or buildmore reliable/efficient supply chains)29%Rising costs24%Tariffs 18 AmCham Shanghai 2023 China Business ReportThe industries where the greatest number of companies are moving a portion of their manufacturi

164、ng footprint include auto-motive,industrial manufacturing,and retail and consumer.The US is not a popular choice for relocating manufacturing oper-ations,however,with just two respondents planning to relocate some manufacturing to the US or its territories.Shoring up to stay safeAmong the companies

165、relocating any operations and that have supply chains,75%are moving portions of their supply chain out of China.Even if they are not moving operations,a large majority of firms with supply chains 89%are building resiliency into their supply chain in the post-Covid world.For these companies,the most

166、common strategies are:Increasing/diversifying China-based suppliers56%46%17%Increasing/diversifying suppliers based outside ofmainland ChinaIncreasing inventory of inputs or raw materialsAmCham Shanghai 2023 China Business Report 19OPERATIONAL ENVIRONMENT Domestic competition and rising costs loom l

167、argeDomestic competition was viewed by a plurality of members(32%)as a serious operational hindrance to their business.This is 10 pp more than in 2020,and reflects the growing competitive threat posed by nimble,innovative local businesses and SOEs,which have enjoyed stronger support in recent years

168、and whose consolidation has made them increasingly compet-itive with large MNCs.Domestic competition was a particular concern for technology hardware,software and services com-panies,47%of which noted it as a serious hindrance.Rising costs came in second with 25%of companies listing it as a serious

169、hindrance,down from 30%in 2022,but a further 64%considered rising costs to be of some hindrance.One significant part of rising costs could be labor costs.While Chinas inflation rate has sat under 3%for over a decade,wage inflation has decoupled from broader inflation and instead risen by about 7%per

170、 annum.To what extent do the following operational challenges hinder your business?Local rivals muscle upDomestic competition is a growing challenge for foreign firms.One area where foreign firms continue to lead is in product quality.Of firms to which product quality was applicable,more than three-

171、quarters(76%)viewed their competitors prod-ucts as less advanced,particularly in manufacturing-focused industries.This confidence in product quality is correlated with confidence in product development,and 53%believed that their Chinese competitors product development was infe-rior.For many foreign

172、companies,R&D systems have been developed over many years,resulting in quality being built-in at the R&D stage.In certain other areas,Chinese companies are able to outperform our members.Of respondents for whom the various met-rics are applicable,three-quarters believed their Chinese competitors are

173、 quicker to market.More than half of respondents(57%)saw local firms as better able to acquire permits and product certifications,while 42%believed their sales and market-ing was inferior to Chinese competitors.Limited local R&D and innovation capacityDifficulties importing goods due to customs regu

174、lationsUS export controlsCorruption and fraudLack of talent and capabilitiesIP infringementsInefficient government bureaucracyData transfer/processing restrictionsInternet restrictionsDomestic competitionRising costsNo hindranceSome hindranceSerious hindrance11%64%25%Limited workforce availability22

175、%46%32%26%54%19%31%52%17%39%52%10%39%46%15%46%44%10%51%43%6%51%34%15%58%33%8%58%36%6%67%28%5%20 AmCham Shanghai 2023 China Business ReportCompared to your company,how do you rate your Chinese competitors in the following business areas?Faced with growing competition,foreign companies are betting on

176、product localization.To better compete with domestic firms,the most common strategy choice across all sectors was adapting products to the local market(57%).Unsurprisingly given Chinas strength in e-commerce,a majority of retail members(55%)are expanding their use of digital strategies to boost comp

177、etitiveness,compared to only 35%for manufacturing and 33%for services.Most popular strategies for better competing with Chinese companies:Job cuts ahead Facing a slower-than-expected economic recovery,companies are not in a hiring mood.With rising costs as the second big-gest operational hinderance,

178、nearly a third(31%)will cut headcount this year,up 14 pp from 2022 and the highest level in at least five years.Slightly more than one-third(34%)of companies plan to increase headcount,down significantly(14 pp)from last year but on par with the initial stage of the pandemic in 2020(33%).Headcount cu

179、ts in the logistics,transportation,warehousing and distribution industry stem from a weaker import and export environment and overexpansion by some operators when times were good.Percentage of companies increasing or decreasing headcount:Less advancedMore advancedSpeed to marketAbility to acquire pe

180、rmits and certifications Sales and marketing Use of digital strategiesAdoption of new or emerging technologies Product development Product quality 9%7%29%22%29%53%76%75%57%42%39%37%21%7%DecreasingIncreasing47%33%64%48%20%30%8%17%2019 2020 2021 2022 202334%31%29%29%37%40%41%42%57%Adapting productsto

181、local marketImproving productquality Investing in salesand marketingDeveloping more products locally Expanding use of digital strategies Cutting time to market Asking global headquarters for autonomy to make more decisions locallyAmCham Shanghai 2023 China Business Report 21Chinas reopening will hav

182、e a limited impact on foreign talent only a fifth of companies plan on hiring new expatriate staff this year.Members with expatriate employees said that the top challenges to attracting or retaining foreigners were geopoliti-cal concerns,the high cost of living and uncertainty over upcoming tax chan

183、ges.Since the survey was conducted,uncertainty over upcoming tax changes has been addressed by the authorities.The Ministry of Commerce and State Taxation Administration extended the preferential individual income tax policy on foreigners bene-fits-in-kind through the end of 2027.Foreign workers now

184、 will continue to benefit from the existing tax exemptions on eight spe-cific categories of benefits-in-kind.The announcement should help continued hiring of expatriate employees.Top challenges to attracting and/or retaining expatriate talent:R&D spending is stableThis year,42%of companies with R&D

185、in China planned to increase their R&D investment,down 3 pp from 2022.Automo-tive and chemical companies saw the most respondents increasing R&D expenditure(65%and 53%,respectively).Mean-while,53%of companies are planning no increase in R&D expenditure versus 51%of companies last year.Only 10 of the

186、 217 companies with R&D activities in China expect to cut their R&D budgets,a reassuring sign given todays downbeat eco-nomic environment.This commitment to continuing R&D investment in China reflects several factors:a desire to tap into Chinas growing culture of innovation,particularly in areas suc

187、h as retail service model innovation;the abundance of STEM workers;R&D decou-pling as companies separate local and headquarters R&D efforts;and the need to customize products for local demand.Schools incompatibility with home countryschool system 7%Other 3%Geopolitical concerns 49%High cost of livin

188、g 39%Uncertainty around possible ending of taxexemptions for benefits-in-kind for foreignemployees37%US-China decoupling pressure36%Internet restrictions28%Delays in visa issuance25%Quality of life concerns 24%Lack of interested/qualified talent23%China assignment not perceived as career-enhancing21

189、%Executive security concerns 12%Air quality concerns9%Pharmaceuticals,medical devices and life sciences 65%Education and training 53%Percentage of respondents increasing headcount this yearLogistics,transportation,warehousing and distribution 58%Industrial manufacturing 41%Percentage of respondents

190、decreasing headcount this year22 AmCham Shanghai 2023 China Business ReportWhat are your plans for R&D investment in China in 2023?Corporate guardrails around local R&D Companies report growing concerns at headquarters about China-based R&D.Of the companies that conduct R&D in China,46%said their he

191、adquarters have set parameters or restrictions for at least some R&D,while another 8%said their head-quarters are preparing guidelines.These rates were highest for companies dealing with sensitive technologies.For example,89%of technology hardware,software and service companies reported existing or

192、planned restrictions on Chinese R&D ac-tivities.Does your headquarters/parent company have protocols or other guidelines that set parameters for R&D activities in China?No change53%Increase42%Decrease5%No change53%Increase42%Decrease5%They are in the process of making guidelinesOnly for certain type

193、s of R&D activitiesNoYesOverallLegal services23%23%8%46%Retail and consumer20%25%55%Automotive21%11%16%53%Chemicals31%31%6%31%Pharmaceuticals,medical devices and life sciences46%8%8%38%Education and training67%33%Technology hardware,software and services11%44%33%11%Logistics,transportation,warehousi

194、ng and distribution33%33%33%Banking,finance and insurance33%67%Industrial manufacturing22%26%7%46%Management consulting33%33%33%100%AMERICAN VALUESUS companies broadly support US values in China.Only 8%of American companies said that representing Amer-ican values abroad was unimportant to them or th

195、eir operations.The top three areas where respondents reported seeing US companies promoting American values include setting the standard for treatment of workers(72%),pro-moting transparency in business dealings(70%),and implementing anti-corruption and anti-bribery principles(70%).The first was esp

196、ecially prominent among retail and consumer companies(86%).AmCham Shanghai 2023 China Business Report 23POLICY AND REGULATORY ENVIRONMENT Regulatory obstacles grow even more troublesomeThe top regulatory challenges facing our members are unchanged from last year:data localization and other cybersecu

197、rity requirements(70%),lack of intellectual property(IP)protection and enforcement(63%),and procurement practices favoring domestic competitors(58%).Every obstacle had a smaller percentage of respondents choose“no hindrance”compared to last year,meaning that these common problems have become yet mor

198、e troublesome.To what extent do the following regulatory challenges hinder your business?Digital dragChinas ill-defined digital and data security laws have created uncertainty for years.While the laws established certain re-quirements,there has been significant confusion around their interpretation

199、and enforcement.Although the Cyberspace Ad-ministration of China has more clearly defined cross-border data filing and declaration requirements,uncertainty and opacity remain,and companies have been frustrated by the resultant operational inefficiencies and compliance costs.Industries with the large

200、st percentage of respondents reporting increased uncertainty about the requirements and enforce-ment of these policies were:No hindranceSome hindranceSerious hindrance30%51%20%Data localization and other cybersecurity requirementsInvestment restrictionsInability to access or restricted access to sta

201、ndard-setting or certification bodiesLack of IP protection and enforcementProcurement practices favoring domestic competitorsObtaining required licensesTax administrationLack of impartial civil and judicial remedies for business disputes37%44%18%42%42%15%48%36%16%49%41%10%53%39%8%56%38%6%67%26%7%Leg

202、al services 80%Technology hardware,software and services 84%Industries with the largest percentage of respondents reporting increased operating costs were:Banking,finance and insurance 74%Chemicals 76%24 AmCham Shanghai 2023 China Business ReportHow are Chinas digital policies(e.g.,Cybersecurity Law

203、,Data Security Law,Personal Information Protection Law)impacting your companys China business?Notably,every technology hardware,software and services company identified data localization and other cybersecurity re-quirements as a regulatory challenge hindering their business.Chinas weak IP regime li

204、mits R&D investment Forty-one percent of all companies with IP in China said that Chinas IP enforcement regime limits their R&D activities in China.Additionally,40%reported that the enforcement regime limits the range of products they will manufacture in China,up from 35%in 2022.It is the service se

205、ctor where faith in the IP regime is weakest 51%of service sector companies report-ed limiting their R&D versus 40%in manufacturing and 26%in retail.How are your products and services in China impacted by Chinas IP enforcement regime?48%Increasing our operating costs60%Increasing uncertainty about t

206、he requirements and enforcement of these policies27%Accelerating the decoupling of our China operations from global operations15%Limiting our innovation32%Absorbing excessive management time14%Improving our cyber and data security management 12%Leading to more agility and localized services in China

207、 16%Leading to less agility and ability to provide services in China 17%Delaying new investments in China13%Decreasing investments in China2%Increasing investments in China 18%None of the above20222023Limits our R&D activities in ChinaLimits the range of products manufactured in ChinaPositive impact

208、 on products and services in China Limits the range of products co-manufactured or licensed in China Limits the range of products imported into China 2022202320222023202220232022202341%35%40%27%24%23%23%27%17%39%AmCham Shanghai 2023 China Business Report 25Foreign companies perception of the legal s

209、ystems protection of their IP continued to worsen.The percentage of companies believing that Chinese IP courts favor local companies rose from 48%in 2022 to 54%in 2023.This 6-pp increase is emblem-atic of the growing dissatisfaction with the wider Chinese regulatory environment.More pertinently,it s

210、hows that Chinas gov-ernment has work to do before companies feel safe bringing their best IP to China.Notably,67%of smaller companies(annual global revenue under US$50 million)believed that IP courts favor Chinese companies versus only 54%of bigger firms(annual global revenue over US$5 billion).Thi

211、s revenue-based variance could be due to experiential differences in court where big-ger companies have more heft or because they have more resources to defend their intellectual property.In IP disputes,do you believe that Chinese courts:Companies need a predictable regulatory environmentThe Chinese

212、 government needs to promote greater transparency and predictability for companies if it wants to attract more foreign investment.According to the survey,the single most important step the Chinese government could take to boost headquarter confidence was establishing a more transparent and predictab

213、le regulatory environment(60%).This reflects continuing concerns about Chinas overall policy direction,insufficiently transparent regulations and a history of sudden poli-cy shifts.A more transparent and predictable regulatory environment is particularly important for the technology industry,with 84

214、%of technology,hardware and software services respondents choosing this option.More support to foreign businesses(47%),the adoption of strong macroeconomic policies to stimulate GDP growth(45%),and greater market opening(37%)were also considered important.Which Chinese government measures would most

215、 help boost headquarter confidence in the China market?More transparent and predictable regulatory environment 60%More support to foreign businesses 47%Adopting strong macroeconomic policies to stimulate GDP growth 45%Greater market opening 37%Measures to boost consumption 30%More certainty and pred

216、ictability in tax policymaking and implementation 13%Elimination of local content requirements for government procurement 13%Other 9%More support to foreign-funded R&D centers 6%Treat foreign and Chinese companies equallyFavor Chinese companiesFavor foreign companies51%48%2022 Overall2023 OverallUS$

217、5 billion33%67%44%54%US$1 billion-5 billion50%50%US$501 million-1 billion53%45%US$101-500 million48%52%US$50-100 million40%58%50%增长 11-50%增长 1-10%持平减少 1-10%减少 10%不适用*商业前景及策略 谨慎乐观虽然新冠清零政策已经终结，但是仅略过半数（52%）的受访企业预计今年的营收将超过 2022 年水平；若此实现，2023 年度的整体营收表现将略优于去年，但仍低于疫情前水平。营收增长历史数据 零售业预计回暖趋势最为强劲，74%的受访企业预计 20

218、23 年营收将高于去年；相比而言制造业和服务业分别为 42%和56%。零售业亦有最高比例（71%）的受访企业因新冠清零政策终结而上调了 2023 年度营收预期，超过总体比例（49%）。纵观所有行业，药品、医疗器械与生命科学（67%）、零售与消费（66%）、银行、金融与保险（61%）行业有较高比例的企业预计营收将因疫情管控放开而增长。由于严峻经济形势下制造业的普遍走弱，化工企业预计今年营收下滑的比例相对较高。不过，一些特种化学品的外资制造商尤其是服务于电动车及电子产品的供应商仍期冀受益于一定的竞争优势。然而，国内外市场对手机、电脑等消费类电子产品的需求均有所下滑，影响了下半年的盈利预期。新能源汽

219、车对特种化学品及硅胶等材料的需求促进了特种化学品制造商的业绩，但内燃汽车需求的减少不免影响了对其他材料的需求。建筑等行业对大宗化学品的需求疲软也对部分化学品生产商造成了负面影响。即便国内对大宗化学品的需求在第三或第四季度走高，其助益效果也会被出口低迷而削弱。预计营收增长的受访企业比例预计营收下降的受访企业比例教育与培训79%零售与消费72%银行、金融与保险61%药品、医疗器械与生命科学58%物流、交通、仓储与分销64%科技硬件、软件与服务53%化工41%工业制造41%上海美国商会 2023 年中国商业报告 41No changeIncreasedDecreasedNot applicable6

220、%11%49%71%46%46%33%24%35%34%12%16%10%3%2%2%增加预期营收不变减少预期营收不适用总体零售业制造业服务业较高持平较低不适用ComparableHigherLowerNot applicable11%10%4%21%40%57%41%31%25%21%27%24%24%12%28%24%总体零售业制造业服务业尽管受到带量采购的影响，药品、医疗器械与生命科学行业的营收预期仍相对乐观，这在一定程度上得益于业内近年来采取的改进措施。诸多大型跨国制药企业已着手或正准备剥离专利到期药，同时加速新药上市。一些企业精简了内部销售团队，转而利用本地合作伙伴进行推广和生产。这

221、些措施有助于增加或维持中国市场的投资回报和利润率。鉴于目前的地缘政治形势，一些跨国企业已积极推动本地子公司在投资相对缩减的情况下达成增长目标，这也有助于财务业绩改善。新冠清零政策取消对 2023 年度营收预期的影响 预计在华营收增长率超全球增长率的企业占比走低在去年的调查中，47%的受访企业预计未来三到五年其在华营收增长率将超过全球增长率。此乐观估计在过去 12 个月中有所降低，如今仅 40%的受访企业仍持此预期。对于规模较小的企业而言其中许多对华风险敞口较大更易受到国内经济增速放缓的影响。在全球经济疲软的背景下，零售业对在华业绩相对乐观57%的受访企业预计在华营收增长率将超过其全球增长率，高

222、于制造业（41%）和服务业（31%）。这一数据客观反映了目前的实际情况：在出口疲软的同时，一些服务业领域面临了监管挑战。不过，政府出台的一系列促消费措施有望助力零售与消费行业。未来三至五年，贵司预计在华营收增长率与全球营收增长率相比：预计在华营收增长率超过全球其他市场的受访企业比例预计在华营收增长率低于全球其他市场的受访企业比例零售与消费63%药品、医疗器械与生命科学56%化工53%物流、交通、仓储与分销 45%科技硬件、软件与服务 39%工业制造 35%42 上海美国商会 2023 年中国商业报告6%Reduced USoperations/employment26%Added to USo

223、perations/employment68%Little net effect on USoperations/employment减少在美业务/就业机会对在美业务/就业机会几乎没有影响增加在美业务/就业机会 助益总部业务美资在华投资对在美就业和经营起到促进作用。在美国有经营的受访企业中，26%表示其在华业务增加了在美业务/就业机会，比去年提升 5 个百分点。工业制造业是例外。尽管如此，仅 16%的企业表示其在华业务减少了在美业务/就业机会，而全体受访企业中只有 6%持此观点。总体而言，这一数据表明美企在华投资继续对美国经济和就业起到了积极作用。五年商业预期陷入历史低点虽然疫情限制已经终结，

224、但仅 52%的受访企业表示乐观或较乐观，达历史低点。对地缘政治、美中关系以及中国严峻经济形势的顾虑对商业预期产生了消极影响。表示悲观或较悲观的受访企业比例达23%，比2019年美中贸易战时的水平（21%）更高。2022 年，化工行业和银行、金融与保险行业表示乐观的受访企业比例最高，分别为 80%和 64%。今年，两行业此数据均下滑至 53%。化工行业内，对特种化学品的需求带动了部分企业的业绩表现；但出口业绩欠佳、来自本土大宗化学品制造商的竞争加剧以及需求疲软给该行业的未来笼罩了一层阴霾。诸多大宗化学品的价格也因需求减缓而出现了下滑。物流、交通、仓储与分销行业的悲观情绪来源于本土竞争加剧以及进出

225、口双向的美中贸易疲软。药品、医疗器械与生命科学行业的乐观程度（59%）与去年相近，得益于政府提升医疗质量水平的努力。然而，带量采购带来的定价压力和 7 月发布的深化医药卫生体制改革 2023 年下半年重点工作任务产生的影响持续抑制着企业信心。受访企业乐观比例最高的行业受访企业悲观比例最高的行业药品、医疗器械与生命科学 60%法律服务 60%零售与消费 55%物流、交通、仓储与分销 42%科技硬件、软件与服务 42%管理咨询 33%贵司在华业务对在美业务有何影响？上海美国商会 2023 年中国商业报告 43贵司对未来五年在华业务的前景预期如何？20232017201820192021202220

226、20NeutralOptimistic/Slightly optimisticPessimistic/Slightly pessimistic55%24%21%80%13%6%80%13%7%61%18%21%59%23%18%78%12%10%52%25%23%乐观/较乐观中立悲观/较悲观管理咨询行业态度悲观起源于多重因素：对尽调企业的调查、国有企业对与外资咨询公司合作的谨慎态度、以及由跨国企业对严峻经济形势的观望导致的业务量减少等。44 上海美国商会 2023 年中国商业报告增加没有变化减少2022 预期2022 实际2023 预期22%21%19%46%54%51%31%25%30%20

227、23 Projected2022 Reported2022 ProjectedIncreaseNo changeDecrease投资 三分之一的受访企业扩大投资有 31%的受访企业表示 2023 年在华投资规模超过了上一年，比去年实际结果增加了 6 个百分点；同时，有 22%的受访企业预计将减少投资，比去年实际结果增加了1个百分点。制造业减少投资的企业比例（29%）高于服务业（18%）和零售业（11%）。一定程度上，制造业企业投资减少是由于增强供应链韧性而将部分产能转移的结果。贵司 2023 年在华投资规模 与 2022 年相比：在减少投资的 73 家企业中，70%表示是出于美中经贸政策/关系

228、不明朗的原因，较去年调查同比（39%）有明显上升可见双边关系紧张对市场情绪的消极作用。减少投资的第二大动因是中国经济增速放缓（49%），其次是对未来中国营商政策及执行的不确定性（48%）。一些化工企业削减投资的动机或出于缩小投资范围，以减少短期成本。企业增加在华投资的原因中国市场的增长潜力仍然是企业在 2023 年增加投资的最主要原因，在 102 家增加投资的受访企业中获票 84%。新冠清零政策取消（39%）位列其次，符合预期；本地化压力（23%）和为了利用高效且低成本的供应链（17%）分列其后。在汽车行业，41%的受访企业较 2022 年增加了投资。行业高管表示，几乎所有支出性投资都将服务于

229、电车板块，尤其是在中国车企出海势头持续的背景下。今年增加在华投资的受访企业比例今年减少在华投资的受访企业比例汽车 41%法律服务 40%化工 41%管理咨询 37%上海美国商会 2023 年中国商业报告 45Top-three choiceNumber-one priority2021202017%43%2022202345%25%55%27%53%18%排在首位位于前三8%Improved46%Remained the same46%Worsened有所提升有所下降维持不变 企业总部下调中国作为投资重点的排序仅 17%的受访企业表示中国是其全球总部的首选投资目的地，较去年结果（18%）略有下

230、降，比 2021 年的调查（27%）下降了 10 个百分点。19%的受访企业表示中国作为投资目的地的重要性一般。在工业制造业，中国作为投资目的地的重要性持续下滑去年有 40%的工业制造企业表示中国为其排名前三的投资目的地；今年只有 26%。不同于诸多制造业企业因新冠疫情导致供应链受阻后被迫采取了多元化措施，有三分之一的零售与消费行业企业仍坚信中国市场的巨大潜力。即使部分头部餐饮企业已实现股权本土化，但连锁餐厅仍在持续扩张。将中国作为首选投资目的地的企业占比最高的行业依次为：贵司母公司全球投资计划中中国排位：中国经济管理能力有待提升仅 8%的受访企业表示其全球总部认为中国经济管理能力在过去一年中

231、有所提升，而有 46%持相反观点此比例虽较去年水平（52%）有明显改善，但鉴于中国吸引和鼓励外商直接投资的努力，这一读数仍然值得关注。各行业对此感受不一：70%的法律服务企业表示全球总部对华信心下滑；15%的零售与消费企业、16%的科技硬件、软件与服务企业和 20%的药品、医疗器械与生命科学企业则表示全球总部对华信心有了提升。在过去一年中，贵司母公司对 中国经济管理能力的信心：管理咨询 30%零售与消费 33%教育与培训 40%46 上海美国商会 2023 年中国商业报告是，限制在 15%至 25%之间是，限制在 25%至 35%之间是，但限制高于 35%3%1%3%14%20%58%是，限制

232、在 5%以下是，限制在5%至 15%之间未有限制计 部分企业拟调控在华投资敞口 在 281 家总部在海外或非主营对华业务的企业中，20%计划将其在华投资占全球总投资的比重控制在 5%以下，以应对地缘政治和经济环境的变化。由于近年来监管透明度欠缺对服务业造成的困扰，该选项在业内获票更高，28%的业内企业计划将其在华投资占全球总投资的比重控制在 5%以下。这侧面印证了部分企业总部已着手限制在华投资占比的传闻。计划限制在华投资占比的企业主要来自以下行业：尽管银行、金融与保险行业对中国监管环境的看法较其他行业更为积极，仍有较高比例的业内企业计划限制在华投资。由于中国市场机遇广大，国外财富管理和资产管理

233、公司自然是例外。不过，其他金融业面向跨国企业的业务增长面临瓶颈，在争取市场份额上不敌本土同业，尤其在经济增速放缓的大环境下。此外，虽然国际保险公司相较银行类同业表现良好，但前者在中国市场的收益不如预期，这或导致总部踟蹰于进一步的投资计划。除金融服务类企业外，全球年度营收规模最小（小于 5000 万美元）的企业限制在华投资占比的倾向最高；相比之下，全球年度营收规模最大（大于 50 亿美元）的企业鲜有此倾向。贵司是否有限制在华投资在全球总投资中占比的计划？银行、金融与保险 53%教育与培训 57%科技硬件、软件与服务 65%投资转向东南亚过去一年，40%的受访企业已着手或已计划将原定的在华投资转移

234、至其他国家或地区较去年同比上了升 6 个百分点，且远高于 2018 年疫情前（20%）和 2019 年贸易战期间（26%）的调研水平。在近岸及友岸战略趋动下，东南亚以 57%的获票成为企业的首选目的地，美国（30%）和墨西哥（29%）位列其次。值得注意的是，欧洲（23%）首次超越印度次大陆（22%），获得更多青睐。上海美国商会 2023 年中国商业报告 47东南亚美国及美属领地墨西哥欧洲印度次大陆23%23%16%EuropeIndian subcontinent30%22%22%20212022202335%29%29%MexicoSoutheast Asia51%58%57%22%32%3

235、0%United States(and territories)以科技硬件、软件与服务业为例，计划转移投资的企业中有 55%瞄准了东南亚，其中一部分投资流向新加坡和马来西亚，或使前者再次成为先进制造业中心。调查表明，企业对供应链多元化的考量、针对中国商品的关税壁垒以及对商品制造国的顾虑深刻影响了跨国企业对投资目的地的选择。墨西哥是汽车行业转移投资的首选目的地，获得了 80%转移投资的受访车企青睐。近年来，凭借低廉的劳动力成本、比邻美国市场的优势、美墨加贸易协定带来的免关税待遇，墨西哥对车企的吸引力大增。此外，特朗普政府对中国制造商品加征关税以及地缘政治摩擦和新冠封控导致的供应链阻断迫使企业试图

236、多元化供应链，导致这一趋势有所加速。同样的原因也可以解释不少企业将产能转移至东南亚（尤其是泰国）的原因其劳动力成本同样低廉且已具备汽车零部件生产体系。企业转移原在华投资的优选目的地：调查显示，企业转移投资的初衷并非第三国的吸引力。在转移投资的受访企业中，40%表示为寻求供应链多元化做准备是主要因素；在药品、医疗器械与生命科学行业，这一比例高达 75%。同时，中国市场的变化（11%）和关税（9%）也是迫使这些企业转移投资的动因。其中，关税对零售与汽车行业（40%）、消费行业（36%）的影响尤为显著。在转移投资的受访企业中，22%表示目标市场的增长机遇是转移投资的主要驱动力。48 上海美国商会 2

237、023 年中国商业报告Improved US-China relationsGrowth of consumer marketInnovations in technologyEconomic and financial reformsSupportive industrial policies and subsidiesExpansion of e-commerceRemoval or reduction of tariffsUrbanization Growing local talent poolStrengthened legal institutionsImproved IP enf

238、orcementOtherNone of the above56%44%37%29%24%18%18%17%17%15%15%1%3%美中关系改善消费市场增长科技领域创新经济与 金融改革针对行业的支持性政策和 补贴电子商务发展关税减免城市化本土人才储备增加法制建设加强知识产权执法改善其它以上皆否 地缘政治形势严峻当被问及未来三到五年对所处行业最有利的要素时，美中关系改善（56%）、消费市场增长（44%）及科技领域创新（37%）名列前三。除今年调查中未包含“新冠清零政策取消”这一选项外，排序结果与去年并无二致。在科技硬件、软件与服务行业中，79%的受访企业认为美中关系改善将有利于本行业，为全行业

239、最高读数，凸显了美国出口管制和中国政府采购限制对行业的不利影响。可想而知，消费市场增长对零售行业至关重要75%的零售业企业视其为三大有利因素之一。未来三到五年对所处行业最有利的要素是：未来数年企业面临的主要挑战与上述结果类似，对地缘政治和经济状况的顾虑大为增加。多数受访企业表示美中关系紧张（60%）和经济增速放缓（60%）是其未来三到五年在华面临的主要挑战，较去年同比上升三分之一，本土竞争（49%）位列第三。值得注意的是，通货膨胀获票今年明显下降，更少的受访企业认为劳动力或原材料成本上涨是排名前三的挑战。未来三到五年，您认为贵司在中国面临的三个主要挑战是：宏观风险与商业挑战1%1%5%10%8

240、%12%21%2%4%5%9%11%13%14%17%20%23%US-China tensionsEconomic slowdownDomestic competitionIncreasing labor costsUnpredictable regulatory environmentPolicies/bidding criteria that favor domestic companiesOther unpredictability or uncertainty(non-regulatory)Pressure to decoupleUS policies and regulations

241、Chinese policies and regulationsIncreasing material costsPressure to localizeIP concernsChanging environmental standardsLimited access to due diligence and/or consulting services Other19%6%32%60%60%46%45%49%52%2022202310%N/AN/AN/A0%美中关系紧张经济增速放缓本土竞争劳动力成本上涨难以预测的监管环境偏袒本土企业的政策/招标标准其它难以预测或不确定性因素 (非监管相关)脱

242、钩压力美国的政策法规中国的政策法规原材料成本上涨本地化压力对知识产权的顾虑环保合规标准变化 可用的尽职调查和/或咨询服务有限其它不适用不适用不适用上海美国商会 2023 年中国商业报告 49除企业自身面临的挑战外，调查也问及企业认为中国经济增长面临的三个主要挑战。地缘政治形势紧张（69%）获票最高，与美国过激/过早或无战略性脱钩（43%）和中国经济政策（39%）分列其次。您认为中国经济增长面临的三个最主要 挑战为：在意料之中的是，供应链和供应网络全球化程度最高的行业更倾向于认为地缘政治形势紧张对中国经济发展构成首要挑战，包括：汽车（86%），药品、医疗器械与生命科学（80%）和物流、交通、仓储

243、与分销（75%）。考虑离华计划持续紧张的美中关系正迫使企业重新审视自己的运营足迹。调查结果显示，19%的受访企业63 家表示正考虑在未来一到三年内将部分运营活动迁出中国，较去年增加了 10 家。迁离中国的主要原因包括美中关系的不确定性（75%），其次是中国新冠疫情管控产生的长久负面影响（30%）、成本上涨（29%）及为加强供应链韧性（29%）。企业将运营活动迁出中国的主要原因为：虽然诸多企业表示中国的新冠防疫限制是导致其转移运营活动的主要原因，但是仅约四分之一的企业称新冠清零政策取消使其重新考虑该决定。被转移的运营活动基本是制造与非制造类对开。在 63 家转移部分运营活动的受访企业中，略少于半

244、数的企业选择转移制造相关的功能，而略多于半数的企业选择转移非制造功能，暂未有企业计划迁出所有制造功能，仅有一家企业计划迁出所有非制造功能。1%1%6%5%11%Rank 1Rank 2Rank 32%3%11%3%5%23%26%31%23%10%6%7%6%10%10%11%10%10%34%19%7%8%39%12%14%13%43%11%21%11%69%21%21%26%排序第一排序第二排序第三地缘政治形势紧张与美国过激/过早或无战略性脱钩中国经济政策人口数量下降过度监管军事冲突房地产行业疲软中等收入陷阱贫富差距其它75%Uncertainty about US-China relat

245、ions30%Lasting impressions due to Chinas management of Covid 29%Supply chain resilience(improve or buildmore reliable/efficient supply chains)29%Rising costs24%Tariffs 美中关系的不确定性 中国新冠疫情管控产生的长久负面影响加强供应链韧性（改善或建立更可靠/高效的供应链）成本上涨关税50 上海美国商会 2023 年中国商业报告汽车、工业制造、零售与消费行业中有最多企业计划转移部分制造功能。美国并非转移制造功能的热门选项仅两家受访企

246、业计划将制造产能转移至美国或美属领地。加强供应链以保障安全在转移部分运营活动且有供应链的受访企业中，75%计划将部分供应链迁出中国。尽管企业未必有转移运营活动的打算，大部分 89%有供应链的受访企业在后疫情时代采取了加强供应链韧性的措施。相关企业采取的常见策略包括：增加/多元化位于中国的供应商56%46%17%增加/多元化位于中国大陆以外的供应商增加零部件或原材料库存上海美国商会 2023 年中国商业报告 51Limited local R&D and innovation capacityDifficulties importing goods due to customs regulati

247、onsUS export controlsCorruption and fraudLack of talent and capabilitiesIP infringementsInefficient government bureaucracyData transfer/processing restrictionsInternet restrictionsDomestic competitionRising costsNo hindranceSome hindranceSerious hindrance11%64%25%22%46%32%26%54%19%31%52%17%39%52%10%

248、39%46%15%46%44%10%51%43%6%51%34%15%58%33%8%58%36%6%67%28%5%成本上涨本土竞争互联网限制数据传输/处理限制行政效率不足知识产权侵权人才及技能短缺腐败和欺诈美国出口管控海关政策导致的货物进口困难劳动力储备有限本地研发及创新能力有限不构成阻碍略有阻碍严重阻碍运营环境 本土竞争和成本上涨压力与日俱增不少受访企业（32%）表示本土竞争对其业务构成了严重的运营挑战。这一比例较 2020 年上升了 10 个百分点，反映出灵活且善于创新的本土企业和国有企业的竞争力日益提升，借助近年来政府的有力支持以及资源整合，他们愈发可与大型跨国企业比肩。本土竞争对科

249、技硬件、软件与服务行业影响尤甚：47%的业内企业表示其业务受到了来自本土同业的强烈挤压。第二大运营挑战是成本上涨：25%的受访企业认为成本问题对企业运营构成严重阻碍，这一比例虽较 2022 年同比 30%有所下降，但另有 64%的受访企业认为其对业务略有阻碍。总成本不断攀升，其中一大部分来自于劳动力成本虽然中国的通货膨胀率在过去十年始终保持在 3%以下，但工资的上涨已与通胀率脱钩，达到约 7%的年涨幅。下列运营挑战对贵司业务是否构成阻碍？本土竞企强势崛起本土竞争对外资企业愈发构成挑战。但在产品质量方面，外资企业依然领先。在相关受访企业中，76%认为本土竞争对手在此领域相对落后，这一看法在制造相

250、关行业内尤为普遍。会员企业对自身产品质量的看好与对产品开发的信心密切相关 53%的受访企业认为本土同业的产品开发相对落后。在外资企业看来，自身的研发系统经过多年的发展完善，使产品质量在研发环节就能得到保障。在某些领域，中国企业正在赶超我们的会员企业。四分之三的相关受访企业认为中国同业进入市场的速度更快。超半数（57%）的受访企业认为本土企业更易获取许可和认证；同时，42%认为自身销售及市场营销能力弱于本土企业。52 上海美国商会 2023 年中国商业报告相对落后相对领先进入市场的速度获取许可和认证的能力销售及市场营销对数字化战略的运用对新兴技术的运用产品开发产品质量9%7%29%22%29%5

251、3%76%75%57%42%39%37%21%7%DecreasingIncreasing47%33%64%48%20%30%8%17%2019 2020 2021 2022 202334%31%增加减少29%29%37%40%41%42%57%Adapting productsto local marketImproving productquality Investing in salesand marketingDeveloping more products locally Expanding use of digital strategies Cutting time to mark

252、et Asking global headquarters for autonomy to make more decisions locally调整产品以适应本土市场 提高产品质量增加销售及 市场营销投入在本土开发 更多产品 扩大数字化 战略的运用缩短进入市场所需时间 向全球总部争取自主权，进一步本土化决策流程 与贵司相比，您在以下方面如何评价中国同业？为应对愈发激烈的竞争环境，外资企业选择加码产品本土化战略。为提升相较国内企业的竞争优势，多数（57%）受访企业正在调整产品以适应本土市场。此外，在中国电商市场蓬勃发展的当下，大部分（55%）零售业受访企业正在扩大数字化战略的运用，增强自身竞争

253、力同比在制造业与服务业内仅为 35%和 33%。为提高相较中国企业的竞争力，最常见策略：裁汰在即面对缓于预期的经济回暖脚步，受访企业的招聘计划同步放缓。鉴于第二大运营阻碍成本上涨的缘故，近三分之一（31%）的受访企业表示今年计划裁员，较 2022 年同比上升 14 个百分点，一跃成为近五年来最高水平。略多于三分之一（34%）的受访企业计划增加员工数量，较去年同比明显下降（14个百分点），但与2020年疫情初期数据（33%）持平。其中，物流、交通、仓储与分销行业裁员的原因主要来自于疲软的进出口贸易环境和部分企业在经济状况良好时期的过度扩张。增减员工数量的企业比例：上海美国商会 2023 年中国商

254、业报告 53对地缘政治的顾虑49%生活成本高昂39%外派员工税收优惠政策是否37%美中脱钩压力36%互联网限制28%签证发放延迟25%对生活质量的顾虑24%缺少有意向/资质的人才23%在华任职经历对个人职业发展没有助力21%对高管安全的顾虑12%对空气质量的顾虑9%疫情后中国的重新开放对引进外派人才的驱动有待观察仅五分之一的受访企业表示今年有雇佣新外派员工的计划。相关会员企业表示吸引和/或留存外派人才时面临的主要挑战是对地缘政治的顾虑、生活成本高昂和对外派员工税收优惠政策是否取消的不确定性。在调查结果收集完成之后，税收优惠最新政策已出台。商务部及国家税务总局决定延续外籍个人有关津补贴个人所得税

255、优惠政策至 2027 年底。外籍员工将继续受益于现行的 8 类津补贴免税优惠政策。这一决定将有助于企业继续雇佣外派员工。在吸引和/或留存外派人才时面临的主要挑战：研发支出稳定今年，42%在华有研发业务的受访企业表示计划增加研发投入，较 2022 年同比下降 3 个百分点。其中，汽车行业（65%）和化工行业（53%）计划增加研发投入的企业比例最高。同时，53%的受访企业没有增加研发投入的计划，略高于去年的51%。在 217 家在华有研发业务的企业中，仅 10 家预计减少研发预算。考虑到严峻的经济形势，上述结果令人鼓舞。企业继续在华研发的承诺反映了几个因素：企业希望融入中国迅速发展的创新势头，尤其

256、在零售服务业商业模式创新等领域；STEM 类劳动力充足；企业分离本土和全球总部研发活动；为本土需求定制个性化产品。药品、医疗器械与生命科学 65%教育与培训 53%物流、交通、仓储与分销 58%工业制造 41%本年度增加员工数量的受访企业比例本年度减少员工数量的受访企业比例其他 3%教育系统与母国不兼容7%54 上海美国商会 2023 年中国商业报告They are in the process of making guidelinesOnly for certain types of R&D activitiesNoYesOverallLegal services23%23%8%46%20%

257、25%55%21%11%16%53%31%31%6%31%46%8%8%38%67%33%11%44%33%11%33%33%33%33%67%22%26%7%46%33%33%33%100%总体教育与培训药品、医疗器械与生命科学物流、交通、仓储与分销化工工业制造汽车零售与消费银行、金融与保险科技硬件、软件与服务管理咨询法律服务有仅针对某些发活动正在制定过程中无贵司 2023 年对在华研发投资的计划如何？企业对本土研发保持谨慎企业表示总部对在华进行研发活动有越来越多的顾虑。在在华进行研发活动的受访企业中，46%表示其总部对至少部分在华研发活动设置了限制，另有 8%的企业表示其总部正在制定相关规

258、定。该现象在涉及敏感技术的行业尤甚，如：89%的科技硬件、软件与服务行业企业表示其总部对在华研发活动设置或计划设置限制。贵司全球总部/母公司是否有限制在华研发活动范围的规定？美国价值观在华美企广泛支持美国价值观。仅 8%的受访美企表示在国外市场体现美国价值观对其不重要。受访企业表示，美企推行美国价值观在以下三个领域中影响最大：制定员工待遇和人力资源政策标准（72%），推行商业运作透明性（70%），和贯彻反腐败和反贿赂原则（70%）。其中，第一项在零售与消费行业最受推崇（86%）。No change53%Increase42%Decrease5%No change53%Increase42%De

259、crease5%No change53%42%5%减少没有变化增加上海美国商会 2023 年中国商业报告 55数据本地化和其他网络安全合规要求知识产权保护与执法乏力采购政策倾向本土同业获取所需证照的难度税务管理缺乏公正的民事与司法商业纠纷处理办法与标准制定和/或认证机构无法接触或沟通受限投资限制不构成阻碍略有阻碍严重阻碍No hindranceSome hindranceSerious hindrance30%51%20%Data localization and other cybersecurity requirementsInvestment restrictionsInability

260、to access or restricted access to standard-setting or certification bodiesLack of IP protection and enforcementProcurement practices favoring domestic competitorsObtaining required licensesTax administrationLack of impartial civil and judicial remedies for business disputes37%44%18%42%42%15%48%36%16

261、%49%41%10%53%39%8%56%38%6%67%26%7%监管挑战加剧会员企业面临的主要监管挑战与去年并无二致，依次为：数据本地化和其他网络安全合规要求（70%），知识产权保护与执法乏力（63%）以及采购政策倾向本土同业（58%）。同时，每项选择“不构成阻碍”的受访企业比例均较去年有所下滑表明常见问题依旧。下列监管挑战对贵司业务是否构成阻碍？数据合规承压多年来，中国模糊的网络和数据安全法规给企业造成了不确定性。相关法规只提出了要求，但在法规的解读和执行方面却有较大困扰。虽然国家互联网信息办公室明确了跨境数据的备案及申报要求，但仍然存在很多不确定和不透明性，降低了企业的运营效率且增加了

262、合规成本。表示相关政策要求和执行的不确定性增加的受访企业比例最高的行业：政策与监管环境法律服务 80%科技硬件、软件与服务 84%表示运营成本增加的受访企业比例最高的行业：银行、金融与保险 74%化工 76%56 上海美国商会 2023 年中国商业报告限制在华研发活动限制在华制造的产业范围对在华产品及服务产生积极影响限制在华联合制造或获得许可的产品范围限制进口到中国的产品范围202220232022202320222023202220232022202341%35%40%27%24%23%23%27%17%39%对相关政策要求和执行的不确定性增加 运营成本增加降低管理效率 加速在华业务与全球业

263、务脱钩推迟在华新投资降低灵活性，削弱在华提供服务的能力限制创新改善我司网络及数据安全管理减少在华投资增加灵活性，提供更多在华本土化服务增加在华投资以上皆否48%Increasing our operating costs60%Increasing uncertainty about the requirements and enforcement of these policies27%Limiting our innovation32%Leading to more agility and localized services in China 16%Leading to less agil

264、ity and ability to provide services in China 17%Accelerating the decoupling of our China operations from global operations15%Limiting our innovationAbsorbing excessive management time14%Improving our cyber and data security management 12%Leading to more agility and localized services in China Delayi

265、ng new investments in China13%Decreasing investments in China2%Increasing investments in China 18%中国的网络相关政策（如：网络安全法、数据安全法、个人信息保护法）对贵司在华业务产生了哪些影响？值得注意的是，科技硬件、软件与服务行业内的全体受访者表示，数据本地化及其他网络安全要求对其业务构成了监管挑战。知识产权保护乏力，影响研发投资拥有在华知识产权的受访企业中，41%表示其在华研发活动受限于中国的知识产权保护体系。另有 40%表示，该体系限制了其在华制造的产品范围，较 2022 年数据（35%）有所

266、上升。其中，服务业对知识产权保护体系的信任度最低 51%的受访企业表示研发活动受限，高于制造业（40%）和零售业（26%）。中国的知识产权管理体系对贵司在华产品及服务有何影响？上海美国商会 2023 年中国商业报告 57提高监管环境的透明度和可预测性 60%加大对外资企业的支持力度 47%采取强有力的宏观经济政策，以促进GDP增长 45%进一步扩大市场开放 37%刺激消费的政策措施 30%提高税收政策制定与执行的确定性和可预测性 13%取消政府采购对国产成分的要求 13%其他 9%加大对外资研发中心的支持力度 6%Treat foreign and Chinese companies equa

267、llyFavor Chinese companiesFavor foreign companies51%48%2022 Overall2023 OverallUS$5 billion33%67%44%54%US$1 billion-5 billion50%50%US$501 million-1 billion53%45%48%52%40%58%44%54%1%1%3%2%2%偏袒外资企业对中外资企业一视同仁偏袒中国企业2022 总体小于 5000万美元1.01-5亿美元10-50亿美元2023 总体5000 万 1 亿美元5.01-10亿美元大于 50亿美元调查结果显示，外资企业对司法体系知识

268、产权保护力度的认知愈发消极。今年，认为中国司法系统偏袒中国企业的受访者比例从 2022 年的 48%攀升至 54%，6 个百分点的上升幅度反映了受访企业对中国监管环境的负面感受有所增加。这意味着，如果希望吸引企业放心地将顶尖知识产权引入国内市场，中国政府还有待努力。值得注意的是，67%的较小型受访企业（全球年度营收规模小于 5000 万美元）认为司法体系偏袒中资企业，此比在大型企业（全球年度营收规模大于 50 亿美元）群体中仅为 54%。不同财力企业之间的差异可能来自于法律经验的差距大型企业往往拥有更大的影响力或更多资源保护自身知识产权。在处理知识产权纠纷方面，您认为中国的司法体系：企业需要可

269、预测的监管环境如果中国希望吸引更多外商投资，政府需要提高营商环境的透明度和可预测性。调查结果显示，60%的受访企业认为，提高监管环境透明度和可预测性的政策措施将最有助于企业总部重建信心。这反映了企业对中国的政策方向、监管环境缺乏透明度和政策突变的持续担忧。更透明和可预测的监管环境对科技硬件、软件与服务行业尤为重要，该选项在业内获票 84%。此外，加大外资企业支持力度（47%）、采取强有力的宏观经济政策以促进 GDP 增长（45%）以及进一步扩大市场开放（37%）对企业建立信心都至关重要。中国政府的哪些政策措施会最有助于企业总部重建对中国市场的信心？58 上海美国商会 2023 年中国商业报告总

270、体银行、金融与保险物流、交通、仓储与分销法律服务化工管理咨询药品、医疗器械与生命科学零售与消费汽车科技硬件、软件与服务工业制造教育与培训24%55%21%11%56%33%9%58%33%58%26%16%33%33%33%11%11%37%53%7%33%60%45%25%30%18%41%41%18%59%23%20%20%60%WorsenedRemained the sameImprovedOverall22%45%33%有所改善维持不变有所恶化 仍有待改善值得中国决策者注意的是，尽管政府作出了努力，但有更多外资企业对营商环境的认可度降低。今年，三分之一的受访企业认为针对外资企业的政策

271、监管环境趋紧，仅 22%表示政策监管环境有所改善。这与 2022 年调查结果中趋势相同，彼时，36%的受访企业认为政策监管环境趋紧，17%认为政策监管环境有所改善。2023 年和 2022 年的调查结果比有较多企业认为政策环境有所改善的 2019 至 2021 年以及历史平均水平都有明显下滑。考虑到疫情防控放开及相关政策明朗的正向影响，今年差强人意的数据更应引起重视。在过去几年中，您认为中国政府针对外资企业的政策监管：调查显示，法律服务和教育与培训行业认为政策监管环境趋紧的受访企业比例最高，均为 60%；但大部分（58%）银行、金融与保险行业内的受访企业则认为政策监管环境有所改善后者反映了近年

272、来金融业进一步扩大对外开放的影响。同时，全球年度营收规模最大的企业对政策变化的态度也相对积极，倾向于认为政策环境有所改善（33%）；而营收规模最小的受访企业的负面感受也最强烈（20%），反映了丰富资源和专业政府关系团队与企业政策感受的正相关性。透明度有待提升 调查数据显示，中国监管环境透明度持续三年走低。在过去几年中，政府通过整合精简监管主体、明确监管流程等方式以优化监管环境，但企业的实际感受与此相左：仅 33%的受访企业对监管环境透明度表示认可，几近回到 2015 年水平（28%），反映了营商环境的明显倒退。而 2020 年这一数据曾高达 51%这一令人失望的回落应当引起中国决策者的重视，因

273、为部分认为监管环境缺乏透明度且阻碍业务的企业来自于中国吸引外资的重点行业，比如：药品、医疗器械与生命科学（65%），科技硬件、软件与服务（53%）。若监管环境透明度能有实质性改善，吸引外商加大投资的难度将有所降低。即使在认为监管环境透明的受访企业比例最高的行业，读数仍偏低：汽车 45%零售与消费 55%工业制造 39%上海美国商会 2023 年中国商业报告 59透明不透明，但对业务不构成阻碍不透明且对业务构成阻碍Not transparent and hinders businessNot transparent but doesnt hinder businessTransparent33%

274、38%30%在认为监管环境透明的受访企业比例最低的行业，读数触底：利好消息是，中国政府已关注到商界顾虑并在 8 月出台 24 条进一步优化外商投资环境、保障外资企业国民待遇的意见。这些措施针对企业界的部分诉求，有望改善投资环境及外企对中国市场的信心，但未来一年中的贯彻落实才是政策效果的关键。贵司认为所处行业的监管透明度如何？本土保护主义仍存 调查结果显示，本土保护主义是中国打造良好营商环境、持续吸引外商投资愈发薄弱的环节。大部分会员企业（56%）认为中国政府偏袒本土企业，这一结果与 2022 年相同，比 2020 年上升了 9 个百分点。感受最深的受访企业集中在业务涉及大量知识产权和研发的行业

275、，如：药品、医疗器械与生命科学（80%），科技硬件、软件与服务（74%）。这两个行业也聚集了最高比例认为采购政策倾向于本土同业、构成监管阻碍的企业，占比分别为 75%和 89%。近年来，中国政府多次要求中国企业采购国产产品。最近再次鼓励国民支持国货，似与中国吸引外商投资、为外企营造平等竞争环境的努力相左。化工 18%科技硬件、软件与服务 16%药品、医疗器械与生命科学 20%60 上海美国商会 2023 年中国商业报告198765432102%7%8%11%16%18%15%17%4%3%贵司认为中国政府针对 所处行业的政策如何？坚持改革开放当被问及中国对市场改革开放的坚定程度时（按 1-10

276、 的等级，1 表示不坚定，10 表示非常坚定），受访企业平均给出了 6 分。按 1-10 的等级，您认为中国对市场改革开放的坚定程度如何？（1=不坚定，10=非常坚定）17%39%35%7%2%Some favoritism toward local companiesStrong favoritism toward local companiesStrong favoritism toward foreign companiesSome favoritism toward foreign companiesForeign and local companies treated equally

277、Some favoritism toward foreign companiesStrong favoritism toward foreign companies非常偏袒本土企业稍有偏袒本土企业对内外资企业一视同仁稍有偏袒外资企业非常偏袒外资企业上海美国商会 2023 年中国商业报告 61Pharmaceuticals,medical devices and life sciencesEducation and trainingChemicalsBanking,finance and insuranceIndustrial manufacturingRetail and consumerLo

278、gistics,transportation,warehousing and distributionManagement consulting51%20%AutomotiveLegal servicesTechnology hardware,software and services1234567891010%5%15%25%40%5%5%11%11%16%26%5%5%11%11%8%2%8%12%24%20%5%6%11%6%3%9%12%18%9%3%12%24%9%17%8%8%17%8%8%33%4%4%19%15%15%19%11%15%6%24%12%24%18%18%7%13

279、%7%13%13%27%13%7%5%14%23%18%14%5%14%9%10%40%10%30%10%21%21%5%5%16%11%5%16%药品、医疗器械与生命科学银行、金融与保险工业制造零售与消费物流、交通、仓储与分销管理咨询化工教育与培训汽车法律服务科技硬件、软件与服务各行业对中国市场改革决心的看法有所不同。在科技硬件、软件与服务行业，面对国企必须采用国产软、硬件替代国外商品的压力，业内企业的保留态度在意料之中。起初这一措施仅限于要求国企达到本土采购占比要求，但其影响正蔓延至其他关键行业。诸多现象显示，国产采购政策或将在更多领域实施，金融、能源与电力等关键行业将完成所有软、硬件的国

280、产化替代进程。这一压力也已辐射至民营企业许多民企出于政治站位考虑开始购买本土产品。考虑到外籍律师无法在中国执业且仅可从事法律咨询业务，法律服务行业对市场改革的负面情绪符合预期。此外，外资律所面临的政策限制、律师执照更新困难、面临威胁国家安全嫌疑等压力正促使诸多业内顶尖律所重新审视其在中国市场的位置。在汽车行业，中国本土的汽车制造商及供应商也受益于政府补贴和市场环境的倾斜。相反，尽管药品、医疗器械与生命科学行业企业承受着带量采购引起的价格压力，同时政府在制定药品清单时也向本土企业倾斜，业内受访者对中国市场改革情况的态度仍较为正面。这一现象可能源于总体监管环境利好，以及大众对于肿瘤类等尖端进口药物

281、的认知带来了先进药品及医疗设备的市场需求。不过，并非所有企业均持相同观点，且 7 月发布的深化医药卫生体制改革 2023 年下半年重点工作任务将使业内运营环境愈发复杂。中国对市场改革开放的决心：行业看法（1=不坚定，10=非常坚定）62 上海美国商会 2023 年中国商业报告44%为分拆/本地化 做准备16%合资经营并 保留 少数股权17%合资经营并 保留 多数股权29%分拆中国与 全球 其它市场使用的 体系 和标准11%其它5%公开募股并保留 少数股权7%公开募股并保留 多数股权 8%37%6%6%12%1%23%7%脱钩 坚持在华为华，尽管挑战重重谈及商业策略，会员企业的首选是在中国为中国

282、市场生产或采购商品或服务（37%），其次是在中国为全球市场（包含中美两国市场）生产或采购商品或服务（23%）。贵司在华主要商业策略是：三分之二的受访企业表示没有或不考虑改变在华策略及商业模式。企业当前对全面本地化的犹豫来自于跨国企业的本质特性。虽然全球总部可能部分放权给中国团队，或在本地设置如风险/公司治理和本地募资等总部职能，但很多美国企业仍不愿意下放更多的运营自主权。新冠疫情导致诸多全球总部不得不将更多权限下放给中国团队，一定程度上伴生了沟通及其他方面的挑战和摩擦，可能导致本地化进程放缓和总部收回部分运营自主权。在其余三分之一已改变或考虑改变在华策略及商业模式的受访企业中，两个首选路径分别

283、是准备分拆/本地化（44%）以及分拆中国与全球其它市场使用的体系和标准（29%）。有意改变在华策略及商业模式的受访企业占比最高的行业包括：化工（59%），科技硬件、软件与服务（42%），汽车（41%）和药品、医疗器械与生命科学（35%）。在汽车行业，政府希望本土车企拥有完全本土化的供应链尤其是中国注重在全球电动车制造竞争中领先的背景下加速了车企分拆或本地化经营。在物流行业，监管障碍也在促使企业运营本土化。在化工行业，中国享有来自俄罗斯和伊朗的廉价原油；因此，相较于依赖其他原料来源，本土化将更有助于企业利用这一优势。贵司对在华策略及商业模式已做出或打算做出什么改变？在中国为中国市场在中国为美国市

284、场在中国同时为美中两个市场在中国为中国及其他市场（不包含美国市场）在中国为美中两国以外的市场在中国为全球市场进口产品入中国其他上海美国商会 2023 年中国商业报告 63美国政府政策66%34%中国政府政策46%41%39%37%36%31%24%3%5%19%以获得更多中国政府 补贴美国出口 管控和制裁军事冲突 风险对未来美国政策方向的不确定性对未来中国政策方向的不确定性关税和其他贸易壁垒直接或间接的政治压力加强供应链韧性的需求以获得更多美国政府 补贴不适用 脱钩动因存在行业差异33%的受访企业表示来自政府的脱钩压力并未影响到其所在行业。脱钩压力感受最强的行业包括：面临政府脱钩压力的受访企业

285、中，有三分之二表示压力来自于美国而非中国政府政策，尤以制造业为代表，多数（72%）受访企业将脱钩压力归结于美国。反观法律服务行业，71%的业内受访企业认为来自中国的脱钩压力更大高出行业内将此归结于美国的企业两倍以上。对于贵司所处行业，脱钩压力主要来源于：在被问及运营去风险化或脱钩的动因时，未来中国政策方向不确定性（46%）和未来美国政策方向不确定性（41%）获票最高。第三大因素为关税和其他贸易壁垒（39%），军事冲突风险（37%）紧随其后。调研结果因行业而异：科技硬件、软件与服务行业企业表示美国出口管控和制裁（74%）是促使其脱钩的主要压力来源。同时，55%的汽车行业企业将军事冲突风险视为主要

286、压力来源，反映了汽车行业资本密集的特性和其全球供应链的复杂性。哪些要素加剧了贵司脱钩/在华运营去风险化的压力？科技硬件、软件与服务 84%化工 88%工业制造 73%64 上海美国商会 2023 年中国商业报告增加对供应链韧性的投入43%研发业务脱钩8%其他16%剥离中国与非中国数据和信息27%将供应链迁至母国、邻国或友好国家24%中国分部本地化22%公司财务脱钩10%30%Deprive our company of accessto Chinese technological innovation72%57%53%32%18%中国同业将取代我司在华业务导致美企因脱离竞争环境而 处于劣势美企

287、全球竞争力下降他国同业将取代我司在华业务限制我司利用中国创新技术的能力 脱钩：应对与弊端在受到美中政策脱钩压力的受访企业中，77%正采取应对措施，最常见的措施包括增加对供应链韧性的投入（43%）和剥离中国与非中国的数据和信息（27%）。前者在将脱钩压力主要归结于美方的受访企业中尤为普遍（48%）；在将压力归结于中方的受访企业中，此比仅为 34%。贵司采取了以下哪些措施，以应对美国或中国政府的脱钩政策？脱钩：利好本土同业，损害美企利益当被问及所处行业过激/过早或无战略性脱钩会对美国造成的影响时，大部分（72%）受访企业表示这将导致中国同业接手其在华业务。57%的企业表示非必要脱钩将导致美企因脱离

288、竞争环境而处于劣势。此外，有 53%认同一种普遍担忧：美企全球竞争力会由此下降。制造业对脱离竞争环境的担忧尤甚，该行业很大程度上受惠于中国的规模经济和激烈的本土竞争，63%的受访企业持上述看法。最终，分割的中国运营将失去美国总部资源，包括互享创意、风险管理技能和双向行业知识转化等。您认为贵司所处行业过激/过早或无战略性脱钩会对美国造成怎样的影响？上海美国商会 2023 年中国商业报告 65受访企业分布 共计 325 家会员企业参与调研。86%的受访企业在华经营已逾 10 年。17%的受访企业在华员工规模超 2,000 人；22%的企业在华员工规模在 501 到 2,000 人之间。32%的受访

289、企业全球年度营收超 50 亿美元；22%的企业全球年度营收在 10-50 亿美元之间。55%的受访企业在华营收占其全球总营收的比例不足 10%。参与调研企业数量最多的行业依次为：工业制造（66）、零售与消费（33）、管理咨询（27）、汽车（22）、药品、医疗器械与生命科学（20）和化工（17）。66 AmCham Shanghai 2023 China Business Report2019202020212022Survey Results1.2.How would you describe your companys financial performance in China in 20

290、22?2022 年贵司在华业务的财务业绩如何？3.How does your estimated 2023 China revenue compare to your 2022 results?贵司预计 2023 年在华营收与 2022 年相比：What is your estimated total annual China revenue for 2023?贵司预计 2023 年度在华总营收为？4.How did your China 2022 revenue compare to your 2021 revenue?贵司 2022 年在华营收与 2021 年相比？N=324N=313N=

291、320N=313US$51-$100 million5100万美元-1亿美元US$10-$50 million1000万-5000万美元US$100 million1亿美元US$1-$9 million100万-900万美元US$1 million20%减少20%100806020402%1%7%13%31%30%13%3%2018201920202021202220235%8%15%22%16%17%12%4%1%3%5%7%19%18%17%17%15%9%18%30%26%9%4%2%3%7%16%21%19%12%13%10%4%10%16%22%17%12%12%7%Very pro

292、fitableProfitable100806020400Slight lossBreak-even盈亏平衡Large loss3%16%61%12%8%14%64%11%7%20184%18%60%11%8%100806020402017201820192020202120225%44%22%12%9%6%3%*2017 data does not include a Not applicable option.2017 的数据未包含“不适用”的选项。31%28%15%12%10%3%2%6%44%27%12%5%6%6%28%16%10%17%20%4%9%49%18%9%4%8%3%3%

293、29%16%14%17%19%1%大幅亏损*Figures in graphs throughout this document are rounded up from 0.5,and down from 0.4,resulting in some graphics calculating over or under 100%or differently from what is in the text.Figures in the text may be rebased to exclude“Not applicable.”本报告图表中数据以四舍五入方法精确到小数点后一位，因此会出现总和高（

294、低）于 100%或 与报告文字部分不同的个别情况。文中数据可能经过基准调整，以排除“不适用”选项。16%60%12%8%6%3%10%58%15%12%6%Up over 50%增长超过50%Up 11-50%增长11-50%Up 1-10%增长1-10%Not applicable*不适用Remained the same持平Down over 10%减少超过10%Down 1-10%减少1-10%盈利丰厚有盈利略有亏损AmCham Shanghai 2023 China Business Report 677.8.6.How did your China 2022 revenue grow

295、th compare to your companys worldwide revenue growth?贵司2022年在华营收增长率与全球营收增长率相比：Over the next three to five years,how do you expect your revenue growth in China to compare to worldwide revenue growth?未来三至五年，贵司预计在华营收增长率与全球营收增长率相比：What percentage of your companys global revenue is derived from China?贵司在

296、华营收占全球总营收的比例为？N=311N=311N=3095.How did your China 2022 operating margins compare to 2021?贵司 2022 年在华营业利润率与 2021 年相比：N=312Improved substantially(11%)显著提升(11%)Improved slightly(1-10%)略有提升(1-10%)Remained the same持平Deteriorated slightly(1-10%)略有下降(1-10%)Deteriorated substantially(11%)显著下降(11%)Not applic

297、able不适用20181008060402003%19%27%23%21%7%201920202021202212%38%21%17%8%5%22%22%18%20%10%9%19%35%18%16%5%7%3%13%23%23%16%21%1008060402002018201920202021202224%25%18%11%5%17%18%30%21%12%4%16%25%28%21%8%5%14%Not applicable不适用Significantly higher(up 11%or more)显著高于(11%或以上)后者Slightly higher(up 1-10%)略高于(1-

298、10%)Comparable持平Slightly lower(down 1-10%)略低于后者(1-10%)Significantly lower(down 11%or more)显著低于后者(11%或以上)19%24%22%15%8%13%10%13%20%25%19%13%后者11-30%31-50%50%10080604020015%7%28%20%17%13%201813%7%29%16%19%17%201920202021202216%6%27%18%19%15%12%6%29%23%17%14%13%8%25%24%19%12%100806040200202120222023Not

299、 applicable不适用Significantly higher(up 11%or more)显著高于后者（11%或以上）Slightly higher(up 1-10%)略高于后者（1-10%）Slightly lower(down 1-10%)略低于后者（1-10%）Significantly lower(down 11%or more)显著低于后者（11%或以上）Comparable 持平15%32%23%5%12%13%12%28%25%18%6%11%31%39%12%3%8%7%68 AmCham Shanghai 2023 China Business Report10.9.

300、What is your companys primary strategy in China?贵司在华主要商业策略是：As a result of the lifting of zero-Covid restrictions,by what percentage have you readjusted your 2023 revenue projections?贵司是否因新冠清零限制的取消而调整了 2023 年度营收预期？N=325N=31211How would you describe your five-year business outlook in China?贵司对未来五年在华业

301、务的前景预期如何？N=325Neutral中立Slightly pessimistic较悲观Pessimistic悲观Slightly optimistic较乐观Optimistic乐观100806040200201845%35%13%6%2%201925%36%18%15%6%202020212022202323%36%23%14%4%39%39%12%7%3%18%37%24%16%5%16%36%25%17%6%12.How does your parent company/global headquarters rank China in your companys global in

302、vestment plans?中国市场在贵司母公司/全球总部的投资计划中排位如何？N=32545303525402015105020222021One among many investment destinations众多投资目的地之一 第二或第三位Second to third priority不太重要Low priority排在首位Number-one priority202328%36%9%18%27%27%41%13%17%27%38%19%453035254020151050One among many investment destinations众多投资目的地之一 第二或第三位

303、Second to third priority不太重要Low priority排在首位Number-one priority202328%36%9%18%27%27%41%13%17%27%38%19%Increased yearly revenue projections by less than 5%年度营收预期上调5%以下17%Increased yearly revenue projections by 6-10%年度营收预期上调6-10%17%Increased yearly revenue projections by 11-15%年度营收预期上调11-15%6%Increase

304、d yearly revenue projections by 16-20%年度营收预期上调16-20%4%Increased yearly revenue projections by more than 20%年度营收预期上调20%以下5%040201030Decreased yearly revenue projections年度营收预期下调No change to yearly revenue projections年度营收预期没有变化Not applicable不适用12%33%6%Produce or source goods or services in China for th

305、e China market 在中国为中国市场生产或采购商品或服务Produce or source goods or services in China for the US market 在中国为美国市场生产或采购商品或服务Produce or source goods or services in China for both the China and US markets(excluding other markets)在中国同时为中美两国市场（且不包含其他市场）生产或采购商品或服务 Produce or source goods or services in China for C

306、hina and other markets(not including the US)在中国为中国及其他市场（不包含美国市场）生产或采购商品或服务Produce or source goods or services in China for markets other than the US or China 在中国为中美两国以外的市场生产或采购商品或服务Produce or source goods or services in China for the world(including China and the US)在中国为全球市场（包含中美两国市场）生产或采购商品或服务 Impo

307、rt goods into China 向中国进口商品Other(Please specify)其它（请说明）04030201037%6%6%12%1%7%8%23%AmCham Shanghai 2023 China Business Report 6914.13.In response to the changing geopolitical and economic situation,some companies are putting a hold on new investment in China.As a percentage of total global investmen

308、t,is your company planning to limit investment exposure to China in the future?鉴于多变的地缘政治及经济形势，部分企业决定暂缓在华投资。贵司是否有限制在华投资在全球总投资中占比的计划？Which Chinese government measures would most help boost headquarter confidence in the China market?(Select up to three)中国政府的哪些政策措施会最有助于全球总部重建对中国市场的信心？（选择一至三项）N=325N=325M

309、ore support to foreign businesses加大对外资企业的支持力度47%Other(Please specify)其他（请说明）0604050302010Adopting strong macroeconomic policies to stimulate GDP growth 采取强有力的宏观经济政策，以促进GDP增长45%Measures to boost consumption刺激消费的政策措施30%Greater market opening进一步扩大市场开放37%More support to foreign-funded R&D centers加大对外资研发

310、中心的支持力度6%More transparent and predictable regulatory environment提高监管环境的透明度和可预测性60%More certainty and predictability in tax policymaking and implementation 提高税收政策制定与执行的确定性和可预测性13%Elimination of local content requirements for government procurement 取消政府采购对国产成分的要求13%9%15.How did your companys investmen

311、t in China change in 2022 compared to the previous year?贵司 2022 年在华投资规模与前一年相比：N=32510080604020050%increase 16-50%increase 1-15%increase 增长超过50%增长16-50%增长1-15%4%12%32%44%8%4%9%26%44%17%10%25%52%10%3%2%DecreaseNo change没有变化减少10080604020050%increase 16-50%increase 1-15%increase 增长超过50%增长16-50%增长1-15%20

312、185%13%29%41%12%2019202020214%12%32%44%8%4%9%26%44%17%10%25%52%10%3%2%DecreaseNo change没有变化减少20227%17%54%21%Not applicable(company is China-based or China-focused)不适用（公司总部在中国或以中国市场为主）No,we are not planning any limits未有限制计划Yes,but the limit will be higher than 35%是，但限制高于35%Yes,limit to between 25%and

313、 35%是，限制在25%至35%之间Yes,limit to between 15%and 25%是，限制在15%至25%之间Yes,limit to between 5%and 15%是，限制在5%至15%之间Yes,limit to less than 5%是，限制在5%以下060405030201017%12%1%2%3%50%14%70 AmCham Shanghai 2023 China Business Report16.How is your companys investment in China changing in 2023 compared to 2022?贵司2023

314、 年在华投资规模与2022 年相比：N=325No change没有变化Decrease减少2018201920202021202220236%6%17%39%32%100%80%60%40%20%0%5%10%33%34%18%增长超过50%More than 50%increase16-50%increase增长16%-50%增长1%-15%1-15%increase2%7%20%45%26%5%18%37%33%7%7%6%23%46%22%21%51%19%2%2%N=7317.Why is your overall investment level planned for China

315、 in 2023 lower than in 2022?(Select all that apply)贵司 2023 年在华投资规模低于 2022 年水平的原因为：（可多选）20222023Uncertainty about US-China trade policy/commercial relationship/美中经贸政策/关系不明朗Expectation of slower growth in China/预期中国经济增速放缓Uncertainty over future Chinese commercial policies and policy implementation 对未来

316、中国营商政策及政策执行的不确定性Diversification of supply chain/多元化供应链 Market access restrictions/市场准入限制Pressure to decouple/脱钩压力Lasting impressions due to Chinas management of Covid/中国新冠疫情管控产生的长久负面影响 Rising costs/成本上涨 Better business prospects in other countries/其他国家（地区）商业前景更好 Increased domestic competition/本土竞争加剧

317、 Destabilizing impact of tariffs/关税加征带来的不稳定因素Inconsistent enforcement of regulations/监管执行不一致 IP concerns/对知识产权的顾虑New regulatory restrictions/新的监管限制Supply chain disruptions and/or other operational issues due to the Russia-Ukraine conflict 俄乌冲突造成的供应链受阻和/或其他运营挑战 Shortage of labor/talents/劳动力/人才短缺 2023

318、 budget was made before Covid restrictions were lifted/年预算在新冠疫情限制放开前已制定Impact of the spread of Covid/新冠疫情扩散带来的影响 Other(Please specify)/其它（请说明）39%58%31%17%31%N/AN/A37%32%27%14%25%17%N/A 5%10%N/AN/A7%70%49%48%37%27%27%26%25%25%23%22%21%19%16%7%5%3%3%8%AmCham Shanghai 2023 China Business Report 71N=102

319、18.Why is your overall investment level planned for China in 2023 higher than in 2022?(Select all that apply)贵司 2023 年在华投资规模高于 2022 年水平的原因为：20222023Growth potential of China market /中国市场的增长潜力Removal of zero-Covid restrictions/新冠清零限制的取消Pressure to localize/本地化压力To take advantage of efficient and cost

320、-effective supply chains /为了利用高效且低成本的供应链To take advantage of skilled talent pool /为了利用专业技能人才储备 Removal of market access restrictions/市场准入限制的取消Government policies supportive of foreign investment/政府对外商投资的支持政策 To build export capacity/提升出口能力Government incentives/政府激励措施To invest in/acquire innovative c

321、ompanies/为了投资/收购创新公司 To avoid tariffs/避免关税Other(Please specify)/其它（请说明）78%N/AN/A22%25%7%N/A8%11%7%5%13%84%39%23%17%11%10%10%9%8%8%3%8%N=325202220212023 Southeast Asia/东南亚 United States(including US territories such as Puerto Rico)/美国（包括美属领地，如波多黎各）Mexico/墨西哥 Europe/欧洲 Indian subcontinent(Bangladesh,I

322、ndia,Pakistan)/印度次大陆（孟加拉、印度、巴基斯坦）East Asia/东亚 Elsewhere(Please specify)/其他国家或地区（请说明）No change in the destination of planned investments/计划投资目的地没有变化20%11%10%6%8%4%1%66%10%4%7%3%6%2%2%81%22%12%11%9%9%3%2%60%19.In the past year,have any of your planned investments in China been redirected to other fore

323、ign locations?If yes,where have you invested or where do you plan to invest?(Select all that apply)在过去的一年中，贵司有否将原计划的在华投资转移至其他国家或地区？若有，已投资或计划投资的目的地为：（可多选）72 AmCham Shanghai 2023 China Business Report22.Why are you moving operations out of China?(Select all that apply)贵司将运营活动迁出中国的原因为：N=129N=63Making c

324、ontingency plans to diversify away from China为在中国以外寻求市场多元化做准备Growth opportunities in the target market目标市场的增长机遇Lasting impressions due to Chinas management of Covid中国新冠疫情管控产生的长久负面影响Uncertainty about US-China relations美中关系的不确定性Market changes in China中国市场的变化Rising costs成本上涨To avoid tariffs避免关税Tariffs关

325、税Lower labor costs更低廉的劳动力成本Actual or potential government sanctions or export controls现有或潜在的政府制裁或出口管控More transparent legal system更透明的法制系统Pressure to decouple脱钩压力Supply chain efficiencies供应链效率Shifting consumer sentiment against foreign brands消费者对外国品牌产生的抵触情绪Making contingency plans to exit China为退出中国

326、市场做准备Strong domestic competition本土竞争加剧Concern that the companys China business will impact its global brand image对在华业务影响品牌国际形象的顾虑Government incentives in the target market目标市场的政府激励措施IP concerns对知识产权的顾虑Lower material costs更低廉的材料成本Environmental restrictions环保合规限制Other(Please specify)其他（请说明）Other(Pleas

327、e specify)其它（请说明）40%75%22%11%9%5%3%3%3%2%1%2%30%29%29%24%22%21%13%10%8%6%5%16%N=32521.20.What is the top reason that you are planning to redirect new investment?贵司计划转移新投资的主要原因是:Yes是No否81%19%Are you considering moving any of your current operations outside of China over the next one to three years?未来

328、一到三年，贵司是否有将现有运营活动迁出中国的计划？Supply chain resilience(improve or build more reliable/efficient supply chains)/加强供应链韧性（改善或建立更可靠/高效的供应链）AmCham Shanghai 2023 China Business Report 73N=6323.How has the lifting of zero-Covid restrictions impacted your decision to move operations out of China?新冠清零限制的取消对贵司迁出在华运

329、营活动的决定有何影响？N=6324.What percentage of your manufacturing operations do you plan to move out over the next one to three years?未来一到三年，贵司计划将多少比例的制造相关活动迁出中国？N=3025.To where will you move your manufacturing capacity or footprint?(Select all that apply)贵司计划将产能或制造相关活动迁至哪里？（可多选）030201050401-10%11-20%21-30%30

330、%Entire manufacturing footprint 全部制造相关活动Not applicable 不适用8%23%23%23%17%None 不打算迁出13%13%13%10%0%44%100%80%60%40%20%0%100%Non-US locations 非美国地区To the US and its territories 美国及美属领地7%We will move less than originally planned较原计划转移更少We will move more than originally planned较原计划转移更多No impact没有影响14%10%7

331、6%74 AmCham Shanghai 2023 China Business ReportN=6326.What percentage of your non-manufacturing operations do you plan to move out of China over the next one to three years?未来一到三年，贵司计划将多少比例的非制造相关活动迁出中国？N=6327.What percentage of your supply chain are you moving out of China?贵司计划将多少比例的供应链迁出中国？03020105

332、0401-10%11-20%21-30%30%Entire non-manufacturing footprint 全部非制造相关活动None 不打算迁出Not applicable 不适用24%5%6%41%14%17%2%32%16%16%8%37%0302010401-10%11-20%21-30%30%We have no supply chainNone 不打算迁出没有供应链13%11%28.What steps are you taking to make your supply chain more resilient?(Select all that apply)贵司采取了哪些

333、措施以加强供应链韧性？（可多选）N=302Increasing/diversifying China-based suppliers增加/多元化位于中国的供应商Increasing/diversifying suppliers based outside of mainland China 增加/多元化位于中国大陆以外的供应商44%35%Increasing inventory of inputs or raw materials 增加零部件或原材料库存13%Securing air and sea cargo capacity in advance of typical lead times为确保交付周期，提前锁定空运及海运运力8%Increasing inventory of finished goods增加成品库存7%Other(Please specify)其它（请说明）4%We