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1、CONTENTS 目录02Chairs Message主席致辞4.Business Environment商业环境4004Executive Summary概述4.1 Investment Environment 投资环境41151.2025 Survey Methodology2025 年调查方法4.2 Human Resources人力资源67212.Performance Snapshot绩效速览4.3 Innovation and Intellectual Property Rights创新和知识产权76273.Business Operations and Goals商业运营和经营目
2、标5.US-China Relations美中关系882AmCham Chinas 2025 China Business Climate Survey Report Chairs MessageThe release of our latest China Business Climate Survey Report comes at a pivotal moment in the US-China relationship,a relationship that remains the most consequential bilateral dynamic in the world to
3、day.This years report is particularly timely,coinciding with President Trumps return to the White House,amid heightened uncertainty for US companies in China.While challenges and complexities are anticipated in the months ahead,one thing remains clear:a stable and constructive US-China relationship,
4、with economic and trade ties at its core,is critical not only for the prosperity of both nations but also for global economic stability.For more than four decades,US firms have been integral to Chinas economic transformation,contributing through investment,innovation,and partnership.Beyond economic
5、gains,American companies have driven progress in areas like technological advancement and the adoption of international best practices in compliance,from environmental sustainability to anti-corruption and labor rights.Today,China is a vital consumer market for many of our members and a critical lin
6、k in their global innovation and supply chain networks.While the pandemic is now firmly in the rearview mirror and business confidence is recovering,the broader geopolitical landscape remains fraught with challenges.In this context,understanding the perspectives,concerns,and priorities of our member
7、 companies regarding their operations in China has never been more important.The American Chamber of Commerce in China has been conducting business environment surveys for over 25 years.This report,our 27th annual edition,captures the collective insights,concerns,and priorities of our member compani
8、es,providing a comprehensive picture of the current business environment.By aggregating these perspectives while also highlighting historical trends,we aim to foster mutual understanding and drive actionable change.Our goal is to support the continued success of American companies in China while con
9、tributing to a more transparent,predictable,and equitable business environment.Ultimately,this report is not just a snapshot of the present;it is a tool for shaping the future.By providing data-driven insights to policymakers in both countries,we hope to strengthen the foundations of a positive and
10、sustainable economic relationship between the United States and China.Thank you to all our member companies who contributed to this years survey.Your insights are invaluable in shaping our advocacy efforts and reinforcing the vital role American enterprises play in this ever-evolving relationship.Al
11、vin Liu Chair,AmCham China January 20253AmCham Chinas 2025 China Business Climate Survey Report 主席致辞在新一期中国商业环境调查报告发布之际,美中关系作为全球最具影响力的双边关系,正面临发展的关键节点。今年的报告发布适当其时,正值特朗普总统重返白宫之际,在华美资企业面临更大的不确定性。尽管可以预见未来数月间将面临诸多挑战与复杂局势,但可以明确的一点是:以经贸纽带为核心的、稳定和建设性的美中关系,对两国的繁荣发展和全球的经济稳定都至关重要。四十余年来,美国企业已成为中国经济转型的重要组成部分,通过投资
12、、创新与合作等方式作出了积极贡献。除创造经济效益外,美国企业还推动了中国的技术进步,并在环境可持续性、反腐败、劳动者权益等合规方面促进了国际最佳实践在中国的应用。当前,于许多商会会员企业而言,中国不仅是极其重要的消费市场,也是其全球创新和供应链网络中的关键一环。虽然疫情已悄然远去,企业信心正逐步恢复,但地缘政治格局依然充满挑战。在此背景下,了解会员企业对于在华经营的观点、关切和优先事项,比以往任何时候都更为重要。中国美国商会开展商业环境调查已有超过 25 年的历史。这份报告作为第 27 份年度报告,汇集了会员企业的集体观点、关切和优先事项,以全面展现当前的商业环境。通过汇总观点及呈现历史趋势,
13、我们旨在增进相互理解并推动切实可行的变革。我们的目标是支持美国企业在中国持续取得成功,同时助力营造一个更加透明、可预测和公平的商业环境。究其根本,这份报告不仅仅是当下情况的概览,更是塑造未来的工具。我们希望通过向两国政策制定者提供基于数据分析的洞察,为两国继续夯实积极、可持续的美中经济关系基础提供助力。在此,我们感谢所有参与本年度调查的会员企业。你们的宝贵洞见让我们得以更好地开展建言工作,不断加强美国企业在持续演进的双边关系中所发挥的重要作用。柳 青中国美国商会主席二零二五年一月4AmCham Chinas 2025 China Business Climate Survey Report E
14、xecutive Summary 概 述尽管疫情影响逐渐消散,但受贸易保护主义抬头、地缘政治冲突增多等风险因素影响,全球经济复苏态势依旧脆弱。在这个充满挑战、复杂多变的环境下,商会会员企业的财务表现既反映出其持续面临的困难,亦展现出发展韧性。受访会员企业中,46%表示 2024 年有望实现盈利或大幅盈利,36%预计将实现收支平衡,18%则将出现亏损。美中关系对绝大多数受访企业而言都至关重要。87%的受访企业强调了建设性双边关系对其在华业务的重要性。然而,51%的受访企业担心 2025 年双边关系面临进一步恶化的风险,这一比例为近五年最高,地缘政治局势、政策的不确定性以及贸易关系紧张或是主要影响
15、因素。许多企业仍将中国视为重要的投资目的地。近半数受访企业将中国列为全球前三大优先投资地之一。不过,将中国视为首要投资目的地的企业有所减少,不再将中国列为优先投资目的地的企业比例上升至 21%。与此同时,出于地缘政治、政策环境以及未来两年商业乐观预期走弱等因素,将生产或采购迁至中国境外的企业比例有所上升。监管问题依旧是受访企业的重大关切,监管执行差异、法律框架不清晰以及合规风险在会员企业面临的诸多挑战中位居前列。同时,32%的受访企业表示,与本土企业相比,其在市场准入和公共采购方面的不公平待遇问题尤为突出,科技研发行业受影响最为严重。会员企业在人力资源方面也面临严峻挑战,劳动力成本不断攀升,人
16、才招聘和留任困难重重,特别是从海外招聘在中国任职的人才。面对日益复杂的经营环境,组织转型与重组已成为人力资源战略中新的重点领域。尽管面临诸多挑战,会员企业对社会责任的重视程度仍持续提升。近 90%的受访企业在中国实施了 ESG(环境、社会和公司治理)战略。在 ESG 实践中,社会贡献重要性日益凸显,与公司治理与商业伦理的重视程度相当。As the pandemics effects recede,the global recovery remains fragile,hindered by rising trade protectionism,escalating geopolitical t
17、ensions,and other risks.In this challenging and unpredictable environment,the financial performance of our member companies reflects a mix of resilience and ongoing hurdles.While 46%reported being profitable or very profitable,another 36%only broke even,and 18%operated at a loss.US-China relations r
18、emain critical for most respondents,with 87%emphasizing the importance of constructive bilateral ties to their operations in China.However,51%expressed concerns about further deterioration in 2025,the highest level in five years,driven by geopolitical developments,policy uncertainties,and trade tens
19、ions.China remains a key investment destination for many,with nearly half of respondents ranking it among their top three global priorities.However,fewer companies now view China as their primary destination,and 21%no longer listed China as a preferred investment destination.Meanwhile,the proportion
20、 of companies relocating production or procurement outside of China has increased,driven by geopolitical concerns,the policy environment,and tempered business optimism over the next two years.Regulatory challenges remain a significant concern,with uneven regulatory enforcement,unclear legal framewor
21、ks,and compliance risks ranking high among member challenges.Meanwhile,32%of respondents reported unequal treatment compared to local enterprises,particularly in market access and public procurement,with the Tech and R&D sector most affected.Human resources challenges also weigh heavily on member co
22、mpanies,with rising labor costs and difficulties in recruiting and retaining talent,especially for China-based roles sourced from abroad.Organizational transformation and restructuring have emerged as a new focus area for HR strategies in response to the increasingly complex operating environment.De
23、spite these challenges,member companies are increasingly prioritizing their social responsibilities,with nearly 90%implementing ESG strategies in their China operations.Community contributions have risen in prominence,alongside governance and business ethics,as areas of focus in ESG practices.5AmCha
24、m Chinas 2025 China Business Climate Survey Report 1.2024 Financial Performance:Profitability Remains Similar to Previous Year For the third year in a row,our responding companies on average have found profitability elusive.While 8%reported being very profitable and 38%said they were profitable,an a
25、dditional 36%reported only breaking even and a further 18%reported either a loss or a large loss.This trend has been largely consistent since 2022.Companies in the Services and Consumer sectors were those reporting the largest challenges in terms of profitability,while relatively more companies in t
26、he Tech and R&D and Resources&Industrial sectors reported being either profitable or very profitable.1.2024 年财务表现:盈利情况与上一年度基本持平 受访企业的总体盈利水平连续三年承压。受访企业中,仅有 8%预期 2023 年将实现大幅盈利,38%表示有望实现盈利,另有 36%预计仅实现收支平衡,还有 18%的受访企业或将出现亏损或严重亏损。自 2022 年以来,这一趋势基本保持稳定。服务行业和消费行业企业在盈利上面临的挑战最为显著,而技术和研发行业、资源与工业行业中,预计将实现盈利或大幅
27、盈利的企业比例相对更高。737148202234134694202128Figure 10.How would you characterize your companys financial performance in China in 2024?图 10.2024 年贵公司在华业务的财务表现如何?%By percentage Very profitable大幅盈利 Profitable盈利 Break even持平 Loss 亏损 Large loss大幅亏损Tech and R&D技术和研发行业Services服务行业Resources&Industrial资源和工业行业Consume
28、r消费行业4123314202337202483812636459311120243911301620233 33 320233916328520243811386820233330181272024323481972023341138162 2202441113594 4Key Findings 要点综述:6AmCham Chinas 2025 China Business Climate Survey Report 2.US-China Relations:Crucial to Almost All Responding Members,with Increasing Number of
29、Companies Concerned about Future Outlook 87%of responding companies believe that positive bilateral relations are either extremely important or very important to their businesses in China,up 5pp compared with 2023.In the Tech and R&D sector,this proportion is as high as 95%.However,due to a series o
30、f factors including the anticipated 2025 change of US administration,tightening of China-related policies,and the frequent countermeasures taken by both the US and China,51%of responding companies believe that bilateral relations may continue to deteriorate in 2025,reaching the highest level in the
31、last five years.2.美中关系:对几乎所有受访企业都至关重要,越来越多的企业对未来前景感到担忧 87%的受访企业认为积极的双边关系对其在华业务极其或非常重要,这一比例较 2023 年增加了 5 个百分点。在科技和研发行业,这一比例高达 95%。然而,可能 由于美国大选换届、对华政策调整及美中两国频繁采取反制措施等因素影响,51%的受访企业担心双边关系在 2025 年或将继续恶化,为近五年最高水平。123328Figure 67.Importance of positive bilateral relations between the US and China to your c
32、ompanys business growth in China 图 67.良好的美中双边关系对贵公司在华业务增长的重要性%By percentage Extremely important极其重要 Not important不重要 Not at all important完全不重要 very important非常重要 Somewhat important比较重要202320245730115428172 21 1Tech and R&D技术和研发行业Resources&Industrial资源和工业行业Consumer消费行业Services服务行业67531847291257301 11
33、13 34 41 11 11 11 17AmCham Chinas 2025 China Business Climate Survey Report 3.Business Challenges:Rising Bilateral Tensions Remains the Top Challenge with Increasing Regulatory Concerns Among Responding Companies Against the backdrop of a challenging outlook for US-China relations,63%of responding c
34、ompanies regard rising tensions in US-China relations as the top challenge in operating in China.This proportion far exceeds that of other challenging factors,and this challenge has been at the top of the list for five consecutive years.The second biggest challenge is competition from Chinese compan
35、ies(39%).Meanwhile,the impact of the policy environment on business operations is significant,with regulatory compliance risks and the inconsistent regulatory interpretation and unclear laws&enforcement regarded as the third and fourth biggest challenges in 2025,respectively.While not listed in the
36、top five,21%of respondents also expressed concerns about overcapacity in the industry.3.商业挑战:美中关系紧张加剧仍是首要挑战,受访企业对监管方面的担忧趋于上升在美中关系展望不甚乐观的背景下,63%的受访企业将美中关系趋紧视为其在华经营面临的首要挑战,占比远超其他挑战因素,连续五年位列榜首。位列第二大挑战的是来自中国企业的竞争(39%)。与此同时,政策环境对企业经营的影响仍不容忽视,与之相关的合规风险和法律法规执行不一致/不明确等因素分别被视为 2025 年的第三和第四大挑战。21%的受访企业还对行业产能过
37、剩表示担忧。Figure 15.Please select your TOP FIVE business challenges in China 图 15.贵公司在华业务影响最大的五个商业挑战 202120222023202420251Rising tensions in US-China relations美中关系日益紧张78%Rising tensions in US-China relations美中关系日益紧张56%Rising tensions in US-China relations美中关系日益紧张66%Rising tensions in US-China relations美
38、中关系日益紧张61%Rising tensions in US-China relations美中关系日益紧张63%2Rising labor costs劳动力成本增加40%Inconsistent regulatory interpretation and unclear laws&enforcement法律法规和执行不一致/不明确31%COVID-19 prevention measures新冠疫情防控措施 55%Inconsistent regulatory interpretation and unclear laws&enforcement法律法规和执行不一致/不明确30%Compe
39、tition from state-owned and/or privately owned Chinese companies 来自中国国有和/或私营企业的竞争加剧39%3Inconsistent regulatory interpretation and unclear laws&enforcement法律法规和执行不一致/不明确37%Rising labor costs劳动力成本增加29%Inconsistent regulatory interpretation and unclear laws&enforcement法律法规和执行不一致/不明确32%Rising labor cost
40、s劳动力成本增加27%Regulatory compliance risks监管合规风险26%4Increasing competition from privately owned Chinese companies 来自中国民企日益激烈的竞争33%Regulatory compliance risks监管合规风险28%Rising labor costs劳动力成本增加25%Concerns about data security对数据安全的担忧26%Inconsistent regulatory interpretation and unclear laws&enforcement法律法规
41、和执行不一致/不明确25%5Concerns about data security对数据安全的担忧26%Concerns about data security对数据安全的担忧23%Regulatory compliance risks监管合规风险25%Increasing competition from privately owned Chinese companies 来自中国民企日益激烈的竞争24%Rising labor costs劳动力成本增加24%8AmCham Chinas 2025 China Business Climate Survey Report 4.Intent
42、to Invest:Nearly Half of Responding Companies Rank China as the First or Top Three Near-term Global Investment PriorityThis year,nearly half of the responding companies ranked China among their top three global investment destinations.However,the proportion of companies that listed China as their to
43、p investment destination(including those with business only in China)decreased by 6pp compared with the previous year.Additionally,the proportion of companies that no longer listed China as a preferred investment destination has doubled to 21%compared with before the pandemic.Chinas position in comp
44、anies global investment strategies has seen a decline to some extent.Influences from geopolitical factors and policy environment aside,weakened business prospects over the next two years also contributed to this decline.This years survey reveals that responding companies are generally less optimisti
45、c about the next two years compared to their outlook a year ago.The proportions of responding companies that are optimistic or relatively optimistic about Chinas domestic market growth,economic recovery/growth,US-China relations,and profitability potential have all decreased by 7pp,8pp,8pp,and 5pp,r
46、espectively,compared with the previous year.4.投资意向:近半数受访企业将中国列为近期全球首要或前三大投资目的地 今年,仍有 48%的受访企业将中国列为其在全球的前三大投资目的地,但将中国列为首要投资目的地的企业(包括仅在中国有业务的企业)所占比例较上一年度减少了 6 个百分点,而不再将中国列为优先投资目的地的企业比例上升至 21%,较疫情前翻了一番。中国在受访会员企业全球投资战略中地位有所下降,除受地缘政治、政策环境等因素影响外,亦或受累于受访企业对未来两年在华业务前景预期走弱。今年的调查显示,受访企业对未来两年业务前景的乐观程度普遍不及上一年度,
47、其中对中国市场增长、经济复苏和增长、美中关系和盈利潜力等持乐观或较为乐观态度的受访企业占比分别较上一年度下降了 7 个百分点、8 个百分点、8 个百分点和 5 个百分点。2024122631211011 First priority首要投资目的地 Top three priority三大投资目的地之一 One among many destinations众多投资目的地之一 Not a high priority不是优先考虑对象 We only have operations in China只在中国有业务20202140292021221438312938172022202316121022
48、3318Figure 23.Chinas rank in near-term global investment plans 图 23.中国在近期全球投资计划中的重要性%By percentage 9AmCham Chinas 2025 China Business Climate Survey Report 5.Manufacturing or Sourcing:Increasing Proportion of Companies Considering Relocating Production or Procurement Outside of ChinaAlthough 67%of r
49、esponding companies stated that they have not considered relocating production or procurement outside of China,this proportion has decreased by 10pp compared with the previous year.17%of respondents have already started to relocate production and procurement outside of China,up 6pp year-on-year.US-C
50、hina trade tensions(44%)and rising geopolitical tensions(42%)are the main factors prompting responding companies to relocate capacity outside of China.The impacts of factors such as the additional tariffs imposed by the US on China(25%)and the readjustment of US strategic priorities for other countr
51、ies(20%)have also increased significantly,rising by 10pp and 8pp,respectively,compared with the previous year.5.生产或采购:考虑将生产或采购转移至中国境外的受访企业比例有所上升 尽管 67%的受访企业表示不考虑将生产或采购转移至中国境外,但这一比例较上一年度减少了 10 个百分点。17%的受访企业已开始将生产和采购转移至中国境外,较上一年度增加了 6 个百分点。美中双边贸易摩擦(44%)和地缘政治紧张局势加剧(42%)是促使受访企业转移产能至中国境外的主要影响因素。2023 年,美中
52、双边贸易摩擦在产能转移的影响因素中排名第四(32%)。美国对中国加征关税(25%)、对其他国家战略优先次序的重新调整(20%)等因素的影响亦明显上升,分别较上一年度增加了 10 个百分点和 8 个百分点。Figure 35.Is your company considering,or has it already begun the process of relocating manufacturing or sourcing outside of China?图 35.贵公司是否开始,或考虑开始将生产或采购转移至中国境外?%By percentage No,we are not consid
53、ering relocating manufacturing or sourcing outside of China不,我司没有考虑将生产采购转移至中国境外 Yes,we are considering relocating but have not taken active steps to relocate manufacturing or sourcing outside of China yet是的,我司在考虑转移,但还没有采取行动将生产采购转移至中国境外 Yes,we have started the process of relocating manufacturing or s
54、ourcing outside of China是的,我司已经开始将生产采购转移至中国境外 Other其他67131783877712117412128377202420202 22023Tech and R&D技术和研发行业Resources&Industrial资源和工业行业Consumer消费行业Services服务行业20222 220213 3258316591313727101269142 22 24 410AmCham Chinas 2025 China Business Climate Survey Report 6.Fair Treatment:Foreign Firms Q
55、uestion Equal Treatment in Some Sectors,But Would Invest More If Playing Field LevelNearly 60%of our responding member companies report being treated equally with local firms,while over 30%feel domestic firms are given preference.However,results vary widely by sector.In the Tech and R&D sector,49%of
56、 companies report local firms are given preference,while in the Consumer sector,members report much more equal treatment.Across sectors,a majority of members report that they would invest more if treatment was equal,particularly in the Resources&Industrial sector.Figure 39.How are foreign companies
57、in your industry treated by government policies and enforcement actions relative to domestic companies?图 39.与国内公司相比,您所在行业的外资公司受到的待遇如何?%By percentage 2024321157202331106020223875520244910402023427512023172460202418216120233659202429628Tech and R&D技术和研发行业Resources&Industrial资源和工业行业Consumer消费行业Services
58、服务行业20242886420232467105 5 Foreign companies receive preferential treatment vs.domestic companies相比本土企业,外资企业受到优惠待遇 Foreign companies are treated equally vs.domestic companies相比本土企业,外资企业受到同等待遇 Foreign companies are treated unfairly vs.domestic companies相比本土企业,外资企业受到不公平待遇11AmCham Chinas 2025 China Bus
59、iness Climate Survey Report 6.公平待遇:外资企业在部分领域能否获得平等待遇存在一定疑虑,而公平的竞争环境可促使企业加大投资力度近 60%的受访会员企业表示受到与本土企业同等待遇,而超过 30%的会员企业感到本土企业更受优待。各行业会员企业对这一问题的看法存在较大差异,49%的科技与研发行业企业认为本土企业得到优待,更多的消费行业企业则表示获得了平等待遇。总体看,大多数会员企业表示,更加平等的待遇将促进其增加在华投资,尤其是资源与工业行业。Figure 41.To what degree is a lack of market access an inhibitor
60、 to your companys operations in China?图 41.缺乏市场准入在多大程度上阻碍了贵公司在中国的运营?%By percentage Significant显著影响 Somewhat有些影响 Other其他 Not at all没有影响341 14817335074327451817375526Tech and R&D技术和研发行业Resources&Industrial资源和工业行业Consumer消费行业Services服务行业402 212AmCham Chinas 2025 China Business Climate Survey Report 7.I
61、P Protection:Most View Chinas Intellectual Property Law Enforcement as Positive or Neutral,but Inadequate Protections Still Limit Investment Decisions for Some32%of responding companies believe the Chinese government has further improved the intellectual property law enforcement in the past year,whi
62、le 38%report the level of enforcement to be unchanged.However,inadequate intellectual property protection remains one of the major challenges faced by responding companies.39%of the responding companies stated that difficulty prosecuting infringement in court has become the biggest IP challenge,whic
63、h has increased significantly by 11pp compared with the previous year.26%indicated that the inadequate protection of intellectual property will restrict their investment decisions in China,up 2pp from the previous year.Among these,the proportion of affected responding companies in the Tech and R&D s
64、ector is the highest,reaching 39%.7.知识产权保护:受访企业对中国的知识产权执法工作总体持积极或中性态度,但知识产权保护不足仍是限制部分企业对华投资决策的重要因素 32%的受访企业认为中国政府在过去一年进一步改善了知识产权执法工作,38%的企业认为知识产权执法工作水平保持不变。但知识产权保护不足仍是受访企业面临的重大挑战之一,39%的受访企业表示,难以在法庭上起诉侵犯知识产权的行为,较上一年度大幅增长 11 个百分点。26%的受访企业表示知识产权保护不足将限制其对华投资决策,较上一年度增加了 2 个百分点。其中,科技和研发行业中受影响的企业比例最高,达 39%
65、。Figure 62.In the last year,Chinas enforcement of Intellectual Property Rights(IPR)has:图 62.在过去一年中,中国在知识产权法律法规执行方面:%By percentage Improved改善 Stayed the same保持不变 Deteriorated恶化 Unsure不确定472825443122363329353233382827202020212022202320244 43 32 23 31 113AmCham Chinas 2025 China Business Climate Survey
66、 Report 8.Human Resources Challenges:Increase in Labor Costs Remains the Top HR Challenge,with a New Focus on OrganizationalTransformation and RestructuringEver-increasing labor costs remain a major challenge for human resources management,topping this list in four of the past five years.Meanwhile,u
67、nder the influence of US-China relations and geopolitics,responding companies also face difficulties in recruiting and retaining talent,especially in the process of recruiting China-based roles from abroad.This year,organizational transformation and restructuring has become a new focus of attention
68、in human resources management as responding companies seek to better cope with increasingly complex market challenges.8.人力资源面临的挑战:整体人力成本增加仍然是人力资源管理面临的首要挑战,组织转型与重组成为新的关注焦点 不断增加的人力成本一直是近几年人力资源管理面临的最大挑战。与此同时,受美中关系和地缘政治影响,受访企业在人才招聘和留用,尤其是国际人才的聘用方面亦面临困难。今年,组织转型和重组成为人力资源管理新的关注焦点,更多的受访企业期待通过转型与重组更好地应对日益复杂的
69、市场挑战。Figure 50.Top three human resources challenges 图 50.人力资源面临的前三大挑战 20212022202320242025Total labor costs整体人力成本增加53%Total labor costs整体人力成本增加44%US-China tensions and geopolitical concerns美中关系紧张和 地缘政治忧虑43%Total labor costs整体人力成本增加41%Total labor costs整体人力成本增加47%Rising salary and wage costs 薪资成本不断上涨5
70、2%Rising salary and wage costs 薪资成本不断上涨42%Total labor costs整体人力成本增加37%Rising salary and wage costs 薪资成本不断上涨35%US-China tensions and geopolitical concerns美中关系紧张和 地缘政治忧虑35%Developing digital talent and organizational capabilites发展数字化人才 及组织能力32%US-China tensions and geopolitical concerns美中关系紧张和 地缘政治忧虑2
71、8%Rising salary and wage expenses 薪资成本不断上涨31%US-China tensions and geopolitical concerns美中关系紧张和 地缘政治忧虑30%Organizational transformation and restructuing组织转型与重组30%123New addition to the top-three business challenge this year 新增前三大商业挑战14AmCham Chinas 2025 China Business Climate Survey Report 9.Social R
72、esponsibility:Almost 90%of Companies Have Implemented an ESG Strategy in ChinaResponding companies attach greater importance to fulfilling their social responsibilities in China,with nearly 90%reporting to have already implemented ESG(Environmental,Social,and Governance)strategies in China,an increa
73、se of 10pp compared with 2023.Community contributions moved up from fourth place last year to tie with governance and business ethics as the second most prioritized area in companies ESG practices this year.9.社会责任:近九成企业在华运营实施了“环境、社会责任和公司治理”(ESG)战略受访企业更加重视在华履行社会责任,近 90%的受访企业已在中国实施 ESG 战略,较 2023 年大幅上升
74、 10 个百分点。社会贡献在企业 ESG 战略中的地位进一步提升,从 2023 年的第四位上升至 2024 年的第二位,与公司治理和商业道德共同成为第二大重点领域。%By percentage Yes,we have an ESG strategy in China and it is aligned with our global ESG strategy是的。我们在华的 ESG 战略与公司总部的ESG 战略一致 Yes,we modified our global ESG strategy and tailored it for the China market是的。我们对公司的 ESG
75、战略进行了优化,以适应中国市场 Our company has an ESG strategy at the global level,but has not implemented it in China yet 我们公司在全球总部层面有 ESG 战略,但目前在华没有实施761686327107573131415Tech and R&D技术和研发行业Services服务行业Resources&Industrial资源和工业行业Consumer消费行业Figure 19.Does your company implement Environment(E),Social(S),and Gover
76、nance(G)strategies in China operations?图 19.贵公司在中国是否实施了“环境、社会责任和公司治理(ESG)”战略?7316121015AmCham Chinas 2025 China Business Climate Survey Report 2024 Survey Methodology 2024 年调查方法1.16AmCham Chinas 2025 China Business Climate Survey Report PrefaceThe survey was conducted from October 21 to November 15,
77、2024,among AmCham China members,representing enterprises of various sizes from a broad range of industries,including many with global operations.We received a total of 368 valid responses.For further data analysis,we have categorized the industries into four sectors:Technology and Other R&D-intensiv
78、e Industries(Tech and R&D),Resources&Industrial,Consumer(products and services),and Services(Figure 8).前 言本次调查时间为 2024 年 10 月 21 日至 11 月 15 日,调查对象为中国美国商会的会员企业。本次调查的受访企业代表了各行业不同规模的企业,包括众多业务遍布全球的跨国企业。本次调查收到的有效回复共计 368 份。为进行深入数据分析,我们将这些企业所属产业划分为四大类:技术和研发、资源和工业、消费(包括相关产品和服务)以及服务行业(图 8)。Note:The data rep
79、resented in the charts has been rounded,which may result in the total percentages across some charts not summing up precisely to 100%注:由于四舍五入,各数据之和可能不等于总额(100%)Figure 1.Number of employees in China(including subsidiaries and joint ventures)图 1.贵司在华雇员人数(包括分支机构及合资企业)Figure 4.Where does your company ha
80、ve a legal presence(including representative offices)?图4.贵公司在哪个国家/地区设有法律实体(包括办事处)?Less than 250250 人以下China,US,and outside of China and the US中国,美国和美中以外的其他国家和地区China中国China,the US中国,美国China,Outside of China and the US中国,中国和美国以外的国家和地区Outside of China and the US中国和美国以外的国家和地区US美国US,Outside of China and
81、 the US美国,中国和美国以外的国家和地区250 to 1,000250 人-1000 人1,001 to 2,0001001 人-2000 人2,001 to 5,0002001 人-5000 人More than 5,0005000 人以上4119111316%By percentage Figure 3.Respondents position图 3.受访者职位Senior-level country manager(CEO,VP,Managing Director,Chief Representative)中国区高级管理人员(首席执行官,副总裁,总经理,董事总经理,首席代表)Dir
82、ector of government relations or public relations政府事务部门或公共关系部门总监Director/functional leader of other department(e.g.,COO,HR Director,Finance Director,Sales Director)其他部门总监/负责人(人力资源部、财务部、销售部、首席运营官等)Other其他5425146%By percentage 63181143%By percentage Figure 2.Revenue(2024 USD estimate)图 2.2024 年营收(单位:美
83、元估值)Less than 10 million1,000 万元以下10 to 100 million1,000 万元 1 亿元100 to 500 million1 亿元 5 亿元10 to 50 billion100 亿元 500 亿元500 million to 1 billion5 亿元 10 亿元1 to 10 billion10 亿元 100 亿元29201811184%By percentage 1117AmCham Chinas 2025 China Business Climate Survey Report Figure 5.Where are the customers
84、your company primarily serves?图 5.贵公司主要服务哪些国家的客户?Figure 6.What percentage of your companys global revenues is China expected to account for in 2024?图 6.2024 年贵公司在华业务在全球营收中占多大比例?Customers both in China and outside of China中国和其他国家/地区的客户 Customers in China中国的客户 Customers outside of China其他国家/地区的客户32214
85、 3103020232024%By percentage 10%10-25%25-35%35-50%50%Did not answer未回复%By percentage 4354338184 482918AmCham Chinas 2025 China Business Climate Survey Report 9552953231511381232720242023134311285 5202420239599175 5202420235722144 42 2202420232024202394335135627121 13 33 34 44 4Figure 7.Which of the
86、following describes your companys main business model in China?图 7.不同行业会员在中国的主要商业模式%By percentage Produce or source goods or services in China for the China market针对中国市场,在华生产或提供产品或服务 Import goods or services into China进口产品或服务到中国 Other其他 Produce or source goods or services in China for markets other
87、than the US or China针对美中两国以外市场,在华生产或提供产品或服务 Produce or source goods or services in China for the US market针对美国市场,在华生产或提供产品或服务Consumer消费行业Resources&Industrial资源和工业行业Services服务行业Other其他行业Tech and R&D技术和研发行业65319184202475120175202360131713483095 54 43 35 519AmCham Chinas 2025 China Business Climate Sur
88、vey Report Figure 8.Survey respondents were segmented into four main categories图 8.受访企业所属行业分为四大类别 ConsumerProducts消费品 RetailandDistribution零售与分销 HealthcareServices医疗服务 Education教育 MediaandEntertainment媒体与娱乐 HospitalityandTravel&Leisure酒店、旅游与休闲 Social&PublicSector/nonprofit(includingindustryassociati
89、ons)社会和公共事业/非营利机构(包括行业协会)Other(e.g.SupplyChainMgmt,Manufacturing,Productdevelopmentandsourcing,investmentandtrade)其它行业(如:供应链管理、产品开发和外包,投资和贸易等)FinancialServices(e.g.,Banking,Insurance)金融服务(如:银行、保险等)RealEstateandDevelopment房地产和开发 TransportationandLogistics运输与物流 Investing(e.g.,PrivateEquity,VentureCapi
90、tal)投资(如:私募股权、创业投资等)OtherServices(e.g.,Law,HumanResources,Accounting,Marketing,AdvertisingandPR,Research,Consulting)其他服务(如:法律、人力资源、会计、市场营销、广告和公关、调研、咨询等)Aerospace航天航空 HealthcareProducts(e.g.,Pharmaceuticals,MedicalTechnology)医疗产品(如:制药、医疗器械等)Technology/TelecommunicationsHardware科技/电信硬件 Technology/tele
91、communicationsServices科技/电信服务 Agribusiness农业 Automotive&TransportationVehicles汽车和交通工具 Machinery,Equipment,Systems&Controls机械、设备、系统和控制 Oil&Gas/Energy石油&天然气/能源 OtherIndustrial(e.g.,Chemicals,Mining,Paper&Packaging)其他工业领域(如:化学品、采矿、造纸与包装等)Technology&other R&D-intensive industries(Tech and R&D)技术和研发行业(n=
92、91)Consumer消费行业(n=92)Resources&Industrial 资源和工业行业(n=75)Services服务行业(n=87)Other其他行业(n=23)20AmCham Chinas 2025 China Business Climate Survey Report Performance Snapshot 绩效速览2.22AmCham Chinas 2025 China Business Climate Survey Report PrefaceDue to increased uncertainty in US-China relations,along with
93、expectations of slower economic growth and other factors,responding companies have lowered their expected performance for 2024 compared with the previous year.Among the responding companies,30%stated that they anticipate a decline in revenue for 2024.In contrast,46%reported to remain profitable,a sl
94、ight decrease of 3pp from 2023.While the percentage of companies predicting losses remains similar to last year,the proportion expecting significant losses has increased by 2pp.Additionally,24%of responding companies forecast an improvement in their EBIT margins for 2024,a 5pp decline from 2023.A ma
95、jority(64%)of responding companies report that their EBIT margins in China are either on par with or higher than their global margins.However,in the Tech and R&D and Resources&Industrial Sectors,a greater proportion of companies report EBIT margins in China to be below the global average.前 言受美中关系不确定
96、性上升、经济增长放缓预期增强等因素影响,受访企业对 2024 年的业绩预期较上一年度有所下降。在受访企业中,30%的企业预计 2024 年营收将出现下降。相比之下,46%的企业预计2024 年有望实现盈利,相较 2023 年小幅下降 3 个百分点。预计亏损的企业占比与 2023 年整体持平,但预计出现大幅亏损的企业占比较上一年度增加了 2 个百分点。24%的受访企业预计 2024 年息税前利润率有望提高,较 2023 年减少了 5 个百分点。64%的受访企业表示其在华业务的息税前利润率高于或与全球利润率持平。在科技和研发、资源和工业等行业,更多的受访企业表示其中国业务的息税前利润率低于全球平均
97、水平。Figure 9.How does the estimated 2024 revenue of your companys China operations compare with 2023 results?图 9.2024 年贵公司在华业务营收预计与 2023 年相比有何变化?%By percentage 582814202134363020243234342022 Up上升 Comparable (2%)持平 Down下降3933282023Consumer消费行业Resources&Industrial资源和工业行业Services服务行业Tech and R&D技术和研发行业4
98、921302023333730202433363120233232372024313930202327462620244238202023432828202423AmCham Chinas 2025 China Business Climate Survey Report 30%of responding companies 2024 revenue is estimated to decrease slightly from 2023,and the decrease is more apparent in the Tech and R&D and Resources&Industrial
99、sectors3成受访企业预计 2024 年营收将较 2023 年下降,其中技术和研发行业及资源和工业行业营收下降情况较为明显Compared to 2023,responding companies generally have a weaker expectation for 2024 revenue from China operations.34%anticipate revenue growth,5pp less than the year be-fore;36%of the companies expect to achieve the same revenue;while 30%
100、expect to see a decrease,with a 2pp increase from 2023.Among companies experiencing a decline in revenue,the Tech and R&D and Resources&Industrial sectors have seen more pronounced reductions.The proportion of companies in these sectors expecting a revenue decline has risen by 8pp and 6pp respective
101、ly,com-pared to 2023.相较 2023 年,受访企业 2024 年在华业务的营收预期有所转弱。34%的企业预计收入将会增长,较上一年度减少了5 个百分点,超过 1/3 的企业预计收入将于 2023 年持平,30%的企业预计营收将会同比下降,较 2023 年增加了 2 个百分点。技术和研发行业与资源和工业行业业绩下滑最为明显,预计营收下滑的企业占比分别较 2023 年增加 8 个百分点和 6个百分点。737148202234134694202128Figure 10.How would you characterize your companys financial perfo
102、rmance in China in 2024?图 10.2024 年贵公司在华业务的财务表现如何?%By percentage Very profitable大幅盈利 Profitable盈利 Break even持平 Loss 亏损 Large loss大幅亏损Tech and R&D技术和研发行业Services服务行业Resources&Industrial资源和工业行业Consumer消费行业4123314202337202483812636459311120243911301620233 33 32023391632852024381138682023333018127202432
103、3481972023341138162 2202441113594 424AmCham Chinas 2025 China Business Climate Survey Report 46%of responding companies expect to be profitable in 2024,down 3pp from the previous year,with a decrease of 11pp in the Consumer sector 近半数受访会员企业预计 2024 年将实现盈利,但占比低于上一年度 3 个百分点,其中消费行业降幅达 11 个百分点Compared to
104、 2023,responding companies financial performance slightly decreased.46%of companies expect to be profitable in 2024,down by 3pp from 2023,while the percentage of companies expecting to suffer a loss is the same as the previous year.However,the proportion of companies expecting to suffer a large loss
105、 has increased by 2pp compared with last year.Sector-wise,the performance of companies in Tech and R&D and Resource&Industrial sectors has improved,with the proportion of companies expecting to realize profit increasing by a small margin.The performance of the Consumer sector shows a downward trend,
106、and the pro-portion of enterprises expected to realize profit has decreased by 11pp,likely due to weakened market demand and strong local competition.2024 年受访企业整体财务水平表现较 2023 年略有下降。46%的企业预计 2024 年有望实现盈利,较上一年度小幅下降 3 个百分点,而预计亏损的企业占比则整体持平,但出现大幅亏损的企业占比较上一年度增加了 2 个百分点。从行业看,技术与研发行业以及资源和工业行业表现有所改善,预计实现盈利的企
107、业占比小幅提升,而消费行业业绩呈现下滑趋势,预计实现盈利的企业占比下降了11 个百分点,或与市场需求走弱及来自本土企业的激烈竞争有关。19414045391620212022Figure 11.How do the estimated 2024 EBIT margins of your companys China operations compare with those of 2023?图 11.2024 年贵公司在华业务的息税前利润率相比 2023 年状况如何?%By percentage Up增长 Comparable (1%)持平 Down下滑2942292023Tech and R
108、&D技术和研发行业Services服务行业Resources&Industrial资源和工业行业Consumer消费行业20242448272945262023244037202338293320232744292023364420202426383620241457302024205228202425AmCham Chinas 2025 China Business Climate Survey Report Compared with 2023,the proportion of responding companies with higher EBIT margins has decre
109、ased by 5pp,and the proportion of responding companies with lower EBIT margins has also declined slightly 与2023年相比,息税前利润率提升的企业占比下降了5个百分点,而息税前利润率下降的企业所占比例也略有下降24%of the responding companies expect to realize a rise in their EBIT margins in 2024,down by 5pp from 2023,while 48%report EBIT margins compa
110、rable to 2023.In the Consumer sector,the proportion of companies with higher expected EBIT margins sharply decreased by 24pp from 2023.However,the proportion of compa-nies with lower expected EBIT margins decreased across all sectors.24%的受访企业预计 2024 年息税前利润率有望提高,较 2023 年下降 5 个百分点,而 48%的企业表示息税前利润率或与 2
111、023 年相当。在消费行业,预计息税前利润率实现增长的企业所占比例较 2023 年大幅下降了 24 个百分点。与此同时,各行业预计息税前利润率下降的企业所占比例也均有所下降。Figure 12.How do the estimated EBIT margins of your companys China operations compare with your companys global margins in 2024?图 12.2024 年贵公司在华业务的息税前利润率与全球息税前利润率相比如何?%By percentage 124840245026202120242022 Higher
112、 than global margins高于全球息税前利润率 Higher than global margins高于全球息税前利润率 Comparable (1%)持平 Comparable(1%)持平 Lower than global margins低于全球息税前利润率 Lower than global margins低于全球息税前利润率1949332023Tech and R&D技术和研发行业Services服务行业Resources&Industrial资源和工业行业Consumer消费行业1351362540352023274429202310622820239484320238
113、6032202411513816473720242024135037202426AmCham Chinas 2025 China Business Climate Survey Report Companies EBIT margins in China have become slightly less competitive globally compared to 2023与 2023 年相比,受访企业在华业务的息税前利润率在全球范围内的竞争力略有下降13%of the responding member companies report EBIT margins in China to
114、 be higher than global margins,down by 6pp from 2023.More companies in the Tech and R&D and Resources&Industrial sectors report lower China EBIT margins than their global margins.13%的受访企业表示其在华业务的息税前利润率高于全球平均利润率,这一比例较 2023 年下降了 6 个百分点。在科技和研发、资源和工业等行业,更多受访企业表示其在华业务的息税前利润率低于全球利润率。Business Operations an
115、d Goals商业运营和经营目标3.28AmCham Chinas 2025 China Business Climate Survey Report PrefaceResponding companies business outlook for China over the next two years has become more cautious compared with a year ago.While about one-third of responding companies remain optimistic about growth(37%)and profitabil
116、ity(35%)potential in the Chinese market,the majority have become increasingly aware of factors such as cost competitiveness,competitive pressures,and US-China relations.The proportion of responding companies expressing optimism about competitive pressures and US-China relations has dropped by 8pp co
117、mpared with the previous year(Figure 13).Despite these concerns,68%of companies expect industry markets to see growth in 2025(Figure 14).Two-thirds of the responding companies plan to focus on growing their core business activities in China as their primary objective for 2025.Meanwhile,the Consumer
118、and Services sectors are increasingly focused on driving growth by targeting new customer segments(Figure 18).Companies across sectors identified growth in domestic consumption and ongoing economic and market reforms as key business opportunities.In the Tech and R&D sector,companies continue to capi
119、talize on the vast opportunities created by digital transformation.Meanwhile,companies in the Resources&Industrial sector are actively leveraging the new opportunities afforded by Chinas carbon-neutral policies and initiatives.Companies in the Services sector,on the other hand,are becoming more opti
120、mistic about the potential arising from Chinese companies going global strategies(Figure 17).For the fifth consecutive year,US-China relations have been identified as the top business challenge for companies operating in China,with 63%of responding companies citing it as their primary concern.Other
121、challenges include competition from Chinese companies(39%),regulatory compliance risks(26%),inconsistencies or ambiguities in laws and regulations(25%),and rising labor costs(24%).In the Resources&Industrial sector,concerns about US tariffs on Chinese goods(36%)and competition from non-compliant par
122、ticipants(22%)have surfaced as new points of worry for businesses.Lastly,responding companies are placing increased emphasis on fulfilling their social responsibilities in China.Nearly 90%of the responding companies have implemented Environmental,Social,and Governance(ESG)strategies in China,with 48
123、%listing community contribution as a key focus area in their ESG strategy.This marks a notable shift from 2023,when community contribution was ranked fourth,to second place this year.前 言受访企业对未来两年在华业务前景预期较 2023 年有所下降。尽管分别有 37%和 35%的受访企业对中国市场增长和盈利潜力保持乐观,但多数企业对成本竞争力、竞争压力和美中关系所持态度则愈趋谨慎,其中对竞争压力和美中关系持乐观态度
124、的受访企业占比均较上一年度下降 8 个百分点(图 13)。虽然存在上述担忧,68%的企业预计 2025 年行业市场有望实现增长(图 14)。三分之二的受访企业 2025 年把继续将在华推进核心业务作为首要业务目标。与此同时,消费行业和服务行业更加注重通过定位新的客户群实现增长(图 18)。中国的国内消费增长和持续的经济与市场改革成为各行业企业共同关注的商业机遇。技术和研发行业在持续挖掘数字化转型带来的广阔机遇。资源和工业行业积极把握中国碳中和政策与举措创造的增量空间,服务行业则更看好中国企业“走出去”战略带来的业务前景(图 17)。美中关系紧张连续第五年成为受访企业在中国开展业务时面临的首要商
125、业挑战(63%),其次是来自中国企业的竞争(39%)、监管合规风险(26%)、法律法规和或执行不一致/不明确(25%)以及劳动力成本上升(24%)。在资源和工业行业中,美国对中国商品加征关税(36%)、与不合规的参与方竞争(22%)等挑战成为企业关注的新焦点。受访企业更加重视在华履行社会责任,近九成受访企业已在华实施“环境、社会责任和公司治理(ESG)”战略,其中 48%的受访企业将社会贡献列为 ESG 战略重点领域,位次从 2023 年的第四位上升为今年的第二位。Figure 13.Two-year business outlook in China图 13.贵公司对今后两年的中国业务展望%
126、By percentage Optimistic乐观 Slightly optimistic较为乐观 Neutral中立 Slightly pessimistic略微悲观 Pessimistic悲观3530US-China relations美中关系Regulatory environment监管环境Economic recovery/growth经济复苏/增长Profitability potential盈利潜力Cost competitive-ness/cost levels成本竞争力/成本水平Competitive pressure竞争压力Domestic market growth国内
127、市场增长20252024202520241922453791222232025202420252024202520241620373714931282025202420252024712303231299723212824725316102930373320209162430271738352 2662019434027287787955563 33 32 229AmCham Chinas 2025 China Business Climate Survey Report Compared with 2024,responding companies two-year business out
128、look is less optimistic across all domains受访企业对未来两年业务前景的乐观程度普遍不及 2024 年The degree of optimism of responding companies regarding their business prospects in Chi-na over the next two years has shown a downward trend.37%of the responding companies remain relatively optimistic about domestic market grow
129、th,and 35%are relatively optimis-tic about their profitability potential.However,only 23%of the responding companies are optimistic about cost competitiveness.Regarding competitive pressure,only 18%of the responding companies has expressed optimism.And for the US-China relations,the propor-tion of r
130、esponding companies that are optimistic is only 11%.It can be seen that companies are becoming more cautious in these aspects.Notably,compared with the previous year,the proportion of responding companies that are optimistic or relatively optimistic about com-petitive pressure and US-China relations
131、 has decreased significantly by 8pp.受访企业对于未来两年在华业务展望的乐观程度呈下降态势。在受访企业中,有 37%的企业对中国市场增长保持相对乐观,35%的企业对盈利潜力也持相对乐观态度。然而,在成本竞争力方面,仅 23%的受访企业持乐观态度;对于竞争压力,仅有 18%的受访企业表示乐观;而针对美中关系,乐观的受访企业占比仅为 11%,可以看出企业在这些方面的态度愈发谨慎。值得注意的是,相较于上一年度,对竞争压力和美中关系持乐观或较为乐观态度的受访企业占比,均大幅下降了 8 个百分点。Figure 14.Forecast for your industrys
132、 market growth in 2025 vs.2024 图 14.与 2024 年相比,预计 2025 年行业市场的增长情况%By percentage 2025202413858232738371916 20%10-20%5-50%26-50%21-25%11-20%1-10%No investment expansion planned无投资扩大计划 Planning to decrease investments计划减少投资2024379435202537114161 13 31 19847748Tech and R&D技术和研发行业Resources&Industrial资源和工
133、业行业Consumer消费行业Services服务行业2353 32 21 11 11 11 11 13 3112 23440143 33 3163 35 5Figure 25.Estimated increase in investment in China operations for 2025图 25.2025 年在华业务投资预计增长%By percentage 44AmCham Chinas 2025 China Business Climate Survey Report Overall,responding companies investment expectations rem
134、ain largely unchanged from last year,with just over half anticipating increasing investment in China operations in 2025企业投资增长预期与上一年度基本持平,略超半数的受访企业预计 2025 年将增加在华投资The Tech and R&D,Resources&Industrial,and Services sectors are consistent with the overall sentiment on an increase of investment.Notably,
135、despite some level of decline in 2023s performance,nearly 70%of respondents in the Consumer sector expect to increase their investment in China in 2025,illustrating the companies con-fidence in the Chinese market.科技和研发、资源和工业、服务等行业的投资增长预期与整体预期保持一致。值得注意的是,尽管消费行业业绩表现较 2023 年有所下滑,但近 70%的消费行业受访企业预计 2025
136、年将增加在华投资,表现出对中国市场的信心。%By percentage Figure 26.Factors for lower planned investment in 2025:图 26.2025 年计划减少投资的因素 UncertaintiesintheUS-Chinaeconomicrelationship美中经济关系的不确定性22ExpectationofslowergrowthinChina预计中国将放缓增长17ConcernsaboutanuncertainChinesepolicyenvironment对中国政策环境不确定性存在顾虑10Strategicre-prioritiz
137、ationofothermarkets其他国家市场的战略优先次序划分9Marketaccessbarriersorgovernmentpoliciesthatdisadvantageforeigncompaniesinyoursector所在行业的市场准入或政府政策不利于外资企业6Difficultiescompetingagainstprivately-ownedcompanies难以与中国民企同台竞技422Globalbudgetcuts/constraintsduetoCOVID-19因新冠肺炎疫情导致全球预算缩减/缩紧Difficultiescompetingagainststate-
138、ownedentities(SOEs)难以与中国国有企业同台竞技Risingcosts,includinglaborcostsinChina包括劳动力在内的各类成本有所上升5Expectationoffaster-growingmarketsinothergeographies其它地区存在快速增长的市场10Effortstomitigaterisk降低风险12Other其他145AmCham Chinas 2025 China Business Climate Survey Report Uncertainty in US-China relations remains the key rea
139、son behind declining planned investment,followed closely by concerns about slower growth in China 美中关系的不确定性仍然是影响企业投资决策的主要因素,对中国经济增长放缓的担忧亦削弱了部分企业的增资意愿Figure 27.Factors for lowering planned investment in 2025 by industry 图 27.不同行业企业 2025 年计划减少投资的因素%By percentage Tech and R&D技术和研发行业Resources&Industrial
140、资源和工业行业Consumer消费行业Services服务行业UncertaintiesintheUS-Chinaeconomicrelationship美中经济关系的不确定性27231121Effortstomitigaterisk降低风险1515117Marketaccessbarriersorgovernmentpoliciesthatdisadvantageforeigncompaniesinyoursector所在行业的市场准入或政府政策不利于外资企业13065ConcernsaboutanuncertainChinesepolicyenvironment对中国政策环境不确定性存在顾
141、虑118119Strategicre-prioritizationofothermarkets其他国家市场的战略优先次序划分10866ExpectationofslowergrowthinChina预计中国将放缓增长8182322Expectationoffaster-growingmarketsinothergeographies其它地区存在快速增长的市场78618Difficultiescompetingagainstprivately-ownedcompanies难以与中国民企同台竞技4841Risingcosts,includinglaborcostsinChina包括劳动力在内的各类
142、成本有所上升35135Difficultiescompetingagainststate-ownedentities(SOEs)难以与中国国有企业同台竞技1221Other其他0001Globalbudgetcuts/constraintsduetoCOVID-19因新冠肺炎疫情导致全球预算缩减/缩紧036346AmCham Chinas 2025 China Business Climate Survey Report Uncertain US-China economic relations remain the most significant factor(22%)for re-spo
143、nding companies to scale back their investment plans,but the weight of its influence has declined compared with the previous year,dropping by 5pp.Concerns about the slowdown of Chinas economic growth has seen an increase in its impact on companies investment decisions(17%),rising by 5pp compared wit
144、h the previous year,with the Con-sumer and Services sectors being the most prominent in this regard.美中经济关系的不确定性仍是受访企业缩减投资计划的最主要影响因素(22%),但影响权重较上一年度有所下降,减少了 5 个百分点。对中国经济增长放缓的担忧对企业投资决策的影响有所上升(17%),较上一年度增加了 5 个百分点,以消费行业和服务行业最为突出。Figure 28.Factors for increasing planned investment in 2025:图 28.2025 年计划增
145、加投资的因素%By percentage StrategicprioritizationoftheChinamarket中国市场为战略重点33ExpectationoffastergrowthinChina预期中国市场增长速度加快18Chinasskilledtalentpool中国人才储备充足12Policyincentives政策激励10Removalofmarketaccessbarriers/improvedmarketaccess市场准入壁垒消除或改善8Expectationofslower-growingmarketsinothergeographies预期其他地区市场增长放缓8L
146、owercostsinChina中国成本较低7Other其他547AmCham Chinas 2025 China Business Climate Survey Report The strategic prioritization of the China market remains a key driver behind respondents plans to increase investments in China in 2025 中国市场的战略重点地位仍是受访企业 2025 年扩大在华投资的关键动力Tech and R&D技术和研发行业Resources&Industrial资
147、源和工业行业Consumer消费行业Services服务行业StrategicprioritizationoftheChinamarket中国市场为战略重点34343334ExpectationoffastergrowthinChina预期中国市场增长速度加快16132417Chinasskilledtalentpool中国人才储备充足13151011Policyincentives政策激励120716Expectationofslower-growingmarketsinothergeographies预期其他地区市场增长放缓41275LowercostsinChina中国成本较低49105
148、Removalofmarketaccessbarriers/improvedmarketaccess市场准入壁垒消除或改善137611Other其他1942Figure 29.Factors for higher planned investment in 2025(by industry)图 29.同行业企业 2025 年计划增加投资的因素%By percentage 48AmCham Chinas 2025 China Business Climate Survey Report Approximately one-third of the responding companies bel
149、ieve that the strategic priori-tization of the Chinese market is the main reason to continue expanding investments in China.18%of the responding companies expect that Chinas economic growth rate will accelerate,which has decreased by 9pp compared with the previous year.However,the weight of this fac
150、tor on the investment decisions of respondents in the Consumer in-dustry reaches 24%,in line with the previous year.The abundance of skilled talent has become the third major influencing factor(12%)for companies to expand their invest-ments in China,with its proportion rising by 5pp compared with th
151、e previous year.约三分之一的受访企业认为,中国市场的战略重点地位是促使其继续扩大在华投资的主要原因。18%的受访企业预期中国经济增速将加快,这一比例较上一年度下降了 9个百分点,但该因素对消费行业的投资决策的影响权重达24%,与上一年度基本持平。人才储备充足成为企业扩大在华投资的第三大影响因素(12%),占比较上一年度上升了 5 个百分点。3330223619183423153021113110 626137231710282318Figure 30.Significance of different aspects of Chinas policy environment o
152、n increasing investment levels 图 30.中国政策环境不同方面对外资企业提高投资水平的影响程度%By percentage Somewhat significant影响较为显著 Extremely significant影响极为显著 Very significant影响显著Increasing the transparency,predictability,and fairness of the regulatory environment提高监管环境的透明度、可预测性和公平性Allowing us to ore easily acquire other comp
153、anies允许在中国对其他企业进行战略收购Reducing the need for us to engage in technology transfer减少技术转让的需要Ensuring greater protection of intellectual property加强对知识产权的保护力度Limiting the use of industrial policies that create barriers限制使用会制造壁垒的行业政策Allowing us to enter business or product segments that are currently restri
154、cted允许进入目前受限的新业务或产品细分领域Providing recourse for unfair treatment of your companys investments为投资中的不公平待遇提供追诉措施Allowing us to take increased control of our China operations/reduce the need for a local business partner or joint venture允许加强对中国业务的控制/减少对本地业务合作伙伴或建立合资公司的需求49AmCham Chinas 2025 China Business
155、Climate Survey Report More than 70%of responding member companies stated that a more transparent and predictable regulatory environment,stronger intellectual property protection,and fewer barriers in industrial policies would significantly enhance their willingness to invest in China七成以上的受访企业表示,更透明和
156、可预期的监管环境、更有力的知识产权保护和更少的壁垒性产业政策将显著提升其在华投资意愿Figure 31.Economic zones for relocating operations 图 31.2025 年计划或已经迁入业务的经济带%By percentage Northeast China(Heilongjiang,Jilin,and Liaoning)东北地区(黑龙江、吉林、辽宁)Yangtze-River Delta(Shanghai,Jiangsu,Zhejiang,and Anhui)长三角地区(上海、江苏、浙江、安徽)The GuangdongHong KongMacau Gre
157、ater Bay Area粤港澳大湾区 Jing-Jin-Ji(Beijing,Tianjin,and Hebei)京津冀(北京、天津、河北)Cheng-Yu City Cluster(Chengdu and Chongqing)成渝城市群(成都与重庆)Hainan Free Trade Port海南自贸区 Other其他30221714863Tech and R&D技术和研发行业Resources&Industrial资源和工业行业Consumer消费行业Services服务行业Yangtze-RiverDelta长三角地区79%Yangtze-RiverDelta长三角地区30%Yangt
158、ze-RiverDelta长三角地区64%Yangtze-RiverDelta长三角地区67%TheGuangdongHongKongMacauGreaterBayArea粤港澳大湾区46%Jing-Jin-Ji京津冀地区28%TheGuangdongHongKongMacauGreaterBayArea粤港澳大湾区61%TheGuangdongHongKongMacauGreaterBayArea粤港澳大湾区55%Jing-Jin-Ji京津冀地区40%TheGuangdongHongKongMacauGreaterBayArea粤港澳大湾区28%Jing-Jin-Ji京津冀地区Cheng-Y
159、uCityCluster成渝城市群57%Jing-Jin-Ji京津冀地区52%50AmCham Chinas 2025 China Business Climate Survey Report The Yangtze River Delta,the Greater Bay Area,and the Jing-Jin-Ji regions remain the most attractive economic zones,while the Chengdu-Chongqing City Cluster has recently gained popularity in the Consumer
160、sector长三角、大湾区和京津冀地区仍是对受访企业最具吸引力的经济圈,成渝经济圈受到消费行业青睐长三角区域首次同时成为四大行业领域的首选投资目的地,其中选择长三角地区的消费行业和服务行业企业比例分别较 2023 年大幅增长 48 个百分点和 40 个百分点,展现了该地区日益增强的综合吸引力。成渝经济圈首次跻身行业前三大投资目的地,受到消费行业企业青睐,亦表明受访企业的投资目的地选择更趋多元。The Yangtze River Delta region has become the preferred investment destination in four major sectors f
161、or the first time.The proportion of Consumer and Services sector companies choosing the Yangtze River Delta region has increased by 48pp and 40pp respectively compared with 2023,demonstrating an increase in overall attractiveness among companies across industries.The Chengdu-Chongqing City Cluster h
162、as entered the top three investment destinations and is fa-vored by the Consumer sector,indicating that the investment destination decisions of respond-ing companies are becoming more diversified.%By percentage Labor costs劳动力成本Favorable local government policies and regulations当地政府的优惠政策和法规Figure 32.
163、Top benefits or opportunities to relocating operations to these areas 图 32.选择将业务转移到某区域的优势或机遇 53474239342924241616103Access to customers,consumers and markets接触客户、消费者和市场Favorable industrial(i.e.,central government)policies and regulations优惠的行业政策(如中央政府)和法规Local openness to foreign investment当地政府对外资的开放
164、程度Proximity to current operations与公司现有业务接轨Talent pool人才储备Proximity to suppliers,JVs,and/or partnerships接近供应商、合资企业和/或合作伙伴Access to transportation and logistics networks通达的运输和物流网络Beneficial tax rates税率优惠Non-tax related financial subsidies非税收相关财务补贴Other其它51AmCham Chinas 2025 China Business Climate Surv
165、ey Report 触达客户、消费者和市场仍然是企业迁移业务的主要动因(57%)。与此同时,地方政府对外资的开放程度成为促使企业迁移业务的另一大重要影响因素(47%),较上一年度大幅增加 12 个百分点。人才储备的重要性亦显著上升,较 2023年增加 7 个百分点。Access to customers/consumers and markets remains the primary motivation(57%)for companies to relocate their businesses.Mean-while,local openness to foreign investment
166、 has become another important influencing factor(47%)for companies to relocate their businesses,with a significant increase of 12pp compared with the previous year.The impor-tance of the quality of the available talent pool has also risen significantly,increasing by 7pp compared with 2023.Access to
167、customers/consumers and markets,local openness to foreign investment,and favorable local government policies remain the top reasons for relocating to these economic zones触达客户、消费者和市场,当地政府对外资的开放程度以及当地政府的优惠政策和法规,仍然是企业将业务迁移至上述经济圈的主要原因Cost of relocation搬迁成本Figure 33.Top barriers or challenges to relocati
168、ng operations to these areas.图 33.转移业务面临的障碍或挑战%By percentage Local government policies and regulations当地政府政策和法规Quality of talent pool人才储备质量Relationships with local government representatives与当地政府代表的关系Favoritism for local companies over foreign companies与外资企业相比,偏袒本土企业Quality of local suppliers当地供应商的质
169、量Access to suppliers/JVs/and/or partnerships触达供应商、合资企业、合作伙伴41393530181616Other其它7Quality of local logistics and transportation networks当地物流运输网络质量1552AmCham Chinas 2025 China Business Climate Survey Report Cost of relocation,local government policies and regulations,and the quality of talent pool rem
170、ain the top barriers companies face when relocating to economic zones搬迁成本、当地政府的政策法规以及人才储备质量是企业迁移业务时面临的主要障碍Havent considered relocation as an option未考虑过迁移No benefit to be realized from investment无可见的投资回报Other其他Uncertainty about the details of relocation不确定迁移计划Global management decision全球管理决策Cost to r
171、elocate迁移费用Insufficient talent pool人才储备不足Lack of relationships with local government officials与当地政府未建立联系Binding agreement to remain in place有约束力的协议持续生效Figure 34.For which reason(s)do you NOT plan to reloacate some or all of your operations to above mentioned economic zones?图 34.未选择转移业务到某区域的原因%By per
172、centage 6020131010522153AmCham Chinas 2025 China Business Climate Survey Report Among the responding companies who are not planning to relocate their operations to those economic zones,60%have not considered relocation as an option and another 20%believe that there is no benefit to be realized from
173、the investment在不打算迁移业务到其他区域的受访企业中,60%的企业未考虑迁移,另有 20%的企业认为迁移没有可见的投资回报Figure 35.Is your company considering,or has it already begun the process of relocating manufacturing or sourcing outside of China?图 35.贵公司是否开始,或考虑开始将生产或采购转移至中国境外?%By percentage No,we are not considering relocating manufacturing or
174、sourcing outside of China不,我司没有考虑将生产采购转移至中国境外 Yes,we are considering relocating but have not taken active steps to relocate manufacturing or sourcing outside of China yet是的,我司在考虑转移,但还没有采取行动将生产采购转移至中国境外 Yes,we have started the process of relocating manufacturing or sourcing outside of China是的,我司已经开始将
175、生产采购转移至中国境外 Other其他67131783877712117412128377202420202 22023Tech and R&D技术和研发行业Resources&Industrial资源和工业行业Consumer消费行业Services服务行业20222 220213 3258316591313727101269142 22 24 454AmCham Chinas 2025 China Business Climate Survey Report 67%of responding member companies across all sectors are not consi
176、dering relocating manufacturing or sourcing outside of China近七成受访企业不考虑或尚未将生产或采购转移至中国境外67%的受访企业表示不考虑将生产或采购转移至中国境外,这一比例较上一年度减少了 10 个百分点。13%的受访企业虽有考虑,但仍未实施转移,与2023 年基本持平。17%的受访企业已开始将生产和采购转移至中国境外,较上一年度增加了 6 个百分点。与此同时,服务行业中仍有超过 8 成的受访企业表示不会将生产和采购转移至中国境外。67%of the responding companies stated that they wou
177、ld not consider relocating production or procurement outside of China,and this proportion has decreased by 10pp compared with the previous year.13%of the responding member companies have considered but still have not implemented relocation,leveling with the proportion in 2023.17%of the responding me
178、mber companies have already started to relocate production and procurement outside of China,an increase of 6pp compared with the previous year.Meanwhile,more than 80%of the responding member companies in the Service sector continued to express that they would not relocate production and procurement
179、outside of China.US-China trade tensions美中双边贸易摩擦Figure 36.Most important reasons for considering or moving capacity outside of China(Top 10)图 36.考虑或已经将产能转移到中国以外的原因(前十原因)2024 2023Risk management风险管理US tariffs on products exported from China美国对中国产品加征关税Market access barriers or government policies市场准入壁
180、垒或政策使所在行业的外企处于不利地位US government incentives/pressure to reduce reliance on China-based sourcing/manufacturing or onshore certain capacity back to the US美国政府对企业实施激励措施/施加压力,以减少企业对中国采购/制造或其他产能的依赖Concerns about an uncertian policy environment对不确定的政策环境存有顾虑Expectation of faster-growing markets in other geo
181、graphies预计其他地区市场将快速增长Strategic re-prioritization of other countries对其他国家的战略优先次序重新划分Geopolitical tensions rising 地缘政治摩擦升级Rising costs including labor costs in China 包括劳动力在内的各类成本有所上升443242563441273420121617142111011202515%By percentage 55AmCham Chinas 2025 China Business Climate Survey Report The 63 r
182、esponding member companies considering relocating production capacity overseas stated that the US-China trade tensions(44%)and rising geopolitical ten-sions(42%)are the main factors prompt-ing them to relocate production capacity outside of China.In 2023,US-China trade tensions ranked fourth(32%)amo
183、ng the influencing factors for production capacity relocation.The impacts of factors such as the additional tariffs imposed by the US on China and the readjustment of US strate-gic priorities for other countries have also increased significantly,rising by 10pp and 8pp respectively compared with the
184、previ-ous year.US-China bilateral trade tensions has become the primary influencing factor for responding companies to relocate their production capacity outside of China 美中双边贸易摩擦成为企业将产能转移至中国境外的首要影响因素考虑将产能转移至境外的63家受访企业表示,美中双边贸易摩擦(44%)和地缘政治紧张局势加剧(42%)是促使其转移产能至中国境外的主要影响因素。2023 年,美中双边贸易摩擦在产能转移影响因素中排名第四
185、(32%)。今年,美国对中国加征关税、对其他国家战略优先次序的重新调整等因素的影响亦明显上升,分别较上一年度增加了 10 个百分点和8 个百分点。Figure 37.Target destination for relocated capacity 图 37.转移业务目标地区%By percentage 202420234116121255938181410891 Developing Asia(e.g.India/Vietnam/Thailand/indonesia/Malasia)亚洲发展中地区(如印度、越南、泰国、印尼、马来西亚等)US 美国 Mexico/Canada 墨西哥/加拿大
186、Developed Asia(e.g.Korea/Japan/Taiwan/Australia/Singapore)亚洲发达地区(如韩国、日本、中国台湾、澳大利亚、新加坡等)EU 欧盟国家 Other 其他地区 Hong Kong SAR 香港特别行政区56AmCham Chinas 2025 China Business Climate Survey Report Although developing Asia remains the main destination for responding member compa-nies considering relocation(38%),
187、the proportion has decreased by 3pp compared with 2023.The attractiveness of developed regions such as the United States,the European Union,and developed Asia(e.g.,Korea and Japan)has increased,and the proportion of responding member companies considering relocating capacity to the above regions has
188、 increased by 2pp,4pp,and 2pp respectively compared with the previous year.The invest-ment attractiveness of regions such as Mexico/Canada and Hong Kong has decreased,and the proportion of responding member companies considering relocating capacity to the above regions has decreased by 2pp and 9pp r
189、espectively compared with 2023.尽管亚洲发展中地区仍是受访企业考虑产能转移的主要目标区域(38%),但占比较2023年下降了3个百分点。美国、欧盟和日韩等发达国家和地区对受访企业的吸引力有所上升,考虑将产能转移至上述地区的受访会员企业比例较上一年度分别增加了 2 个百分点、4 个百分点和 2 个百分点。墨西哥/加拿大、中国香港等地区的投资吸引力有所下降,考虑将产能转移至上述地区的受访企业占比分别较 2023年下降 2 个百分点和 9 个百分点。Among the responding member companies considering or planning
190、 to relocate production capacity outside of China,developing countries in Asia and the United States are the main target destinations 在正在考虑或计划将产能转移至中国境外的受访企业中,亚洲发展中国家和美国为主要目标区域174224202120222024223424812173331151233361364 4Figure 38.Do you believe foreign businesses are more or less welcomed in Chin
191、a over the last year?图 38.您认为外资企业在中国的受欢迎程度与以往相比有何变化?%By percentage Much more welcome更受欢迎 Slightly more welcome较为受欢迎 No change没有变化 Slightly less welcome稍微不受欢迎 Much less welcome非常不受欢迎2023223031893020241114411116342910112413Tech and R&D技术和研发行业Resources&Industrial资源和工业行业Consumer消费行业Services服务行业204 43 35
192、7AmCham Chinas 2025 China Business Climate Survey Report Compared with 2023,more responding companies(34%)expressed that their popularity in China improved,and the proportion of companies experiencing decreased popularity also dropped by 7pp.The popularity of the companies in the Tech and R&D sector
193、 improved significantly,with 44%experiencing more popularity,an increase of 14pp compared with 2023.The popularity of the Services sector also rose by 7pp.However,the responding member companies in the Resource&Industrial sector as well as the Consumer sector felt that their popularity in China decr
194、eased compared with the previous year.34%of responding member companies feel that their popularity in China has improved compared with the previous year,while 32%report experiencing decreased popularity34%的受访企业感到在中国的受欢迎程度较上一年度有所改善,但 32%的受访企业感到更为不受欢迎与 2023 年相比,有更多的受访企业(34%)感到在中国的受欢迎程度有所改善,感到不受欢迎的企业比例
195、也下降了7 个百分点。科技与研发行业的受欢迎程度明显改善,44%的科技与研发行业公司表示感觉更受欢迎,比 2023 年增加了 14 个百分点。服务业的受欢迎程度也上升了 7 个百分点。资源与工业、消费行业的受访企业感到在中国的受欢迎程度较上一年度有所降低。32%的受访企业认为外资企业未能取得与本土企业一致的公平待遇,与 2023 年基本持平。科技与研发行业认为受到不公平待遇的企业比例进一步攀高(49%),较 2023 年增加了 7 个百分点。与此同时,亦有近 6 成企业认为其获得了与本土企业相同的待遇。Figure 39.How are foreign companies in your in
196、dustry treated by government policies and enforcement actions relative to domestic companies?图 39.与国内公司相比,您所在行业的外资公司受到的待遇如何?%By percentage 2024321157202331106020223875520244910402023427512023172460202418216120233659202429628Tech and R&D技术和研发行业Resources&Industrial资源和工业行业Consumer消费行业Services服务行业202428
197、86420232467105 5 Foreign companies receive preferential treatment vs.domestic companies相比本土企业,外资企业受到优惠待遇 Foreign companies are treated equally vs.domestic companies相比本土企业,外资企业受到同等待遇 Foreign companies are treated unfairly vs.domestic companies相比本土企业,外资企业受到不公平待遇AmCham Chinas 2025 China Business Climat
198、e Survey Report 58Nearly 30%of respondents believe that foreign-invested companies are subject to more unfair treatment compared with domestic enterprises.Half of companies in the Tech and R&D sector indicate that they had suffered unfair treatment近三成受访企业认为,相较于本国企业,外资企业受到更多不公平待遇。半数技术与研发行业受访企业表示受到不公平
199、待遇 32%of the responding member companies believed that foreign-invested compa-nies were not able to receive the same treatment as local companies,on par with 2023.The proportion of responding companies in the Tech and R&D sector believ-ing to have suffered unfair treatment further increased(49%),ris
200、ing by 7pp com-pared with 2023.Meanwhile,nearly 60%of the companies also believed that they had received the same treatment as local companies.%By percentage 2024 2023Figure 40.Areas of unfair treatment 图 40.外资企业受到不公平待遇领域Market access市场准入Regulatory enforcement行政执法Public procurement公共采购Government fin
201、ancial support/subsidies政府财政支持/补贴Licensing许可Ownership/JV requirements股比/合资企业需求Intellectual Property Rights(IPR)protection知识产权保护Customs procedures海关手续Financing融资Other其他60634641363128283125161612117999911AmCham Chinas 2025 China Business Climate Survey Report 59Enhancing fair treatment in market acces
202、s is the top concern for responding companies.60%of the responding member companies believe that they have encountered unfair treatment related to market access.Meanwhile,the demands of the responding member companies for fairer treatment for foreign-in-vested enterprises in areas such as regulatory
203、 enforce-ment,public procurement,and government financial support/subsidies have increased,rising by 5 to 6pp compared with 2023.加强市场准入的公平待遇是企业的首要关切,60%的受访企业认为其在市场准入方面遭受到不公平待遇。与此同时,受访会员企业对于在行政执法、公共采购和政府财政补贴/支持等领域给予外资企业更多公平待遇的诉求有所上升,均较 2023 年增加了 5 至 6 个百分点。Market access remains the primary area of un
204、fair treatment perceived by respondents,followed by regulatory enforcement and public procurement 市场准入仍然是受访企业认为受到不公平待遇的最主要领域,其次是行政执法和公共采购Figure 41.To what degree is a lack of market access an inhibitor to your companys operations in China?图 41.缺乏市场准入在多大程度上阻碍了贵公司在中国的运营?%By percentage Significant显著影响
205、Somewhat有些影响 Other其他 Not at all没有影响341 14817335074327451817375526Tech and R&D技术和研发行业Resources&Industrial资源和工业行业Consumer消费行业Services服务行业402 2AmCham Chinas 2025 China Business Climate Survey Report 60Over 80%of respondents believe that a lack of market access has an impact on their business operations
206、 in China,with the impact on the Tech and R&D sector the most significant超八成受访企业认为,缺乏市场准入对其在华开展业务造成影响,其中对技术和研发行业的影响最为显著 Figure 42.Would greater market access in China result in increased investments in China?图 42.扩大市场准入是否会增加对华投资?%By percentage Yes会 Other其他 No不会 Unsure不确定2024202338524051891 159291247
207、4848448Tech and R&D技术和研发行业Resources&Industrial资源和工业行业Consumer消费行业Services服务行业56371 15 55 5AmCham Chinas 2025 China Business Climate Survey Report 6151%of respondents stated that further relaxation of market access in China would help them to expand investments in China.However,companies in the Consu
208、mer and Services sectors appear to be more uncertain51%的受访企业表示,中国进一步放宽市场准入将有利于推动其扩大在华投资,但消费和服务行业对增加投资表现出更多的不确定性More than half of the responding member companies indicated that further expansion of market access would help them expand their investments in China,similar to the 2023 level.It is worth n
209、oting,however,that under this condition,the proportion of Consumer sector companies willing to increase their investments in China has decreased by 23pp compared with 2023,while the proportion of member companies expressing uncertainty has risen from 23%to 46%,suggesting that they will be more hesit
210、ant in their investment decisions.In con-trast,the proportion of responding companies in the Resources&Industrial sector willing to increase their investments after the expansion of market access(59%)has increased by 19pp compared with 2023,demonstrating stronger investment confidence.尽管逾半数受访企业表示中国扩
211、大市场准入将有助于其扩大对华投资,与 2023 年基本持平。但值得注意的是,在这一条件下,愿意增加在华投资的消费行业企业比例较 2023 年下降了 23 个百分点,而表示不确定的企业比例由 23%上升至 46%,表明其在投资决策上或将更为犹豫。相比之下,资源与工业行业中愿意在市场准入扩大后增加投资的企业比例(59%)较 2023 年增加了 19个百分点,显示了更强的投资信心。%By percentage Figure 43.If yes,by how much would you increase investments in China?图 43.若是,贵公司会追加多少在华投资?20%5%1
212、6-20%11-15%6-10%171123183116342417920232024Tech and R&D技术和研发行业Resources&Industrial资源和工业行业Consumer消费行业Services服务行业2 240231013152132257142925142930172317134AmCham Chinas 2025 China Business Climate Survey Report 62Among the responding companies willing to make additional investments under the conditio
213、n of expanded market access,36%stated that they would consider increasing their investments in China by more than 10%.The proportion of responding companies expecting to increase their investment by 6-10%is 31%,which has increased significantly by 22pp compared with 2023.The proportion of enterprise
214、s willing to make additional investments in their business in China exceeding 15%in 2025 has correspondingly decreased by 22pp.It can be seen from the data that although companies willingness to invest remains relatively stable,their investment decisions have become more cautious and they are more i
215、nclined to adopt a slow and steady investment strategy.在市场准入扩大的条件下有意追加投资的受访企业中,36%的受访企业表示会考虑对中国追加超过10%的投资。预计增资幅度在 6-10%的受访企业为31%,较 2023 年大幅增加了 22 个百分点。2025 年有意追加在华投资超过 15%的企业比例则相应下降了 22 个百分点。从数据中可以看到,尽管投资者投资意愿仍较为稳定,但投资决策趋于谨慎,更为倾向小步慢走式的投资策略。Among the respondents willing to make additional investments
216、 under the condition of expanded market access,36%of the enterprises indicated that their additional investment amounts would exceed 10%.This proportion has decreased by 21pp compared with 2023愿意在市场准入扩大的条件下追加投资的受访企业中,36%的企业表示其增资幅度将超过10%,这一比例较 2023 年下降 21 个百分点 Figure 44.How confident are you that the
217、 Chinese government is committed to further opening Chinas market to foreign investment in the coming three years?图 44.您对中国政府在未来三年将进一步向外资开放市场持有多少信心?%By percentage Very confident非常有信心 Confident有信心 Unsure不确定 Not confident没有信心 Very unconfident非常没有信心Tech and R&D技术和研发行业Resources&Industrial资源和工业行业Consumer
218、消费行业Services服务行业7143810301133843101144122261239103320232024123683916351331182293812202420232023174792172024202312381336202484512287202420231 1555AmCham Chinas 2025 China Business Climate Survey Report 63Overall,responding member companies are slightly less confident this year in the Chinese governme
219、nts commitment to further opening its market to foreign investment but confident in further opening of the Services sector受访企业对中国政府进一步开放市场的信心略有下降,但对进一步开放服务业的信心 有所增强40%of the responding member companies are confident that the Chinese government will further open up the market,which has decreased slig
220、htly by 3pp compared with 2023.Confi-dence of responding companies in the Resources&Industrial sector has declined significant-ly.The proportion of confident responding member companies dropped from 51%in 2023 to 40%in 2024.Possibly attributable to a series of service industry opening-up policies in
221、tro-duced by the Chinese government in recent years,related companies confidence in market opening has continued to increase(49%),rising by 5pp compared with 2023.40%的受访企业对中国政府进一步开放市场抱有信心,较 2023 年小幅下降 3 个百分点。其中,资源与工业行业对于进一步开放市场的信心出现明显下滑,有信心的受访企业占比从 2023 年的 51%降至 2024 年的 40%。可能得益于中国政府近年出台的一系列服务业开放政策,
222、相关企业对市场开放的信心继续增强(49%),较2023 年增加 5 个百分点。%By percentage 2024 2023Figure 45.Did you receive pressures to make(or not make)statements about politically sensitive issues?图 45.贵公司在过去一年是否就政治敏感话题发表(或不发表)声明受到相关外部压力?We have experienced a significant increase in pressure我司面临的压力显著增加We have experienced a slight
223、increase in pressure我司面临的压力略微增加We have experienced a significant decrease in pressure我司面临的压力大幅降低We have experienced a slight decrease in pressure我司面临的压力略微降低We have experienced pressure no greater than in previous years我司面临的压力与前几年持平Unsure不确定We have not experienced any pressure我司未面临任何压力Other其他13171720
224、333223203283110AmCham Chinas 2025 China Business Climate Survey Report 6463%of the responding member companies stated that they had been under external pressure to make(or not make)statements on politically sensitive issues in the past year.Although the proportion has decreased compared with that in
225、 2023,member companies are still continuous-ly facing political pressure,and 30%stated that such pressure had increased in the past year.63%的受访企业表示,过去一年中曾就政治敏感问题发表(或不发表)声明的受到外部压力。虽然较 2023 年比例有所下降,但受访企业仍持续面临政治压力,且 30%的受访企业表示在过去的一年中这一压力有所增加。65%of respondents indicated that they face pressure in terms
226、of making(or not making)statements on politically sensitive issues,a decrease of 9pp compared with 202365%的受访企业表示在政治敏感问题上发表(或不发表)声明上面临压力,较 2023 年下降 9 个百分点%By percentage Figure 46.Sources of increased pressure 图 46.压力增加的来源 The Chinese government中国政府Chinese media中国媒体The Chinese public/consumers中国公众、消费
227、者The US government美国政府International public/consumers国际公众、消费者Business partners/suppliers or customers业务合作伙伴、供应商或客户Global company leadership全球公司领导层US media美国媒体Other foreign governments(non-Chinese,non-US)除中、美两国以外的政府Local company leadership本地公司领导层Other international media其他国际媒体NGOs and Associations非政府组
228、织和协会513128272721191388636132343231262510786720242023AmCham Chinas 2025 China Business Climate Survey Report 65Respondents indicate that sources of increased pressure primarily originate from the Chinese and US governments受访企业表示,压力源主要来自中国和美国政府 The responding member companies stated that the pressure
229、brought about by political-ly sensitive issues comes mainly from both the Chinese and US governments,followed by the Chinese media,the public,as well as business partners/suppliers or customers.受访企业表示,由政治敏感问题带来的压力主要来自中美两国政府,其次是中国媒体、公众及业务合作伙伴、供应商或客户。Figure 47.Impact of Chinas recent regulatory action
230、s(e.g.,regarding anti-trust,data privacy,addressing social issues etc)on business 图 47.中国近期采取的监管行动(如关于反垄断、数据隐私和解决社会问题等)对贵公司在华业务影响%By percentage Leading us to emphasize and reinforce internal compliance and controls促使我司重视和加强内部合规和控制No impact没有影响Decreasing our confidence and willingness to invest in Ch
231、ina降低我司对在华投资的信心和意愿Increasing our confidence and willingness to invest in China增加我司对在华投资的信心和意愿Unsure不确定3941283985121821151512Contributing to uncertainty and worry among headquarters由于不确定该类行动的未来方向、是否适用于外商投资企业,以及缺乏透明度,导致总部的不确定性和担忧程度上升20242023AmCham Chinas 2025 China Business Climate Survey Report 66Chi
232、nas recent regulatory actions have prompted responding companies to further strengthen internal compliance and controls.These actions have also triggered concerns about the uncertainty of future regulatory actions among corporate headquarters 为应对中国持续开展的监管行动,五分之二的受访企业表示将更重视并加强内部合规;同时,上述行动引发了企业总部的疑虑 3
233、9%of the responding member companies stated that the regulatory actions recently taken by the Chinese government have prompted them to attach greater importance to strengthening internal compliance management.However,due to the potential uncertainties regarding the fu-ture direction,scope of applica
234、tion,and transparency of such actions,coupled with the frequent countermeasures in bilateral relations taken by the two governments,corporate headquarters are increasingly concerned about the regulatory environment in China.This has caused an impact on the confidence and willingness of some companie
235、s to invest in China.39%的受访企业表示,中国政府近期采取的监管行39%的受访企业表示,中国政府近期采取的监管行动促使其更为重视并进一步加强内部合规管理。但动促使其更为重视并进一步加强内部合规管理。但由于此类行动未来的方向、适用范围及透明度存在由于此类行动未来的方向、适用范围及透明度存在潜在的不确定性,加之双边关系紧张造成两国政府潜在的不确定性,加之双边关系紧张造成两国政府频繁采取反制措施,引发总部对监管环境的担忧,频繁采取反制措施,引发总部对监管环境的担忧,对部分企业在华投资的信心和意愿产生一定影响。对部分企业在华投资的信心和意愿产生一定影响。AmCham Chinas
236、 2025 China Business Climate Survey Report 67PrefaceWhile rising labor costs continue to pose a significant challenge for companies in human resource management(Figure 50),the pressure has eased to some extent.29%of responding companies expect labor costs to remain stable or decrease in 2025,marking
237、 an 8pp improvement compared to 2023.Meanwhile,organizational transformation and restructuring have emerged as key priorities,with more companies focusing on these strategies to navigate the increasing complexity of market challenges.Regarding management localization,over 80%of responding companies
238、report that employees from Mainland China make up more than 50%of their senior management teams,reflecting efforts toward localization(Figure 48).However,it is also crucial to consider the diversification of multinational corporate management in China to better align with global strategies.The top t
239、hree barriers to hiring foreign employees remain:bilateral tensions and other geopolitical concerns,the slowing Chinese economy,and the reluctance of qualified talent to relocate to China(Figure 53).However,recent policy changes aimed at facilitating the entry of foreign nationals into China have al
240、leviated these concerns to some extent,with the percentage of companies citing reluctance to relocate dropping from 51%in 2022 to 28%in 2024(Figure 53).Looking ahead,53%of the responding companies plan to maintain their current headcount in 2025(Figure 52),with employee development emerging as the t
241、op priority in their human resource management strategies for the year(Figure 55).前 言人力成本上升虽仍是企业在人力资源管理面临的主要挑战之一(图 50),但上涨压力有所缓解。29%的受访企业预计 2025 年劳动力成本将持平或下降,较 2023 年增加了 8 个百分点。与此同时,组织转型和重组成为人力资源管理的又一关注焦点,更多的受访企业期待通过转型与重组更好地应对日益复杂的市场挑战。在管理层本地化方面,中国大陆籍人士在高管中占比超过 50%的受访企业占八成以上(图 48),彰显了本地化成果,但亦需考虑推动在华
242、跨国企业管理层多元化发展,以更好地融入全球战略。外籍员工聘用的前三大制约因素仍是双边关系/地缘政治问题、经济增长放缓和合格人才不愿迁居中国(图 53)。但得益于中国政府近期推出的一系列便利外籍人士来华政策,担心合格人才不愿迁居中国的企业比例已从 2022 年的51%大幅下降至 2024 年的 28%。53%的受访企业计划在 2025 年保持现有员工规模(图 52),员工职业发展成为企业 2025 年人力资源管理的首要任务(图 55)。4.2 Human Resources 人力资源Figure 48.Percentage of top(country)management that are n
243、ot native Mainland Chinese 图 48.非中国大陆籍的高级管理层人士比例%By percentage 75%50-75%25-50%0-25%Tech and R&D技术和研发行业Resources&Industrial资源和工业行业Consumer消费行业Services服务行业7781068971682981 181787711584 45 5AmCham Chinas 2025 China Business Climate Survey Report 6816%of respondents state that more than half of their se
244、nior management positions are held by employees who are not from the Chinese mainland,among which the proportion in the Consumer sector is the highest16%的受访企业表示其半数以上高管职位由非中国大陆籍人士担任,其中消费行业比例最高 Among the responding member companies,more than 80%of the companies have a proportion of senior management p
245、ersonnel from the Chinese mainland exceeding 50%.In the Consumer sector,the proportion of non-mainland Chinese managers is slightly higher than that in other sec-tors.This indicates that responding companies have achieved positive results in the localization of management.However,the government and
246、companies also need to consider adopting more policies to support multinational talents to promote the diversified management development of multinational enterprises in China,so as to better serve the globalization strategy.受访企业中,高管中中国大陆籍人士比例超过 50%受访企业中,高管中中国大陆籍人士比例超过 50%的企业占八成以上。在消费行业中,非中国大陆籍的企业占八
247、成以上。在消费行业中,非中国大陆籍管理人员比例略高于其他行业。这表明,受访企业管理人员比例略高于其他行业。这表明,受访企业在管理层本地化方面所取得了积极成果,但政府和在管理层本地化方面所取得了积极成果,但政府和企业亦需考虑通过更多跨国人才支持政策,推动在企业亦需考虑通过更多跨国人才支持政策,推动在华跨国企业管理层多元化发展,以更好地融入全球华跨国企业管理层多元化发展,以更好地融入全球战略。战略。Figure 49.Percentage of female top(country)management 图 49.女性高层管理人员比例%By percentage 4922218Tech and R
248、&D技术和研发行业Resources&Industrial资源和工业行业Consumer消费行业Services服务行业1548241316433011365092059201 14 4 75%50-75%25-50%0-25%AmCham Chinas 2025 China Business Climate Survey Report 69Nearly 30%of respondents stated that the proportion of their female senior executives exceeded 50%近 3 成受访企业表示其女性高管占比超过 50%71%of
249、the responding member companies indicated that the proportion of female se-nior executives in their management is lower than 50%.There are differences in the pro-portion of female senior executives among different sectors.The proportion of female senior executives in the Consumer and Services sector
250、s is relatively higher.11%and 13%of the companies respectively stated that more than 75%of their senior management positions were held by female employees.However,in Tech and R&D and Resources and Industrial sectors,this proportion is only 1%and 4%respectively.71%的受访企业表示,其管理层中女性高管占71%的受访企业表示,其管理层中女性
251、高管占比低于 50%。女性高管比例存在行业差异,消比低于 50%。女性高管比例存在行业差异,消费和服务行业的女性高管比例相对更高,分别费和服务行业的女性高管比例相对更高,分别有 11%和 13%的企业表示其超过 75%的高管有 11%和 13%的企业表示其超过 75%的高管职位由女性担任,而在科技和创新、资源和工职位由女性担任,而在科技和创新、资源和工业等行业,这一比例仅为 1%和 4%。业等行业,这一比例仅为 1%和 4%。Figure 50.Top three human resources challenges 图 50.人力资源面临的前三大挑战 20212022202320242025
252、Total labor costs整体人力成本增加53%Total labor costs整体人力成本增加44%US-China tensions and geopolitical concerns美中关系紧张和 地缘政治忧虑43%Total labor costs整体人力成本增加41%Total labor costs整体人力成本增加47%Rising salary and wage costs 薪资成本不断上涨52%Rising salary and wage costs 薪资成本不断上涨42%Total labor costs整体人力成本增加37%Rising salary and wa
253、ge costs 薪资成本不断上涨35%US-China tensions and geopolitical concerns美中关系紧张和 地缘政治忧虑35%Developing digital talent and organizational capabilites发展数字化人才 及组织能力32%US-China tensions and geopolitical concerns美中关系紧张和 地缘政治忧虑28%Rising salary and wage expenses 薪资成本不断上涨31%US-China tensions and geopolitical concerns美中
254、关系紧张和 地缘政治忧虑30%Organizational transformation and restructuing组织转型与重组30%123New addition to the top-three business challenge this year 新增前三大商业挑战AmCham Chinas 2025 China Business Climate Survey Report 70Ever-increasing labor costs have consistently remained one of the primary challenges for human resou
255、rces management in recent years.Meanwhile,affected by US-China relations and geopolitical factors,responding companies also face difficulties in talent recruitment and retention,especially in recruiting international talent.This year,organizational trans-formation and restructuring have become anoth
256、er focus of attention in human resources management.More responding companies expect to better cope with the increasingly complex market challenges through transformation and restructuring.The overall increase in labor costs remains the top challenge for human resources management,while organization
257、al transformation and restructuring have become a new focus of attention 整体人力成本增加仍然是人力资源管理面临的首要挑战,组织转型与重组成为新的关注焦点 不断增加的人力成本一直是近几年人力资源管理面临的主要挑战之一。与此同时,受美中关系和地缘政治影响,受访企业在人才招聘和留用,尤其是国际人才的聘用方面亦面临困难。今年,组织转型和重组成为人力资源管理的又一关注焦点,更多的受访企业期待通过转型与重组更好地应对日益复杂的市场挑战。12Figure 51.Expected change in the companys avera
258、ge labor costs per employee in 2025 vs.2024 图 51.2025 年与 2024 年相比,贵公司预计的人均劳动力成本变化%By percentage 20%higher上升幅度超过20%10-20%higher上升 10-20%5-10%higher上升 5-10%5%higher上升 10%增加 10%Decrease 10%减少 10%Increase 5-10%增加 5-10%Decrease 5-10%减少 5-10%Increase 5%增加 5%Decrease 5%减少 20%)显著增加(20%)Higher(5 to 20%)增加(5-
259、20%)About the same(+/-5%)持平(5%)Lower(5 to 20%)降低(5-20%)Significantly lower(20%)显著降低(20%)616112024202352160866AmCham Chinas 2025 China Business Climate Survey Report 74Nearly 80%of respondents saw their employee turnover rates remain flat or decline compared with the previous year,indicating an impro
260、vement in employee stability 近 8 成受访企业的员工流动率与上一年度持平或下降,员工稳定性有所提高79%of the responding companies stated that their employee turn-over rates remained flat or have declined compared with the previous year.This proportion has been steadily rising for three consecutive years,and the stability of employees
261、 tends to improve.79%的受访企业表示,其员工流动率与上一年度持平或下降,这一比例已连续三年呈稳步上升趋势,员工稳定性趋于提高。Figure 55.Top Five human resource priorities for 2025 in China 图 55.2025 年贵公司在华人力资源前五位首要任务%By percentage 2025 2024Developing employees 员工职业发展Finding,hiring,and on-boarding the right talent合适人才的寻找、招聘和入职Managing employee engageme
262、nt and retaining employees确保员工的积极性和控制流失率Restructuring to meet business needs (e.g.,organization design根据业务需求进行重组(如组织设计)Fostering a diverse and inclusive work environment营造多元化和包容性的工作环境32403339433930333226AmCham Chinas 2025 China Business Climate Survey Report 75Developing employees has become the top
263、 priority in the human resources management of responding companies,followed by managing employee engagement and retaining employees,and organizational restructuring员工职业发展成为受访企业人力资源管理的首要任务,其次是人才的留任和组织改组 员工职业发展从上一年度的第三位上升为 2025年人力资源管理的首要任务,说明企业更加注重为员工提供发展资源和机会,助力员工个人成长。与此同时,如前文所述,组织转型和重组成已成为企业人力资源管理面
264、临的主要挑战之一,根据业务需求进行重组在企业人力资源管理中的重要性亦进一步上升。Developing employees has been ranked as the top priority in human resources management in 2025,taking the top priority from the third place in the previous year,indicating that responding companies are attaching greater importance to pro-viding employees with
265、more development resources and opportunities to facilitate personal growth.Meanwhile,as mentioned earlier,organizational transformation and restructuring have become primary challenges faced by companies in human resources management;correspondingly,the importance of restructuring accord-ing to busi
266、ness needs has further increased in human resources management.AmCham Chinas 2025 China Business Climate Survey Report 76PrefaceNearly 90%of member companies consider innovation and R&D crucial to their business growth in China,although the challenges related to innovation have increased(Figures 56-
267、57).Concerns about Chinas cybersecurity laws continue to be a significant issue across sectors.In the Tech and R&D sector,82%and 72%of the responding companies reported that data localization requirements and cybersecurity regulations on the protection of critical information infrastructure and impo
268、rtant data have impacted their operations in China(Figure 58).While 33%of responding member companies still perceive comparatively higher risks of IP leakage and IT/data security threats in China,this figure has steadily decreased over the past five years,reflecting the Chinese governments efforts t
269、o strengthen intellectual property protection(Figure 61).Moreover,26%of companies indicated that insufficient intellectual property protection could limit their investment decisions in China(Figure 63).The most significant challenge in the intellectual property space remains the difficulty in pursui
270、ng legal action for IP infringement in court(Figure 64).前 言近 90%的受访企业认为创新和研发对公司业务在华发展至关重要,但创新上面临挑战亦有所上升(图 56-57)。与网络安全法相关的问题仍然受到行业普遍关注。在技术和研发行业中,分别有 82%和 72%的受访企业表示“数据本地化需求”和“保护重要信息基础设施和重要数据网络安全规则”对其在华经营造成影响(图 58)。尽管仍有 33%的受访会员企业认为在中国面临更高的知识产权泄露和数据安全风险,但这一比例在过去 5 年呈稳步下降趋势,反映了中国政府在知识产权保护方面所做的努力(图 61)
271、。26%的企业表示知识产权保护不足将限制其对华投资决策(图 63)。难以在法庭上起诉侵犯知识产权的行为成为是企业在知识产权领域面临的最大挑战(图 64)。4.3 Innovation and Intellectual Property Rights 创新与知识产权Figure 56.Importance of innovation/R&D to future growth in China 图 56.创新/研发对贵公司未来在华发展的重要性%By percentage 182644131822421816254415202343142220451220202021202220232024 Top
272、 priority首要重点 Top three priority前三大重点 Important重要 Not at all important完全不重要AmCham Chinas 2025 China Business Climate Survey Report 77创新和研发始终被企业视为其在华发展的重要因素,这一趋势在过去五年中保持一致。87%of respondents believe innovation and R&D to be crucial to their business growth in China 87%的受访企业认为创新和研发对公司业务在华发展至关重要 Innovat
273、ion and R&D have always been regarded by responding companies as a crucial factor for their development in China,and this trend has remained consistent over the past five years.Figure 57.Top Five barriers to increasing innovation in China 图 57.阻碍创新的前五大障碍%By percentage Increased restrictiveness of da
274、ta privacy-related policies 与数据隐私相关的政策限制增加Concerns around potential US-China tech decoupling围绕美中可能会科技脱钩的担忧Internet censorship and/or the inability to use certain online tools 互联网监管和使用部分线上工具的阻碍Vague policies and lack of detailed implementation guidelines政策含糊不清,缺乏详细的执行指导Lack of sufficient Intellectual
275、 Property(IP)protection知识产权保护力度不足29261513242217161515 2025 2024AmCham Chinas 2025 China Business Climate Survey Report 78企业在创新方面面临更多挑战,面临上述主要障碍的企业比例均呈逐年递增态势。相较上一年度,互联网监管今年亦被列为阻碍创新的五大障碍之一。Business concerns have increased across the board,with all but one of the above five barriers experiencing year-o
276、ver-year increases.Internet censorship now ranks among the top five bar-riers to innovation,as opposed to last yearResponding companies cite US-China tech decoupling,restrictive cybersecurity policies,and a lack of sufficient IP protection as the main barriers to increasing innovation in China受访企业认为
277、,美中科技脱钩、限制性的网络安全政策和缺乏足够的知识产权保护是阻碍创新的主要障碍%By percentage Figure 58.To what degree do the following Cybersecurity Law-related issues negatively affect your companys competitiveness and operations in China?图 58.以下网络安全法相关问题对贵公司在华竞争力和运营有多大不利影响?Not at all没有影响 Somewhat稍有影响 Extremely影响极大Data localization req
278、uirements数据本地化要求125335314821444413304525Consumer消费行业Resources&Industrial资源和工业行业Services服务行业Tech and R&D技术和研发行业20232023202318552740451545411419493120242024202420242023Cybersecurity rules on protection of critical information infrastructure and important data保护关键信息基础设施和重要数据的网络安全规则274923354916494193741
279、21Consumer消费行业Resources&Industrial资源和工业行业Services服务行业Tech and R&D技术和研发行业20232023202320232847254147124937142948232024202420242024AmCham Chinas 2025 China Business Climate Survey Report 79Cybersecurity Laws have the most significant negative impact on the Tech and R&D sector as well as the Services se
280、ctor(1/3)网络安全法对科技和创新行业及服务行业的负面影响最为显著(1/3)与网络安全法相关的问题仍然是所有行业关注的问题。在技术和研发行业中,尽管较上一年度有所改善,但仍分别有 82%和 72%的受访会员企业表示“数据本地化需求”和“保护重要信息基础设施和重要数据网络安全规则”对其在华经营造成负面影响。值得注意的是,在上述两方面受到负面影响的服务行业企业比例 2024 年亦明显上升,分别较上一年度增加了 11 个百分点和 9 个百分点。Issues related to Cybersecurity Laws remain of concern across industries.In
281、the Tech and R&D sector,despite improvements from the previous year,82%and 72%of the responding member companies still indicated that the data localization requirements and Cyberse-curity rules on protection of critical information infrastructure and important data have had negative impacts on their
282、 operations in China.Notably,the proportion of Services sector companies negatively affected in the above two aspects have also increased signifi-cantly this year,rising by 11pp and 9pp respectively compared with the previous year.Figure 59.To what degree do the following Cybersecurity Law-related i
283、ssues negatively affect your companys competitiveness and operations in China?图 59.以下网络安全法相关问题对贵公司在华竞争力和运营有多大不利影响?%By percentage Data security/IP leakage as a result of third party reviews因为第三方审查导致的数据安全/知识产权泄露问题Restrictions on hardware and software procurement and other secure and controllable polic
284、ies对硬件软件的采购限制,及其他安全可控政策 Not at all没有影响 Somewhat稍有影响 Extremely影响极大3649154148115140945411539412046441056387513811Consumer消费行业Resources&Industrial资源和工业行业Services服务行业Tech and R&D技术和研发行业202320232023Consumer消费行业Resources&Industrial资源和工业行业Services服务行业Tech and R&D技术和研发行业2023202320233145244949524074047132024
285、202420242024202331452445451055368374814202420242024202420231 1AmCham Chinas 2025 China Business Climate Survey Report 80A large majority of Tech and R&D firms are negatively affected by data security/IP leakages and restrictions on hardware and software procurement(2/3)绝大多数科技和研发企业都受到数据安全/知识产权泄露以及硬件软
286、件采购限制的负面影响(2/3)69%of Tech and R&D responding companies and 63%of Services responding companies believe that third-party reviews have caused data security/IP leakage issues,representing an increase of 5pp and 8pp since last year respectively.Meanwhile,compared with 2023,the proportion of responding c
287、ompanies in the Tech and R&D sector and the Services sector neg-atively affected by restrictions on hardware or software procurement have also risen by 8pp and 11pp respectively.The negative impacts of the above two aspects on the Resources and Industrial sector as well as the Consumer sector have b
288、een eased to some extent.科技和研发行业和服务行业分别有 69%和 63%的受访企业认为第三方审查造成了数据安全/知识产权泄露,分别较上一年度增加了 5 个百分点和 8 个百分点。与此同时,与 2023 年相比,受硬件或软件采购限制负面影响的科技和研发行业和服务行业企业比例亦分别上升了 8个百分点 11 个百分点。上述两方面对资源和工业行业和消费行业的负面影响则有所缓解。Compliance concerns due to vague implementation regulations法规实施不明确引发对合规的担忧Data privacy regulations数据隐
289、私法规Figure 60.To what degree do the following Cybersecurity Law-related issues negatively affect your companys competitiveness and operations in China?图 60.以下网络安全法相关问题对贵公司在华竞争力和运营有多大不利影响?%By percentage Not at all没有影响 Somewhat稍有影响 Extremely影响极大166124265321384616334126245720424810295219295714Consumer消费
290、行业Resources&Industrial资源和工业行业Services服务行业Tech and R&D技术和研发行业2023202320231960213359844431318602220242024202420242023Consumer消费行业Resources&Industrial资源和工业行业Services服务行业Tech and R&D技术和研发行业20232023202324532340471318631938511120242024202420242023AmCham Chinas 2025 China Business Climate Survey Report 81C
291、oncerns about implementation regulations and data privacy regulations have had negative impacts on different sectors to varying degrees,with the Tech and R&D and Services sector being the most significant (3/3)法规实施不明确和数据隐私法规对各行业造成了不同程度负面影响,其中对科技和研发行业、服务行业影响最为显著(3/3)Although vague implementation regu
292、lations have generally had a certain degree of ad-verse impact on various sectors,overall,the scope of impact has narrowed compared with the previous year.However,the proportion of affected responding companies in the Services sector has increased significantly compared with 2023,rising sharply by 1
293、5pp.The situation regarding the impact of data privacy regulation on responding companies is similar.The proportion of impacted responding companies in the Services sector has also increased significantly by 11pp compared with 2023.尽管法规实施的不明确对各行业普遍造成了一定程度的不利影响,但总体而言影响面较上一年度有所收窄,仅服务行业受影响企业比例则较 2023 年
294、显著提高,较 2023 年大幅上升15 个百分点。数据隐私监管对企业的影响方面的与此情况相似,服务行业的受影响企业比例则较 2023 年大幅上升了 11个百分点。Figure 61.IP leakage and IT/data security threats in China 图 61.在华运营中所面临的知识产权泄露和信息技术或数据安全危险%By percentage Risks are smaller in China在中国风险更低 Comparable基本持平 Risks are greater in China在中国风险更高7603320245937593856035757362020
295、2021202220234 44 4AmCham Chinas 2025 China Business Climate Survey Report 82Although 33%of the responding companies still believe that they face higher risks of IP leakage and IT/data security in China,this proportion has shown a steady down-ward trend in the past five years,reflecting the efforts m
296、ade by the Chinese govern-ment in IP protection.Meanwhile,responding companies are still facing significant challenges in intellectual property.Therefore,it is necessary to further strengthen intellectual property protection,better safeguard the innovative achievements of enterprises,and achieve the
297、 healthy development of industries.33%of respondents believe that they face greater risks of IP leakage and IT/data security in China,which is the lowest proportion in the past five years33%的受访会员企业认为在中国面临更大的知识产权泄露和数据安全风险,为过去五年来最低比例尽管仍有 33%的受访企业认为在中国面临更高的知识产权泄露和数据安全风险,但这一比例在过去 5 年呈稳步下降趋势,反映了中国政府在知识产权
298、保护方面所做的努力。与此同时,受访企业在知识产权更面临较大挑战,应进一步加大知识产权保护力度,更好地保护企业创新成果,实现产业健康发展。Figure 62.In the last year,Chinas enforcement of Intellectual Property Rights(IPR)has:图 62.在过去一年中,中国在知识产权法律法规执行方面:%By percentage Improved改善 Stayed the same保持不变 Deteriorated恶化 Unsure不确定472825443122363329353233382827202020212022202320
299、244 43 32 23 31 1AmCham Chinas 2025 China Business Climate Survey Report 8332%of respondes stated that Chinas intellectual property law enforcement efforts had improved in the past year 32%的受访企业表示中国的知识产权执法工作在过去一年有所改善32%of the responding member companies believe that the Chinese government had furthe
300、r im-proved the enforcement of intellectual property law in the past year,and 38%of the responding companies believe the level of intellectual property law enforcement remained unchanged.Over-all,responding companies hold a positive or neutral attitude towards Chinas intellectual property law enforc
301、ement.Meanwhile,3%of the responding member companies consider Chinas intellec-tual property law enforcement to have deteriorated compared with the previous year.32%的受访会员企业认为中国政府在过去一年进一步改善了知识产权执法工作,38%的受访企业认为知识产权执法工作水平保持不变,总体对中国的知识产权执法工作呈积极或中性态度。同时,亦3%的受访会员企业认为中国的知识产权执法工作较上一年度有所恶化。Figure 63.Do concer
302、ns of inadequate intellectual property protection limit your companys investment in China?图 63.对知识产权保护不足的担忧是否限制了贵公司在中国的投资?%By percentage Yes是 Unsure不确定 No否20232024263934243641Tech and R&D技术和研发行业Resources&Industrial资源和工业行业Consumer消费行业Services服务行业362639393130393822394912AmCham Chinas 2025 China Busine
303、ss Climate Survey Report 8426%的企业表示知识产权保护不足将限制其对华投资决策,比例较上一年度上升了2个百分点。其中,科技和研发行业中受影响的企业比例最高,达 39%,消费行业中受影响企业的比例则较上一年度明显上升,涨幅达 8 个百分点。The proportion of companies indicating that inadequate IP protection is a barrier to investment in China increased by 2pp over last year,with 39%of Tech and R&D compan
304、ies holding this concern.The proportion of affected companies in the Consumer sector has increased significantly compared with the previous year,amounting to an increase of 8pp.26%of respondents stated that insufficient intellectual property protection would limit their investment decisions in China
305、.The negative impact on the investment decisions of Tech and R&D companies appears to be the most significant26%的企业表示知识产权保护不足将限制其对华投资决策,其中对科技和研发企业投资决策的负面影响最为显著Figure 64.Most important IP challenge 图 64.贵公司面临的最重大的知识产权挑战%By percentage 2024 2023Difficulty prosecuting IP infringements in court or via ad
306、ministrative measures难以在法庭上或通过行政手段起诉侵犯知识产权的行为Insufficient protection offered by the text of IP-related laws and regulations相关法律和法规对知识产权提供的保护不足Licensing constraints许可限制IP theft by employees员工窃取知识产权Cybertheft网络窃取Other其他Expectations of technology transfer arrangements with business partners需向商业伙伴进行技术转让
307、的预期3928192961212944871212AmCham Chinas 2025 China Business Climate Survey Report 8539%的受访企业表示,难以在法庭上起诉侵犯知识产权的行为是其在知识产权领域面临的最大挑战,较上一年度大幅增长 11 个百分点。知识产权保护不足仍是受访企业面临的重大挑战之一,但较上一年度有所改善。Difficulty prosecuting IP infringements in court is regarded as the most significant IP challenge for responding compan
308、ies知识产权侵权起诉困难成为是受访企业面临的最大挑战39%of the responding member companies stated that difficulty prosecuting infringe-ments in court has become the biggest IP challenge,which has increased significant-ly by 11pp compared with the previous year.Insufficient IP protection remains one of responding companies ma
309、jor challenges,but it has improved compared with the previous year.Figure 65.How much technology and proprietary knowledge does your company share with its business partners and clients in China compared with those in other overseas jurisdictions outside your home country?图 65.贵公司在中国与商业伙伴和客户分享的技术和专利
310、知识的数量,与您所在国之外的其他海外司法管辖区相比如何?%By percentage Much more多很多 Somewhat more多一些 No difference没有区别 Somewhat less少一些 Much less少很多 We do not share technology and proprietary knowledge with business partners and clients in China我司不与中国的商业伙伴及客户分享技术和专业知识20232024752664413729744113 3Tech and R&D技术和研发行业Resources&Ind
311、ustrial资源和工业行业Consumer消费行业Services服务行业1512115182681537103 33 337457384066114 44 42 21 1AmCham Chinas 2025 China Business Climate Survey Report 86The willingness of responding companies to share technology and proprietary information with business partners and customers has declined受访企业与商业伙伴和客户分享技术或专
312、利信息的意愿有所下降Overall,the willingness of responding member companies to share technology and proprietary information with business partners and customers has declined.The proportion of companies un-willing to share or that have reduced sharing has increased slightly by 2pp.It is worth noting that in the
313、 Tech and R&D sector,although 49%of the responding companies still indicate that they do not share or share less,the proportion of enterprises willing to share a large amount has increased by 2pp compared with 2023.In the Consumer sector,however,the proportion of responding com-panies indicating tha
314、t they do not share or share less has increased by 12pp.总体而言,受访企业与商业伙伴和客户分享技术或专利信息的意愿有所下降,表示不愿或减少分享的企业比例小幅上升 2 个百分点。值得注意的是,在科技和研发行业,尽管仍有 49%的企业表示不分享或较少分享,但愿意大量分享的企业比例较 2023年上升了 2 个百分点,而在消费行业表示不分享或较少分享的企业比例则上升了 12 个百分点。Figure 66.Your companys technology or proprietary knowledge was shared 图 66.贵公司分享技
315、术和专利知识的原因是%By percentage As a voluntary business decision in our companys best interest作为最符合公司利益的自愿商业行为 To(implicitly/explicitly)improve market access prospects为了(潜在或明确地)增强市场准入的前景 As required by joint venture regulations出于对合资企业的要求 Due to informal pressure from business authorities来自商务主管机关非正式的压力 Othe
316、r其他60211256022106202320243 31 1Tech and R&D技术和研发行业Resources&Industrial资源和工业行业Consumer消费行业Services服务行业13924521422631625531218682 22 23 33 33 3AmCham Chinas 2025 China Business Climate Survey Report 8760%of the responding companies share technology and intellectual property mainly out of con-sideratio
317、n for corporate interests,which is consistent with the situation in 2023.More responding companies hope to expand market access by sharing technology and intellectual property,and the proportion of such companies has increased slightly by 2pp compared with the previous year.Mean-while,some respondin
318、g companies share technology and intellectual property because they are faced with requirements from joint ventures or informal pressure from business authorities.Responding companies sharing of technology and intellectual property is mainly driven by consideration of commercial interests,but it is
319、also affected by factors such as requirements from joint ventures and the expansion of market access 受访企业共享技术和知识产权主要出于商业利益考量,亦面临合资企业要求、扩大 市场准入等因素影响60%的受访企业共享技术和知识产权主要出于公司利益的考量,与 2023 年情况一致。更多企业希望通过分享技术和知识产权扩大市场准入,此类企业占比较上一年度小幅增加 2 个百分点。与此同时,部分企业则因面临合资企业要求或业务主管部门的非正式压力而分享技术和知识产权。US-China Relations美中关
320、系5.AmCham Chinas 2025 China Business Climate Survey Report 89PrefaceMost responding companies view positive US-China relations as crucial for business development.This sentiment is particularly strong in the Tech and R&D sector,where 95%of responding companies share this perspective(Figure 67).Howev
321、er,factors such as the US presidential election,shifts in US policies toward China,and frequent countermeasures from both countries have led half of the responding companies to hold a more negative outlook on bilateral relations for 2024representing the highest level of pessimism in the past five ye
322、ars(Figure 68).Looking ahead,responding companies hope that through future bilateral trade negotiations,the Chinese government will further open its market to foreign-invested enterprises,actively engage with the foreign business community,and ensure greater policy consistency across all levels of g
323、overnment(Figure 73).Responding companies also urge the U.S.government to avoid inflammatory rhetoric,reduce tariffs on Chinese goods,and work towards establishing a results-oriented,institutionalized framework for regular bilateral dialogue(Figure 72).前 言绝大多数受访企业都认为,积极的美中关系对业务发展至关重要。在科技与研发行业,这一比例高达
324、 95%(图 67)。然而,受美国大选换届、对华政策调整及美中两国频繁采取反制措施等因素影响,今年有半数受访企业对 2024 年双边关系看法趋于消极,为近五年最高水平。(图 68)。受访企业期待在未来的双边贸易谈判中,中国政府能够进一步向外资企业开放市场、积极与外国商界开展交流互动,并确保各级政府间的政策一致性(图 73),美国政府能够避免发表激烈言论,降低对中国商品征收的关税,并寻求建立以结果为导向的、常态化的双边对话机制(图 72)。123328Figure 67.Importance of positive bilateral relations between the US and C
325、hina to your companys business growth in China 图 67.良好的美中双边关系对贵公司在华业务增长的重要性%By percentage Extremely important极其重要 Not important不重要 Not at all important完全不重要 very important非常重要 Somewhat important比较重要202320245730115428172 21 1Tech and R&D技术和研发行业Resources&Industrial资源和工业行业Consumer消费行业Services服务行业675318
326、47291257301 1113 34 41 11 11 11 1AmCham Chinas 2025 China Business Climate Survey Report 9087%的受访企业认为积极的双边关系对其在华业务极其或非常重要,这一比例较 2023年增加了 5 个百分点。在科技和研发行业,这一比例高达 95%。87%of the responding companies believe that a positive bilateral relation-ship is either extremely or very important to their business g
327、rowth in China,and this proportion has increased by 5pp compared with 2023.In the Tech and R&D sector in particular,this proportion reached as high as 95%.87%of respondents indicated that positive US-China relations are either very important or extremely important to business growth in China87%的受访企业
328、表示,积极的美中关系对其在华业务增长具有重要影响 Figure 68.2025 outlook on bilateral relations between the US and China 图 68.2025 年美中双边关系展望%By percentage 14355120254536192021134146202330462420242749242022 Will improve将会改善 Will stay about the same将会保持原状 Will deteriorate将会恶化AmCham Chinas 2025 China Business Climate Survey Re
329、port 91More than half of the responding companies believe that the US-China relationship is at risk of deteriorating in 2025超过一半的受访企业认为美中关系在 2025 年面临恶化风险受美国大选换届、对华政策调整及美中两国频繁采取反制措施等因素影响,今年有 51%的受访会员企业担心双边关系在 2025 年或将继续恶化,为近五年最高水平。相应地,仅有 14%的受访企业认为双边关系有望改善,为上一年度的一半。Influenced by factors such as the U
330、S presidential election and the change in ad-ministration,adjustments to US-China policies,and the frequent countermea-sures by both the US and China,51%of the responding member companies this year believe that the bilateral relationship may continue to deteriorate in 2025,which is the highest propo
331、rtion in the past five years.Correspondingly,only 14%of the responding companies think that the bilateral relationship is expected to improve,which is only half of that of the previous year.Figure 69.Impact of US-China trade tensions on business strategy 图 69.美中贸易争端对贵公司商业战略的影响%By percentage Localizi
332、ng more production/services/IP in China to access local sales opportunities推动更多产品、服务或 IP 在中国本土化,以获得本地销售机会Delaying or canceling China investment decisions推迟或取消投资决策Shifting away from certain industry or customer segments in China与中国的某些行业或客户群体逐渐脱离Decreasing China investments减少在华投资Adjusting supply chain
333、 by seeking to source components and/or assembly outside China调整供应链,在中国境外采购零部件和/或组装Considering relocation of some or all manufacturing out of China考虑将部分或全部制造业迁出中国222110855343444442230212021141414138Other其它Considering exiting the China market 考虑退出中国市场Adjusting supply chain by seeking to source components and/or assembly outside the US调整供应链,在美国境外采购零部件和/或组装Increasing China investments增加在华投资Considerin