For the first time in about 25 years, China is not a top three investment priority for a majority of US firms, with geopolitical tensions and domestic economic issues driving businesses to increasingly focus elsewhere, according to a new report.

“A year ago, 60% of companies said China was the top or a top 3 investment priority and this year that’s fallen to 45%,” according to Michael Hart, president of the American Chamber of Commerce in China. “China is falling in the rankings as a place for people to invest globally. It’s still important but not one of the top destinations for the majority of companies.”

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