Many US companies still find the Chinese market an attractive investment destination, with a large majority of them saying they have no plans to relocate operations elsewhere, though increasing rivalry between the world’s two largest economies casts shadows over bilateral ties, a survey by the American Chamber of Commerce in China (AmCham China) revealed Wednesday.

The importance of China’s market remains clear, with the wealth of opportunities presented by China’s 1.4 billion consumers continuing to attract member companies, the Chamber said.

About 74 percent of the firms surveyed said that they are not considering relocating manufacturing or sourcing outside of China, said the survey, titled AmCham China’s 2023 China Business Climate Survey Report.

Michael Hart, AmCham China president, also highlighted China’s importance for foreign investment in a later Q&A session, noting that “even if people are investing in other locations with supply chains, it’s still a ‘China plus one’ situation, which still involves China, and that’s really important.”

Hart pointed out a few areas where there are policy incentives that help foreign firms, for example, the Guangdong-Hong Kong-Macao Greater Bay Area. “They come up with incentive policies that make China as an attractive place to invest.”

“With the borders now re-opened for business, our member companies look forward to deeper in-person communication across the board,” said Colm Rafferty, chairman of AmCham China.

“We are starting to hear, I would say probably half a dozen US companies have said their CEOs are going to visit this spring. We are talking to a number of them about helping to brief their CEOs. When they come in, they’re going to visit their employees, their facilities and their customers, and they also want to talk to us about the overall sentiment,” Hart told the Global Times Wednesday.

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