U.S. businesses operating in China are increasingly pessimistic about their prospects in the world’s second-largest economy, according to a survey released Wednesday by the American Chamber of Commerce in China.

For the first time in the 25-year history of AmCham China’s business sentiment survey, a majority of responding companies said China is no longer seen as a “top three investment priority”.

Most said they were revising China investment plans to invest the same or less overall in the country, though the vast majority also reported no plans to relocate their operations out of China completely.

“Last year was particularly challenging for our member companies, as they dealt with China’s economic slowdown, COVID control measures, and ongoing efforts to ensure compliance with various new US and China-related regulations,” said AmCham China Chairman Colm Rafferty.

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