Fewer U.S. companies consider China a top investment destination following disruptions caused by Beijing’s harsh anti-Covid measures and rising geopolitical tensions, according to an annual survey by a major American business group.

U.S. companies are also more pessimistic about their financial outlook there, with more than half saying they didn’t turn a profit last year and more than a third saying their China revenue fell from a year earlier, according to the survey conducted by the American Chamber of Commerce in China.

Top business challenges identified for 2023 included rising U.S.-China tensions, China’s Covid-19 measures, and what respondents said were inconsistent regulatory interpretations, as well as unclear laws and enforcement by authorities.

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