US-CHINABUSINESSTHE NEXT HUNDRED YEARSCHINA BUSINESS CLIMATE SURVEY REPORT中国商务环境调查报告2023 Chairman's Message主席致辞Executive Summary概述2023 Survey Methodology2023 年调查方法1. Performance Snapshot绩效速览2. Business Operations and Goals商业运营和经营目标2.1 Growth Outlook and Opportunities增长前景与机遇2.2 Investment Outlook投资前景3 Business Environment商业环境3.1 Investment Environment 投资环境3.2 Human Resources人力资源3.3 Innovation and Intellectual Property Rights创新和知识产权4. Impact of Bilateral Relations中美关系的影响CONTENTS 目录023204431445196728763086 2AmCham China's 2023 China Business Climate Survey Report Chairman's MessageThe American Chamber of Commerce in the People’s Republic of China (AmCham China) was founded in Beijing in 1919, and has long been an advocate for a stable and balanced US-China commercial relationship. The wider bilateral relationship continues to have a direct and profound impact on global peace and prosperity, and China is an important market for many American companies.Our members appreciate the close attention that US and Chinese policymakers pay to our annual China Business Climate Survey (BCS) Report. This, together with our White Paper, are the key mechanisms that we use to offer constructive recommendations to both countries as they work towards greater mutual understanding and successful resolution of concerns. While US-China trade has continued to grow throughout the pandemic, bilateral relations have become increasingly complex for the American business community in China to navigate. Last year was particularly challenging for our member companies, as they dealt with China’s economic slowdown, Zero-COVID controls, and ongoing efforts to ensure compliance with various new US and China-related regulations. For the 25th annual edition of our China Business Climate Survey (BCS) Report, one of the key barometers of the sentiment of the American business community in China, we are delighted to have partnered with PwC for execution and analysis. Although China’s Zero-COVID policy ended shortly after the bulk of the data for this report was collected, subsequent membership surveys and engagements reinforce the following key themes: • Members reported a slightly more pessimistic financial outlook compared to previous years: In 2022, 34% of members estimated their revenue would be lower than 2021. However, despite the pandemic-related restrictions, another 32% of members predicted their revenue would go up. While 2021 saw a trend toward normalization of financial expectations, the shocks of the past year have led to results which look similar to 2020 when the initial pandemic impacts were experienced by companies.• China is no longer the primary investment destination it once was: This year, less than half of our member companies rank China as a top three investment priority, marking a significant shift for the first time. 45% of members noted that China's investment environment is deteriorating, up 31 percentage points (pp) from last year and the highest percentage of members to respond this way in the last five years. • The majority of members are not considering relocating their supply chain: Many of our member companies have been in China for decades and the majority of them continue to have a long-term commitment to the China market. However, there is a 10pp increase in the number of companies considering or already starting to relocate their manufacturing and sourcing outside of China. Risk management and US-China trade tensions were two of the top three reasons cited by members for doing so.• Tense bilateral relationship continues to stoke uncertainty in business decision making: Half of our member companies are pessimistic about the future of US-China relations in the coming year with three-quarters of members reporting that their companies have been impacted by trade tensions. A positive bilateral relationship is extremely important to member company businesses in China and many hope that future trade negotiations will result in more open Chinese markets and a level playing field for foreign-invested enterprises. • AmCham China members looking for ways to support the cooperative agenda: Eight-in-ten of our member companies report that they have an Environmental, Social, and Governance (ESG) strategy in China. In addition to increasing brand value and aligning with headquarters’ initiatives, 42% of members believe that implementing ESG programs can help talent acquisition and retention. The data included in this report provides an accurate and nuanced view of the experiences that our member companies are having on the ground in China. With the borders now re-opened for business, our member companies look forward to deeper in-person communication across the board, amid continuing hope that the two governments can address and constructively resolve outstanding issues. Colm Rafferty Chairman, AmCham China March 2023 3AmCham China's 2023 China Business Climate Survey Report 主席致辞自中国美国商会于1919年在北京成立以来，一直致力于倡导稳定而平衡的中美经贸关系。中美关系对全