中美商业：下一个百年

4. Business Environment商业环境40 02Chair’s Message主席致辞 4.1 Investment Environment投资环境41 04Executive Summary概述 151. 2025 Survey Methodology2025 年调查方法 4.2 Human Resources人力资源67 4.3 Innovation and IntellectualProperty Rights创新和知识产权76 212. Performance Snapshot绩效速览 273. Business Operations and Goals商业运营和经营目标 5. US-China Relations美中关系88 Chair’s Message The release of our latest China Business Climate Survey Report comes at a pivotal moment in the US-China relationship, arelationship that remains the most consequential bilateral dynamic in the world today. This year’s report is particularly timely,coinciding with President Trump’s return to the White House, amid heightened uncertainty for US companies in China. Whilechallenges and complexities are anticipated in the months ahead, one thing remains clear: a stable and constructive US-Chinarelationship, with economic and trade ties at its core, is critical not only for the prosperity of both nations but also for global economicstability. For more than four decades, US firms have been integral to China’s economic transformation, contributing through investment,innovation, and partnership. Beyond economic gains, American companies have driven progress in areas like technologicaladvancement and the adoption of international best practices in compliance, from environmental sustainability to anti-corruptionand labor rights. Today, China is a vital consumer market for many of our members and a critical link in their global innovation andsupply chain networks. While the pandemic is now firmly in the rearview mirror and business confidence is recovering, the broader geopolitical landscaperemains fraught with challenges. In this context, understanding the perspectives, concerns, and priorities of our member companiesregarding their operations in China has never been more important. The American Chamber of Commerce in China has been conducting business environment surveys for over 25 years. Thisreport, our 27th annual edition, captures the collective insights, concerns, and priorities of our member companies, providing acomprehensive picture of the current business environment. By aggregating these perspectives while also highlighting historicaltrends, we aim to foster mutual understanding and drive actionable change. Our goal is to support the continued success of Americancompanies in China while contributing to a more transparent, predictable, and equitable business environment. Ultimately, this report is not just a snapshot of the present; it is a tool for shaping the future. By providing data-driven insights topolicymakers in both countries, we hope to strengthen the foundations of a positive and sustainable economic relationship betweenthe United States and China. Thank you to all our member companies who contributed to this year’s survey. Your insights are invaluable in shaping our advocacyefforts and reinforcing the vital role American enterprises play in this ever-evolving relationship. Alvin LiuChair, AmCham ChinaJanuary 2025 在新一期《中国商业环境调查报告》发布之际，美中关系作为全球最具影响力的双边关系，正面临发展的关键节点。今年的报告发布适当其时，正值特朗普总统重返白宫之际，在华美资企业面临更大的不确定性。尽管可以预见未来数月间将面临诸多挑战与复杂局势，但可以明确的一点是 ：以经贸纽带为核心的、稳定和建设性的美中关系，对两国的繁荣发展和全球的经济稳定都至关重要。 四十余年来，美国企业已成为中国经济转型的重要组成部分，通过投资、创新与合作等方式作出了积极贡献。除创造经济效益外，美国企业还推动了中国的技术进步，并在环境可持续性、反腐败、劳动者权益等合规方面促进了国际最佳实践在中国的应用。当前，于许多商会会员企业而言，中国不仅是极其重要的消费市场，也是其全球创新和供应链网络中的关键一环。 虽然疫情已悄然远去，企业信心正逐步恢复，但地缘政治格局依然充满挑战。在此背景下，了解会员企业对于在华经营的观点、关切和优先事项，比以往任何时候都更为重要。 中国美国商会开展商业环境调查已有超过 25 年的历史。这份报告作为第 27 份年度报告，汇集了会员企业的集体观点、关切和优先事项，以全面展现当前的商业环境。通过汇总观点及呈现历史趋势，我们旨在增进相互理解并推动切实可行的变革。我们的目标是支持美国企业在中国持续取得成功，同时助力营造一个更加透明、可预测和公平的商业环境。 究其根本，这份报告不仅仅是当下情况的概览，更是塑造未来的工具。我们希望通过向两国政策制定者提供基于数据分析的洞察，为两国继续夯实积极、可持续的美中经济关系基础提供助力。在此，我们感谢所有参与本年度调查的会员企业。你们的宝贵洞见让我们得以更好地开展建言工作，不断加强美国企业在持续演进的双边关系中所发挥的重要作用。 柳 青中国美国商会主席二零二五年一月 Executive Summary概 述 尽管疫情影响逐渐消散，但受贸易保护主义抬头、地缘政治冲突增多等风险因素影响，全球经济复苏态势依旧脆弱。在这个充满挑战、复杂多变的环境下，商会会员企业的财务表现既反映出其持续面临的困难，亦展现出发展韧性。受访会员企业中，46% 表示 2024 年有望实现盈利或大幅盈利，36% 预计将实现收支平衡，18% 则将出现亏损。 As the pandemic’s effects recede, the global recovery remains fragile,hindered by rising trade protectionism, escalating geopolitical tensions, andother risks. In this challenging and unpredictable environment, the financialperformance of our member companies reflects a mix of resilience andongoing hurdles. While 46% reported being profitable or very profitable,another 36% only broke even, and 18% operated at a loss. US-China relations remain critical for most respondents, with 87%emphasizing the importance of constructive bilateral ties to their operationsin China. However, 51% expressed concerns about further deterioration in2025, the highest level in five years, driven by geopolitical developments,policy uncertainties, and trade tensions. 美中关系对绝大多数受访企业而言都至关重要。87% 的受访企业强调了建设性双边关系对其在华业务的重要性。然而，51%的受访企业担心 2025 年双边关系面临进一步恶化的风险，这一比例为近五年最高，地缘政治局势、政策的不确定性以及贸易关系紧张或是主要影响因素。 China remains a key investment destination for many, with nearly half ofrespondents ranking it among their top three global priorities. Howe