2025华南地区经济情况特别报告

The American Chamber of Commerce in South China 2025 Special Report on theState of Business in South China 华南美国商会2025年华南地区经济情况特别报告 © 2025 The American Chamber of Commerce in South China 版权所有 华南美国商会 2025年 “An Exploration of Elderly Care in the Greater Bay Area – Integration and Innovationfor the Future”, “South China Economic Overview” courtesy of EY. “大湾区跨境养老的探索——融通、创新、未来”、“华南地区经济概况”由安永授权刊登。 Reproduction for commercial use is strictly prohibited. This document is availablefree of charge in electronic form at: http://www.amcham-southchina.com 严禁复制以作商业用途。华南美国商会官方网站提供该出版物电子版免费下载。 Last updated: February 21, 2025 It is important to note that the American Chamber of Commerce in South China (AmCham SouthChina) is an entirely independent member driven, non-partisan, non-political, non-government, non-profit business organization accredited in 1995 by US Chamber of Commerce in Washington, DC. Theinformation provided in this publication is researched and produced independently by AmCham SouthChina and does not represent the views of the US or any other government or organization. AmChamSouth China receives no funding from any government for the production of this publication. 最后更新日期：2025年2月21日 The American Chamber of Commerce in South ChinaSuite 2200, Guangdong International Building,339 Huanshi East Road, Yuexiu District,Guangzhou, Guangdong Province, PRC, 510098 华南美国商会（美商会）是一个完全独立的无党派、非政府和非赢利性的商业机构，由设在华盛顿特区的美国全国商会认可，于1995年成立。华南美国商会由会员选举出的完全独立的理事会进行机构管理。该出版物的内容均由华南美国商会独立调研与发行，不代表美国政府或其他政府组织的观点。该刊物的出版与印刷均由华南美国商会自理，并未接受任何政府的资助。 华南美国商会 中华人民共和国广东省广州市越秀区环市东路339号广东国际大厦2200室, 邮政编码：510098 Tel. (86 20) 8335 1476amcham@amcham-southchina.orgwww.amcham-southchina.com 调查结果Study Results Economic Overview经济概况 Preface序言 Commentary评论 156Guangxi广西172Hainan海南184Hong Kong香港196Macao澳门108Special Supporter特别支持机构110Economic Overview in South China华南地区经济概况116Guangdong广东144Fujian福建 08President’s Message会长致辞12Key Takeaways关键要点 16Demographics受访企业组成23Revenue and Profitability营收与利润34Reinvestment Trends再投资趋势50Business and Operational Environment营商及运营环境58US-China Bilateral Relations中美双边关系 70An exploration of Elderly Care in theGreater Bay Area – Integration andInnovation for the大湾区跨境养老的探索 — 融通、创新、未来 CONTENTS 济增长。此外，房价和抵押贷款利率的攀升，使得越来越多的美国人难以负担房贷，而部分关键行业的劳动力短缺也在拖累生产力和整体经济发展。 compared to the previous reinvestment figure.91% of the companies studied assert that they willnot decouple from the Chinese market due to theUS-China trade tensions, a 5pp increase from 2023. President’s Message会长致辞 中国正在通过加大改革力度，推动高质量发展和技术创新来维持经济增长，同时努力振兴疲软的房地产业，从而实现价值链转型升级。 The United States and China each stand atpivotal junctures, with their economic trajectoriespoised to be shaped by critical policy decisions inthe coming years. 人口总量减少也被认为是中国面临的一个重大挑战，可能引发劳动力短缺、养老金体系压力加剧，以及消费市场的萎缩。这一现象的根源在于低出生率和计划生育政策的长期影响。三年前，中国正式步入人口负增长时代，与日本、东欧大部分国家等其他人口下降的国家并列。2024年，中国出生人口达到954万，较2023年的902万有所增长。这一小幅增长符合专家的预测，他们认为新冠疫情的结束、龙年的吉祥寓意以及婚姻登记数量的回升将推动2024年出生率的上升。 In the US, the newly elected president faces adifficult mandate to address a daunting $1.8 trilliondeficit, reduce government size, and deregulateindustries.Thisplatformreflectsdomesticpressuresto reinvigorate economic dynamismamid fiscal challenges such as persistent inflationthathas led to higher interest rates,makingborrowing more expensive for federal and localgovernments, businesses, and consumers, whichin turn slows economic growth. Rising home pricesand mortgage rates have made homeownershipdifficult for many Americans and key industriesstrugglewith workforce shortages,impactingproductivity and economic growth. 尊敬的会员， Dear Members, 亲爱的朋友们， Greetings my friends, 此刻，你们手中或屏幕上呈现的是最新版的《华南地区经济情况特别报告》。这是我们进行这项年度调查的第21年，研究时间跨度之长，使我们能够呈现外国企业在中国发展历程的深刻变迁。我们的年度《特别报告》是一份为我们未来的发展提供有力参考的重要研究文件。全球两大经济体之间的关系不仅是必要的，更是国际贸易的关键支柱。中美企业的跨境投资直接或间接地创造了两国数百万个就业岗位。 You currently hold in your hands, or computerscreen, the newest edition of theSpecial Reporton the State of Business in South China. This isthe 21st year we have done this annual survey,long enough to be able to present a stunninghistoryof how foreign business has changedin the country. Our annual Special Report is animportant document to study as we move intothefuture.The relationship between the twolargest economies in the world is more than just anecessity. It is critical to international trade. Crossinvestments by Chinese and American businessesdirectly and indirectly support millions of jobs inboth countries. 尽管2024年出生人口同比有所增加，但中国总人口已连续三年下降，降至14.08亿人。在许多情况下，原因是相似的：生活成本的上升使得年轻人推迟或放弃结婚和生育，转而追求高等教育和职业发展。虽然人们的寿命越来越长，但这并不足以弥补新生儿出生率的下降。同时，60岁及以上人口已达到3.1亿，占总人口的22%。最终，死亡人数略高于出生人数，达到了1093万。此外，人口老龄化还可能导致医疗成本增加以及与养老相关的潜在社会问题。像中国这样几乎没有移民政策且不允许双重国籍的国家尤其容易面临这一风险。 China is navigating its own transformation ofmoving up the value chain by doubling down onreforms to sustain growth through high-qualitydevelopment and technological innovation, whileat the same time, trying to revivean anemichousing industry. 今年，华南美国商会通过随机抽样的方式，再次对在中国设立业务的企业进行了调查，调查时间从2024年10月11日持续至12月23