Record digit of British companies suspicious regarding China business, survey reveals
May 24, 2023: A record number of British companies are pessimistic regarding doing business in China and taking a “wait and see approach,” according to a British Chamber of Commerce survey in China.
The survey released on Tuesday stated that Increasingly strained geopolitical relationships, a slowing global economy, surged talk of self-sufficiency, and shifting investor perceptions were the top challenges clouding the company’s outlook.
“British firms are willing and want to invest in China. There is, however, a little uncertainty regarding that, and that’s where the survey outcomes we have to give us a cause for concern,” Julian MacCormac, chair of the British Chamber, stated in Beijing.
“Seventy percent of firms are saying it is too early to make these long-term commitments to the China market,” he added.
AstraZeneca, BP, Jaguar Land Rover, and Shell are among a few of the members of the chamber.
Foreign direct investment into China has been delayed substantially since the country abandoned its strict Covid-19 curbs late last year, with dollar-denominated FDI down 3.3% in January-April compared to the previous year.
Trade between the U.K. and China was worth 111 billion pounds ($140.09 billion) last year, according to the British National Bureau of Statistics, making China the U.K.’s fourth largest trading partner.
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