Politics
Tensions between Beijing and Washington are the biggest concern for US companies in China, report says
TOKYO Latent tensions between Beijing and Washington remain the main concern of American companies operating in this country. Chinaaccording to a report from the American Chamber of Commerce in China released Tuesday.
The survey of U.S. businesses reveals that inconsistent and unclear policies and enforcement, rising labor costs and data security concerns are other major concerns. He also said that despite Chinese leaders' insistence that Beijing welcomes foreign companies, many of them still face barriers to free competition.
The Chinese government has said it encourages foreign direct investment, but many of our members continue to face barriers to investment and operations, including discriminatory policies against them and public relations campaigns that invite criticism. suspicion of foreigners, the report said.
The report hails an improvement in relations in 2023, capped by the Chinese leader's summit meetings. Xi Jinping and President Joe Bidenbut said November's U.S. presidential election weighed heavily on the future business environment.
More recently, the US Secretary of the Treasury Janet Yellen visits Beijingwhere she raised concerns that possible overcapacity in Chinese industries such as electric vehicles, steelmaking and solar panels could crowd out U.S. and foreign manufacturers.
We recognize that there are significant areas of contention in the U.S.-China relationship, many of which do not have easy or near-term prospects for resolution,” he said.
The report states that the House considers high-level exchanges and communication between the two sides as a top priority.
U.S. companies operating in China saw their profits improve last year, although just under half expect to be profitable in 2024.
Still, many U.S. House members said they were more optimistic about the growth of China's economy.
Among its many recommendations, the report urges China to create and implement transparent and practical economic policies that treat domestic and foreign entities equally.
Referring to concerns over the risk of being accused of violating China's national security, he also called on Chinese leaders to clarify and restrict the scope of the country's action. anti-espionage law to prevent it from interfering with normal business operations.
Such requests follow repeated raids on foreign companies that Chinese authorities say were carried out for national security reasons.
The report also contained recommendations for the US side, including providing clear visa policies for Chinese students to show they will be welcome. Likewise, American students should be encouraged to study in China, the report said.
He also called on U.S. officials to avoid resorting to unilateral controls that could prove ineffective and fail to achieve national security and foreign policy goals. Washington should engage with Chinese companies to enable them to address export control issues, such as the military use of civilian technologies, before those companies are subject to sanctions, he said.
The 617-page bilingual report contains hundreds of recommendations covering a wide variety of industries, from sports and online streaming to workplace safety issues and rural traffic management.
U.S. companies generally do not consider moving their supply chains out of China, given the scale and importance of this 1.4 billion-person market. But their willingness to increase investment in this country and make it their strategic objective is diminishing as its benefits diminish, the report said.
Copyright 2024 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.
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