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U.S. businesses optimistic about China's economy

Xinhua, January 21, 2016 Adjust font size:

Eighty percent of U.S. businesses in China are optimistic or slightly optimistic about China's economy for the next five years, said a survey released by the American Chamber of Commerce (AmCham) in Shanghai on Thursday.

The rate is four percentage points lower than a year ago, but still high , AmCham said, adding that U.S. businesses widely regard China as their strategic market and important investment destination.

Kenneth Jarrett, chairman of AmCham Shanghai, said the most optimistic sector is retailing, followed by the services and manufacturing.

The survey also showed 71 percent of U.S. companies in China reporting profits, roughly the same as 2014. But only 61 percent reported revenue growth, down from 75 percent.

Despite slowing revenue growth, they still said the performance in China are better than other markets.

Jarrett said the U.S. businesses will face rising costs, competition from local rivals and weak demand this year.

The U.S. businesses need to adapt to the new environment, better understand China's new economic drivers and explore new business models, he said. Endi