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Most US firms in China optimistic about Biden administration: Biz group

Over 60% of American businesses in China are more optimistic about doing business in China after the results of the United States presidential election

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Joe Biden | China | USA

Reuters  |  BEIJING 

Joe Biden
Joe Biden

BEIJING (Reuters) - Over 60% of American businesses in are more optimistic about doing business in after the results of the United States presidential election, according to a business group survey released on Friday.

However, nearly one third of companies believed China-U.S. trade tensions will continue indefinitely, according to a survey of 124 companies by the American Chamber of Commerce in Shanghai, which also found that 33% of company heads are concerned for the personal safety of employees in as a result of exit bans or detentions.

Most respondents to the survey, which was conducted on Nov. 11-15, did not expect trade restrictions or tariffs to increase. Companies also showed increased optimism on expected 2020 revenues compared to a July survey.

"Despite optimistic expectations for a better US-China business environment under a Biden administration, China should make reassurances to US companies in order to continue attracting US investment," said the chamber in a statement released alongside the survey.

U.S. President-elect said on Monday the U.S. needed to negotiate with allies to set global trading rules to counter China's growing influence.

Washington and Beijing have traded sanctions and barbs over a growing list of issues including trade, a new national security law imposed on Hong Kong, the coronavirus and U.S. accusations of national security threats posed by Chinese tech firms.

 

(Reporting by Gabriel Crossley; Editing by Kirsten Donovan)

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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First Published: Fri, November 20 2020. 08:12 IST
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