中国英国商会发布报告：在华英国企业对2024年发展前景态度乐观 British businesses in China express growing optimism

MembersoftheBritishChamberofCommerceposeforaphotoattheSentimentSurveyLaunchinGuangzhou,Guangdongprovince,Jan.22,2024.[Photo/BritishChamberofCommerceGuangdong]

BritishbusinessesinChinareportedincreasedoptimismin2023,drivenbyincreasedrevenues,marketopennessandregulatorychanges,accordingtoarecentsurveybytheBritishChamberofCommerceinChina.

TheBritishBusinessinChinaSentimentSurvey,encompassingover300Britishcompaniesacrossvarioussizesandsectors,revealedtheproportionofcompaniesreportingoptimismroseby15percentagepoints,from31%in2022to46%in2023,closelymirroringtheChineseeconomy'sgradualreturntonormalcypost-pandemic.

TheretailsectorreportedthehighestlevelsofoptimismamongBritishbusinesses,with75%expressinghighoptimism,accordingtothesurvey.ThisalignswithrecentdatafromChina'sNationalBureauofStatisticsthatshowedrecordretailsalesinChinaof47trillionyuan($6.53trillion)in2023.ThistrendisevidencethatChina'stransitionfromaninvestment-driventoaconsumption-driveneconomyisprogressing,despiteeconomicheadwinds.

Morebroadly,45%ofBritishcompaniesacrossallsectorsanticipatedincreasedrevenuesin2023,furtherbuoyedbyChina'sGDPgrowthof5.2%lastyear.

Othersectorslikeenergyandhealthcarealsoreportedincreasedoptimism,reflectingapositiveresponsetochangesinChina'sregulatoryenvironment.

TheStateCouncilofChinaunveiledguidelinesforattractingforeigninvestmentinAugustlastyear,aimingtocreateamorefavorableenvironmentforforeigncompanies.Theseguidelines,focusingonarangeofpolicies,includingalevelfieldforgovernmentprocurementpracticesandR&Dinvestmentopportunities,werewellreceivedbyBritishbusinesses,with21%ofsurveyrespondentsreportingapositiveeffectjustmonthsaftertheirrelease.

Intheenergysector,forexample,therehasbeenasignificantreductioninthenumberofbusinessesfacingmarketaccessdifficulties,withadecreasefrom66%to40%comparedtothepreviousyear,markinganotable26percentagepointimprovement,accordingtothesurvey.

Meanwhile,ChineseindustrialpolicyisattractinghighlevelsofR&DinvestmentfromBritishbusinesses,includingintechnologyandhealthcare,withmanycompaniesencouragedbyChina'sgrowthobjectivesinsuchsectors.One-quarterofhealthcarecompaniestoldthechambertheywereconsideringboostingR&Dinvestment.

Elsewhere,27%ofBritishbusinessesreportedseeingopportunitiestoreduceenergyconsumptionandcarbonemissions,inlinewithChina'sgoalstopeakcarbonemissionsbefore2030andbecomecarbonneutralby2060.Infact,70%ofBritishenergycompanieswerepositiveaboutChina'sdualcarbongoals,suggestingthatthereisplentyofroomforforeignprivateengagement. 

Despitetheseencouragingdevelopments,geopoliticaltensionscontinuetoimpactrelationsbetweenChinaandtheWest,fosteringsomebusinesshesitancy.Thesurveyrevealedthat42%ofcompaniesfeltconstrainedbyunpredictabletradepoliciestowardChinainthepastyear.However,2023alsosawpositivesignsforChina-U.K.relations,highlightedbythen-ForeignSecretaryJamesCleverly'svisittoBeijinginAugust,signalingarenewedcommitmenttohigh-levelengagement.

TradebetweentheU.K.andChinahasshownrobustgrowth,withtotaltradeingoodsandservicesreaching108.7billionpounds($137billion)inthefourquarterstotheendofthesecondquarterof2023,accordingtotheBritishDepartmentforBusinessandTrade.Thismarksan8.4%year-on-yearincrease,solidifyingChina'spositionastheU.K.'sfourthlargesttradingpartner,accountingfor6.5%ofthecountry'sexportsandimports.

TheoptimismfoundinthesurveywasreflectedinthewiderinternationalbusinesscommunityinChina.Throughout2023,theU.K.,aswellasCanada,France,SwitzerlandandtheNetherlands,significantlyincreasedtheirinvestmentsinChina,saidWangWentao,Chineseministerofcommerce,atapressconferenceonJan.26.Healsonotedthatthenumberofnewlyestablishedforeign-fundedenterprisesinChinafromtheEuropeanUnion,theUnitedStatesandJapanhasseengrowth.

Overthecomingmonths,theBritishChamberofCommercewilldiscusstheirfindingswithgovernmentdepartmentsandbusinesses.InMay,theythenplantoreleaseapositionpaperoutliningspecificchallengesandrecommendationstofurtherimprovethebusinessclimateforallorganizationsoperatinginChina.

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