Page 13 - 2021 Special Report
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the number of very large planned reinvestments. While 投资项目（100万美元至2.5亿美元）增加，在华再投资预算
total dollar amount of budgeted reinvestments has held 保持稳定，而涉及2.5亿美元以上的特大型再投资项目却达
steady due to the increase in number of large, medium 到了近年来的最低值（所有外资企业同比减少4/5，美资企
and small reinvestment projects (between 1 million and 业减少近3/4）。我们预测，这将对中国的制造业产出造成
250 million US dollars each), the number of very large 严重的影响，该影响或将持续两到三年。上一次类似情况
foreign planned reinvestment projects involving 250 发生在2016年。《2017年华南地区经济情况特别报告》预
million US dollars or more each have reached the lowest 测，在疫情爆发之前，中国经济将在2018年和2019年出现
levels in several years (a 4/5th reduction year on year for all 放缓（GDP增长率在2018年降至6.6％，在2019年降至6.1
foreign companies and nearly 3/4th for US companies). We ％）。
predict that this will severely impact China’s manufacturing
output two to three years from now. The last time a similar ·近七成受访企业表示他们将在2021年继续在华进
situation happened was in 2016. Our 2017 study predicted 行再投资,且 在华利润再投资预算额将达到183亿美元。
the pre COVID-19 slowdown in China’s economic growth in
2018 and 2019 (GDP growth dropped to 6.6% in 2018 and ·尽管2020年中国经济增长放缓至近三十年新低，但
6.1% in 2019). 近一半的受访企业仍对2021年扩员计划保有信心。
·Roughly 70% of the studied companies expect · 大部分受访企业计划未来三年在华扩张，然而，鉴
to reinvest in China in 2021, with volume of budgeted 于新冠疫情可能带来长期影响，未来三年在华扩张的企业
reinvestment from profits in China estimated to reach 比例达到五年间最低点。
US$18.3 billion.
·广州连续四年在我们的调查中被受访企业列为最受
·Nearly half of the participating companies show 欢迎的投资城市，其次是上海、深圳、北京。其他城市包括东
confidence in employment expansion despite the fact that 莞、成都、珠海也开始吸引投资者的注意。
China’s economic growth reached an all-time low in nearly
three decades in 2020. ·2020年华南地区营商环境持续改善总体呈现上升
趋势。然而，不断上升的运营成本和人力资源成本，以及缺
·A vast majority of companies still have expansion 乏合格的人才仍然是企业在华南地区发展所面临的严峻
plans in China in the next three years. Nevertheless, in 挑战。
view of the long-term impact brought by COVID-19, the
proportion of companies expanding in China in the next ·大部分受访企业表示签证与旅行限制给企业运营
three years hit a new low compared to the past five years. 带来了负面的影响，其中过半的企业受到中国签证和旅行
限制的影响，将近四成企业受到美国签证及旅行的影响。
·Guangzhou is selected as the number one
preferred reinvestment destination in China, which ·几乎所有的受访企业表示不会因为中美贸易摩擦
remains unchanged for four consecutive years, followed 而完全撤离中国，并且相较往年，受访企业对2021年美中
by Shanghai, Shenzhen, and Beijing. Other cities including 关系前景更为乐观。
Dongguan, Chengdu, and Zhuhai are found to attract
investors’ interest.
·2020 has witnessed a steady upswing in business
environment in South China. However, companies report
that rising operation and labor costs as well as, lack of
qualified personnel are three serious challenges for
development in South China.
·An overwhelming majority of companies state that
visa and travel restrictions have an adverse impact on their
operation. Over 50% of them were affected by China’s visa
and travel restrictions while approximately 40% of them
were influenced by American restrictions.
·Nearly all the studied companies express their
willingness to stay in China despite US-China trade friction.
Compared to the previous year, more companies firmly
believe that they will see further improvement in US-China
relations in 2021.
13
total dollar amount of budgeted reinvestments has held 保持稳定，而涉及2.5亿美元以上的特大型再投资项目却达
steady due to the increase in number of large, medium 到了近年来的最低值（所有外资企业同比减少4/5，美资企
and small reinvestment projects (between 1 million and 业减少近3/4）。我们预测，这将对中国的制造业产出造成
250 million US dollars each), the number of very large 严重的影响，该影响或将持续两到三年。上一次类似情况
foreign planned reinvestment projects involving 250 发生在2016年。《2017年华南地区经济情况特别报告》预
million US dollars or more each have reached the lowest 测，在疫情爆发之前，中国经济将在2018年和2019年出现
levels in several years (a 4/5th reduction year on year for all 放缓（GDP增长率在2018年降至6.6％，在2019年降至6.1
foreign companies and nearly 3/4th for US companies). We ％）。
predict that this will severely impact China’s manufacturing
output two to three years from now. The last time a similar ·近七成受访企业表示他们将在2021年继续在华进
situation happened was in 2016. Our 2017 study predicted 行再投资,且 在华利润再投资预算额将达到183亿美元。
the pre COVID-19 slowdown in China’s economic growth in
2018 and 2019 (GDP growth dropped to 6.6% in 2018 and ·尽管2020年中国经济增长放缓至近三十年新低，但
6.1% in 2019). 近一半的受访企业仍对2021年扩员计划保有信心。
·Roughly 70% of the studied companies expect · 大部分受访企业计划未来三年在华扩张，然而，鉴
to reinvest in China in 2021, with volume of budgeted 于新冠疫情可能带来长期影响，未来三年在华扩张的企业
reinvestment from profits in China estimated to reach 比例达到五年间最低点。
US$18.3 billion.
·广州连续四年在我们的调查中被受访企业列为最受
·Nearly half of the participating companies show 欢迎的投资城市，其次是上海、深圳、北京。其他城市包括东
confidence in employment expansion despite the fact that 莞、成都、珠海也开始吸引投资者的注意。
China’s economic growth reached an all-time low in nearly
three decades in 2020. ·2020年华南地区营商环境持续改善总体呈现上升
趋势。然而，不断上升的运营成本和人力资源成本，以及缺
·A vast majority of companies still have expansion 乏合格的人才仍然是企业在华南地区发展所面临的严峻
plans in China in the next three years. Nevertheless, in 挑战。
view of the long-term impact brought by COVID-19, the
proportion of companies expanding in China in the next ·大部分受访企业表示签证与旅行限制给企业运营
three years hit a new low compared to the past five years. 带来了负面的影响，其中过半的企业受到中国签证和旅行
限制的影响，将近四成企业受到美国签证及旅行的影响。
·Guangzhou is selected as the number one
preferred reinvestment destination in China, which ·几乎所有的受访企业表示不会因为中美贸易摩擦
remains unchanged for four consecutive years, followed 而完全撤离中国，并且相较往年，受访企业对2021年美中
by Shanghai, Shenzhen, and Beijing. Other cities including 关系前景更为乐观。
Dongguan, Chengdu, and Zhuhai are found to attract
investors’ interest.
·2020 has witnessed a steady upswing in business
environment in South China. However, companies report
that rising operation and labor costs as well as, lack of
qualified personnel are three serious challenges for
development in South China.
·An overwhelming majority of companies state that
visa and travel restrictions have an adverse impact on their
operation. Over 50% of them were affected by China’s visa
and travel restrictions while approximately 40% of them
were influenced by American restrictions.
·Nearly all the studied companies express their
willingness to stay in China despite US-China trade friction.
Compared to the previous year, more companies firmly
believe that they will see further improvement in US-China
relations in 2021.
13
