Page 13 - 2022 Special Report on the State of Business in South China
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panies believe that it will take longer than six years ·绝大部分受访企业认为其在华总体投资回报率为正
to become profitable. 值。约五分之三的企业认为相比全球总体投资回报率，其在
华总体投资回报率更高。大部分企业对中国市场的增长持乐
·A large number of companies report positive 观的态度，尽管该比例较去年同比下降了7%至77%。
overall return on investment (ROI) in China. About three-
fifths of the companies even consider their ROI in China ·对比分析两次调查结果，我们发现供电紧缺状况在很
to be higher than their global ROI. Most companies still 大程度上得到了缓解。受访企业对结束电力短缺的时间预期
take a sanguine view of the business outlook in China, 持乐观态度，近半受访企业认为短缺问题将在2022年第一
though the percentage dropped by 7% from a year 季度结束后得到解决。
earlier to 77%.
·中国依旧是最热门的投资目的地，超九成受访企业选
·Our two studies note that the electricity shortage 择中国作为投资目的地之一。
situation has been much improved with companies
showing optimism for an end to shortages. Almost half ·2021年进行在华实际再投资的企业占比同比增长
of the companies expect the shortages to be resolved 5%，恢复到疫情前的水平。美资企业2021年再投资比例高
by the end of the first quarter of 2022. 达80%。2021年最终落实超过2.5亿美元再投资的企业比例
是去年预估的两倍，预计将促成2024年下半年GDP的增长。
·China is enjoying the highest popularity of all
time as one of the preferred investment destinationas ·企业仍对中国市场充满信心。2021年，77%的企业选
by an overwhelming majority of the studied companies. 择不向中国以外的国家转移投资。没有任何企业表示要完全
撤离中国。值得注意的是，2021年受访企业投资目的地向欧
·The actual reinvestment in China in 2021 洲和北美市场转移的兴趣有所增加。
experienced a year-on-year growth of 5%, closing the
gap to the pre-pandemic level. 80% of the American ·中国经济增长放缓，但企业投资意愿依然强劲。超过
companies reinvested in 2021. In 2021 twice as many 70%的企业表示在2022年有再投资计划，其中包括76%的
companies reinvested US$250 million or more than 美资企业。2022年在华再投资预算额超过2.5亿美元的企业
they had budgeted, which is expected to result in GDP 比例为10%，相较去年增长5%。
growth in the second half of 2024.
·预计2022年及未来三到五年企业在华利润再投资预
·Companies still have huge faith in the Chinese 算额将达到265亿美元，相较去年显著增长了45%。
market, 77% of which chose to keep their investment in
China in 2021. Not a single company showed intention ·约72%的受访企业在未来三年有在华扩张的计划,较
to leave China completely. Noticeably, European and 上年回升7%。
North American markets have greater attractions for a
limited amount of shifted reinvestment this year. ·2021年，广州连续第五年被受访企业列为最受欢迎的
投资城市，其次分别是深圳、上海和北京。
·Companies still take a strong interest in
reinvesting in China despite its economic slowdown. ·华南地区营商环境持续改善总体呈现上升趋势。
More than 70% have reinvestment plans for 2022,
including 76% of American companies. The percentage ·约四分之三的受访企业表示受到疫情相关签证与旅
of companies with budgeted reinvestment of over 行限制的影响。
US$250 million in China increases from 5% in 2021 to
10% in 2022. 13
·It is estimated that companies will reserve
US$26.5 billion from profits for reinvestment in China
in 2022 and the next three to five years, a dramatic
increase of 45% compared to the previous year.
·Roughly 72% of companies intend to expand in
China over the next three years, 7% up from last year.
·2021 marks the fifth consecutive year that
Guangzhou remains the top reinvestment destination
in China. Shenzhen, Shanghai and Beijing are also
ranked as the most favored reinvestment cities by the
studied companies.
·The business environment in South China shows
an upward spiral of improvement in recent years.
·Roughly three quarters of companies report that
pandemic-induced restrictions of visa and travel took a
toll on their operations.
to become profitable. 值。约五分之三的企业认为相比全球总体投资回报率，其在
华总体投资回报率更高。大部分企业对中国市场的增长持乐
·A large number of companies report positive 观的态度，尽管该比例较去年同比下降了7%至77%。
overall return on investment (ROI) in China. About three-
fifths of the companies even consider their ROI in China ·对比分析两次调查结果，我们发现供电紧缺状况在很
to be higher than their global ROI. Most companies still 大程度上得到了缓解。受访企业对结束电力短缺的时间预期
take a sanguine view of the business outlook in China, 持乐观态度，近半受访企业认为短缺问题将在2022年第一
though the percentage dropped by 7% from a year 季度结束后得到解决。
earlier to 77%.
·中国依旧是最热门的投资目的地，超九成受访企业选
·Our two studies note that the electricity shortage 择中国作为投资目的地之一。
situation has been much improved with companies
showing optimism for an end to shortages. Almost half ·2021年进行在华实际再投资的企业占比同比增长
of the companies expect the shortages to be resolved 5%，恢复到疫情前的水平。美资企业2021年再投资比例高
by the end of the first quarter of 2022. 达80%。2021年最终落实超过2.5亿美元再投资的企业比例
是去年预估的两倍，预计将促成2024年下半年GDP的增长。
·China is enjoying the highest popularity of all
time as one of the preferred investment destinationas ·企业仍对中国市场充满信心。2021年，77%的企业选
by an overwhelming majority of the studied companies. 择不向中国以外的国家转移投资。没有任何企业表示要完全
撤离中国。值得注意的是，2021年受访企业投资目的地向欧
·The actual reinvestment in China in 2021 洲和北美市场转移的兴趣有所增加。
experienced a year-on-year growth of 5%, closing the
gap to the pre-pandemic level. 80% of the American ·中国经济增长放缓，但企业投资意愿依然强劲。超过
companies reinvested in 2021. In 2021 twice as many 70%的企业表示在2022年有再投资计划，其中包括76%的
companies reinvested US$250 million or more than 美资企业。2022年在华再投资预算额超过2.5亿美元的企业
they had budgeted, which is expected to result in GDP 比例为10%，相较去年增长5%。
growth in the second half of 2024.
·预计2022年及未来三到五年企业在华利润再投资预
·Companies still have huge faith in the Chinese 算额将达到265亿美元，相较去年显著增长了45%。
market, 77% of which chose to keep their investment in
China in 2021. Not a single company showed intention ·约72%的受访企业在未来三年有在华扩张的计划,较
to leave China completely. Noticeably, European and 上年回升7%。
North American markets have greater attractions for a
limited amount of shifted reinvestment this year. ·2021年，广州连续第五年被受访企业列为最受欢迎的
投资城市，其次分别是深圳、上海和北京。
·Companies still take a strong interest in
reinvesting in China despite its economic slowdown. ·华南地区营商环境持续改善总体呈现上升趋势。
More than 70% have reinvestment plans for 2022,
including 76% of American companies. The percentage ·约四分之三的受访企业表示受到疫情相关签证与旅
of companies with budgeted reinvestment of over 行限制的影响。
US$250 million in China increases from 5% in 2021 to
10% in 2022. 13
·It is estimated that companies will reserve
US$26.5 billion from profits for reinvestment in China
in 2022 and the next three to five years, a dramatic
increase of 45% compared to the previous year.
·Roughly 72% of companies intend to expand in
China over the next three years, 7% up from last year.
·2021 marks the fifth consecutive year that
Guangzhou remains the top reinvestment destination
in China. Shenzhen, Shanghai and Beijing are also
ranked as the most favored reinvestment cities by the
studied companies.
·The business environment in South China shows
an upward spiral of improvement in recent years.
·Roughly three quarters of companies report that
pandemic-induced restrictions of visa and travel took a
toll on their operations.
