Page 21 - THE SOUTH CHINA BUSINESS JOURNAL
P. 21
cessful Release of 2023 Mid-Year Report During the press conference, Dr. Harley Seyedin,
The American Chamber of Commerce in South President of AmCham South China, presented
China (AmCham South China) held a release the findings of the Mid-Year Report through
conference on Aug 2, to unveil its highly anticipated comprehensive quantitative statistics and
"2023 Mid-Year Report on Impact of COVID insightful graphs.
Policy Change." Over 100 government officials,
business executives, and members of the media, The 2023 Mid-Year Report paints a hopeful picture
including several foreign consulates in Guangzhou, of business operations in China:
represented by their consuls general, were in
attendance. The study shows slow but steady • An overwhelming majority (92%) of the
improvement in business sentiment, investments companies have somewhat or fully recovered
and activities in the first half of 2023. from the pandemic, with 56% reporting partial
recovery and 36% reporting full recovery. Large-
It is crucial to note that the Mid-Year study offers sized companies lead the recovery at 96%, while
a comparison of data with AmCham South China’s small and medium-sized enterprises follow at 89%.
annual study, the 2023 Special Report on the State Chinese companies report full or partial recovery
of Business in South China, released earlier this at 100%, followed by American companies at 93%.
year, on February 27. The gathering of data for the
annual study had been completed by December 15, • Of the companies that still suffer from the impact
2022, shortly before China ended its “Zero-COVID” of COVID-19, 27% expect to recover in the last
policy. Therefore, that data had not been impacted quarter of 2023, while a fifth expect to recover
by immediate emotional reaction to the policy either in the first quarter of 2024 or after 2024.
change. As a result, this Mid-Year study offered us
a unique opportunity to assess decisions made by • Compared with 2022, there is significant
businesses impacting various aspects including improvement in companies’ business operation in
revenues, business operations, reinvestment plans, China in 2023. Nearly half (49%) of the companies
and business environment studied experienced significant or slight increases
within the six months after in revenue, up by 16% compared with last year.
the change in the Zero Covid
Policy. 2023 Mid-Year Report • Overall, nearly all companies have experienced
can be downloaded free of positive impacts on their operations due to change
charge from: http://www. in COVID policy.
amcham-southchina.com/
amcham/static/publications/ • While about two-thirds (68%) of companies
specialreport.jsp. You can also expect no change in their budgeted reinvestment
scan the Qr Code to download the Report. plans, 32% of companies plan to increase
investment in projects of different scale, including
8% of Chinese companies and 2% of American
companies that plan to increase investment in
major projects worth over US$50 million.
• Compared with the sentiment before China’s
reopening, American companies show greater
confidence in the business outlook in China. More
than half (57%) stay optimistic towards the Chinese
market, up 4% from the results of the Special
Report on the State of Business in South China
released on February 27 this year.
• Almost half (49%) of the studied companies state
that the overall business environment in China
has greatly improved or somewhat improved
compared with the past three years (2020-2022).
• 79% of companies consider the adjustment
of visa and entry policies as “very helpful” or
“somewhat helpful”.
SOUTH CHINA BUSINESS JOURNAL 18
The American Chamber of Commerce in South President of AmCham South China, presented
China (AmCham South China) held a release the findings of the Mid-Year Report through
conference on Aug 2, to unveil its highly anticipated comprehensive quantitative statistics and
"2023 Mid-Year Report on Impact of COVID insightful graphs.
Policy Change." Over 100 government officials,
business executives, and members of the media, The 2023 Mid-Year Report paints a hopeful picture
including several foreign consulates in Guangzhou, of business operations in China:
represented by their consuls general, were in
attendance. The study shows slow but steady • An overwhelming majority (92%) of the
improvement in business sentiment, investments companies have somewhat or fully recovered
and activities in the first half of 2023. from the pandemic, with 56% reporting partial
recovery and 36% reporting full recovery. Large-
It is crucial to note that the Mid-Year study offers sized companies lead the recovery at 96%, while
a comparison of data with AmCham South China’s small and medium-sized enterprises follow at 89%.
annual study, the 2023 Special Report on the State Chinese companies report full or partial recovery
of Business in South China, released earlier this at 100%, followed by American companies at 93%.
year, on February 27. The gathering of data for the
annual study had been completed by December 15, • Of the companies that still suffer from the impact
2022, shortly before China ended its “Zero-COVID” of COVID-19, 27% expect to recover in the last
policy. Therefore, that data had not been impacted quarter of 2023, while a fifth expect to recover
by immediate emotional reaction to the policy either in the first quarter of 2024 or after 2024.
change. As a result, this Mid-Year study offered us
a unique opportunity to assess decisions made by • Compared with 2022, there is significant
businesses impacting various aspects including improvement in companies’ business operation in
revenues, business operations, reinvestment plans, China in 2023. Nearly half (49%) of the companies
and business environment studied experienced significant or slight increases
within the six months after in revenue, up by 16% compared with last year.
the change in the Zero Covid
Policy. 2023 Mid-Year Report • Overall, nearly all companies have experienced
can be downloaded free of positive impacts on their operations due to change
charge from: http://www. in COVID policy.
amcham-southchina.com/
amcham/static/publications/ • While about two-thirds (68%) of companies
specialreport.jsp. You can also expect no change in their budgeted reinvestment
scan the Qr Code to download the Report. plans, 32% of companies plan to increase
investment in projects of different scale, including
8% of Chinese companies and 2% of American
companies that plan to increase investment in
major projects worth over US$50 million.
• Compared with the sentiment before China’s
reopening, American companies show greater
confidence in the business outlook in China. More
than half (57%) stay optimistic towards the Chinese
market, up 4% from the results of the Special
Report on the State of Business in South China
released on February 27 this year.
• Almost half (49%) of the studied companies state
that the overall business environment in China
has greatly improved or somewhat improved
compared with the past three years (2020-2022).
• 79% of companies consider the adjustment
of visa and entry policies as “very helpful” or
“somewhat helpful”.
SOUTH CHINA BUSINESS JOURNAL 18
