US–China Strategic Rivalry Escalates Over Chips, Foreign Businesses Caution Investing in China

In August, the US-China Business Council, a US-based nonprofit, released its “2022 Member Survey.” The report is based on responses from 117 member companies. Most respondents are large, US-headquartered multinational firms that have operated in China for more than 20 years. The report revealed that over half of respondents paused, delayed, or canceled investment plans in China due to the country’s draconian COVID-19 response. Similar market sentiment was also picked up by the European Union Chamber of Commerce in China (European Chamber), based on its “2022 Business Confidence Survey,” released on June 20.