More European Firms Onshoring In China Than Offshoring, Complicates Biden's Decoupling Plan | WHAT REALLY HAPPENED X-Frame-Options: DENY X-Frame-Options: SAMEORIGIN

More European Firms Onshoring In China Than Offshoring, Complicates Biden's Decoupling Plan

The European Union Chamber of Commerce in China published a new survey titled "European Business in China Business Confidence Survey 2021," which stated European businesses are onshoring some of their supply chains and investing more in China.

Out of the 585 European Chamber member companies operating in China, about 60% were expected to expand operations in the country, up from 51% last year. Half of the respondents reported profit margins in China were higher than their global average, increasing from 38% a year prior.

"As 2020 progressed, the resilience of China's market provided much-needed shelter for European companies amidst the storm of the COVID-19 pandemic. Revenue trended only slightly downward, with 75% of respondents either maintaining or increasing revenue y-o-y, and profitability remained steady. On that foundation, optimism about near-term growth in China surged by 20 percentage points, and the number of European companies either expanding or looking to expand their business in China has increased," the chamber said.

Comments

SHARE THIS ARTICLE WITH YOUR SOCIAL MEDIA