“AmCham China member companies, like much of society here, face a large number of uncertainties in combating COVID-19,” said AmCham China Chairman Greg Gilligan. “There is, in the short term, a clear and significant negative impact to member company operations, through travel disruptions, reduced staff productivity, increased costs, significant drops in revenue, and more. However, for most of our members, it is still too early to tell how significant the long-term impact will be. 43% of respondents say it is too soon to determine COVID-19’s 2020 impact on market growth, half feel it is too early to determine impact on still-planned investments, while one-quarter report plans to maintain existing investment plans.”
In other responses:
- 44% say uncertainty around the epidemic has negatively impacted their outlook regarding the US-China bilateral relationship.
- 49% of respondents hope the Chinese government will provide tax alleviation to help foreign business; additionally, more than one-third are seeking clear, consistent policies, while 35% ask that transparency be prioritized.
- More than half of respondents hope the US government will relax travel restrictions into the US, while a majority are seeking further information – both on implementation of the Phase 1 Trade Deal and COVID-19-related business policies.
- 80% of the companies say they have provided some form of assistance to China to fight the COVID-19 epidemic, and another 14% are planning to do so, with data collected so far showing that AmCham China member companies have contributed more than RMB 540 million ($77 million) in cash and in-kind donations.
This flash survey was conducted between February 17 and 20, 2020, and 169 member companies completed the majority of the questions. Survey respondents represent large, medium and small sized enterprises, including many with global operations and some with operations in Hubei, China and/or provinces surrounding the center of the COVID-19 outbreak.