China loses allure as European firms rethink investments - BusinessMirror

Recent Chinese policy decisions mean the country is now seen as “less predictable, less reliable and less efficient” according to the report published Wednesday by the European Union Chamber of Commerce in China. This has led to a loss of confidence in China and firms are increasingly looking to shift planned or future investments to other markets that are seen as providing “greater reliability and predictability,” the paper said.

There is no sign of when the country might start to get rid of domestic virus controls and also start to reopen international borders. A scenario where that starts to happen in the second half of next year is “optimistic,” according to Wuttke, who cited the country’s lack of herd immunity and relatively low vaccination rates among the elderly as factors which will likely delay a quick reopening.

The brief from the European firms is another sign of how the image of China as a good place to do business has declined, with the US-China Business Council saying last month that American firms’ optimism had fallen to a record low. “The trend of declining FDI is unlikely to reverse while European executives are heavily restricted from traveling to and from China to develop potential greenfield projects,” the EU Chamber’s report said.

There has also been changes in how the public and government in Europe view China, with tensions over Taiwan, sanctions related to Xinjiang, and Chinese economic policies all contributing to the recent decline in relations. “The change in European public sentiment towards China, and the increasing need to ensure fairness in its Single Market, has resulted in the European Union re-evaluating and updating its China policy,” the report said.

Source: News Formal (newsformal.com)

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