China still priority market for US firms: Report- PingWest

China still priority market for US firms: Report

China remains a priority market for companies from the United States, and wholesale decoupling of the US and Chinese economies is in neither country's economic interest, state-owned media China Daily reported, citing a report released by the American Chamber of Commerce in China.

Details: China is a priority market for more than two-thirds of AmCham China's member companies, and nearly 85% of them have not considered transferring manufacturing or sourcing from the Chinese market, according to the report.

The report called on the two countries to cultivate conditions to promote two-way foreign direct investment and trade, and to help the global economy recover from COVID-19 and reduce greenhouse gas emissions in response to climate change.

They should also involve the business community and leverage their technology, expertise and experience in future public health and climate change initiatives, the document suggested.

A majority of AmCham China's member companies reported that US-China bilateral tensions had become the top challenge to doing business in China.

Context: AmCham China is a nonprofit, nongovernmental organization whose membership comprises 4,000 individuals from 900 companies, including Coca-Cola, Pfizer, Qualcomm, Honeywell, Walmart, and Dell Technologies, operating across China.

China's trade with the US rose 50.3% year-on-year to 1.44 trillion yuan ($224.2 billion) in the first four months of this year, according to the General Administration of Customs.

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