Foreign Business Confidence in China Plummets Amid Slow Recovery and Uncertainty
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Confidence among multinational companies in China has sharply deteriorated in the past 6 months according to a report by The Conference Board.
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The sales outlook has dropped markedly, and expectations for capital investment and recruitment have fallen into negative territory.
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Over 70% of polled CEOs said demand in their industries remains below pre-COVID levels.
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Nearly 1/3 of CEOs now expect to reduce headcount in China in the next 6 months.
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Foreign firms are not only declining to reinvest earnings in China, but are selling over $100 billion in existing investments back to Chinese companies.