A comprehensive survey conducted by the American Chamber of Commerce in China indicates that U.S. corporations operating in China now perceive the nation’s economic deceleration as a more pressing concern than bilateral trade disputes. The report, published Friday, reveals that 64% of the 368 responding companies identify China’s slowing growth as their primary challenge, while 58% cite ongoing U.S.-China trade tensions as a significant obstacle.
This shifting priority reflects the substantial footprint of American businesses within China’s domestic market, which serves approximately 1.4 billion consumers. Many of these enterprises maintain operations focused exclusively on Chinese market consumption rather than export-oriented models.
Economic projections suggest China’s expansion will continue moderating this year following an approximate 5% growth rate in 2025. Last year’s export performance exceeded import growth, resulting in a record trade surplus nearing $1.2 trillion.
Despite these challenges, business sentiment has demonstrated improvement compared to previous years. Over half of surveyed companies reported profitability in 2025, marking a significant increase from the previous year’s figures. This optimism persists even as overall foreign direct investment in China declined by 7.5% year-over-year during the first eleven months of 2025, totaling 693 billion yuan ($99 billion).
The current trade truce between Washington and Beijing, established after President Trump’s reinstatement of tariffs reaching 145% on Chinese imports, has provided some operational stability. Anticipated diplomatic exchanges, including Trump’s potential April visit to Beijing and reciprocal travel by Chinese leader Xi Jinping to the United States, may further influence commercial relations.
AmCham China President Michael Hart emphasized during a media briefing that while companies acknowledge political realities, their focus remains on capitalizing on business opportunities. He noted perceived Chinese government interest in maintaining foreign investment channels, particularly from American enterprises.
The survey conducted between October 22 and November 20, 2023, coincided with the extension of the U.S.-China trade truce agreement during the leaders’ meeting in South Korea.