Nearly 1 in 4 European companies in China are considering shifting their investments out of the country as the ongoing COVID-19 outbreaks and lockdowns dim the outlook for the world’s second-largest economy, a survey has shown.
Some 23% of the businesses that responded to the survey are thinking of moving their current or planned investments away from China, according to the report released Monday by the European Union Chamber of Commerce in China. The survey was conducted at the end of April, when Shanghai was still in lockdown and restrictions in places such as Jilin disrupted business activity.
The number of European firms reassessing their options in China was the highest proportion in the survey in a decade, and also more than double the 11% recorded in a February poll, according to the chamber. Some 372 businesses responded to the April poll, whereas 620 responded to the February one.
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