China's economic slowdown continues to pose a significant challenge for both Chinese and European companies and this year has seen a surge in pessimism over European investment in China, the European Union Chamber of Commerce in China (EUCCC) said Tuesday at a press conference in Beijing.
The EUCCC, in cooperation with French consultancy group Roland Berger, released its annual Business Confidence Survey 2016 Alvin Kamara Youth Jersey , which found that about 41 percent of European companies are now re-evaluating their China operations and planning to cut costs, including through layoffs.
About 56 percent of the respondents said that doing business in China has become more difficult, an increase of 5 percentage points from 2015, and European companies' willingness to invest in research and development in China has dropped from 85 percent in 2015 to 72 percent in 2016, according to the survey.
Three sectors in particular - media and publishing, machinery and IT and telecoms - said that business has become harder in China.
"European companies now need a road map. This will give them the confidence they need to commit more to China's future development in these economically challenging times Alvin Kamara Womens Jersey ," J?rg Wuttke, president of the chamber, said at the briefing.
More than 55 percent of European companies would likely increase their investment in China if the country continues to deepen its market reforms and if they are given greater market access, Wuttke noted.
European companies have been losing their competitive edge in the Chinese market in recent years due to China's declining demand for European investment, said Zhao Junjie, a research fellow at the Chinese Academy of Social Sciences.
It is understandable that many European firms are re-evaluating their China operations Authentic Alvin Kamara Jersey , "because the rising labor costs, the depreciation of the yuan and the anti-corruption measures conducted by the government make it harder for European companies to make money in the domestic market," Zhao told the Global Times on Tuesday.
China's anti-corruption activities have weighed on profits for foreign luxury firms in the Chinese market in recent years, according to media reports.
European firms have also had to deal with a growing number of rivals from the US, Japan and even China, as the domestic manufacturing industry is gradually upgrading itself Alvin Kamara Jersey , Zhao noted.
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