Whilst economic growth throughout the world and in the US has slowed down and has as a result caused US businesses to be more cautious with their investments, a survey by the American Chamber of Commerce (AmCham) in China indicated that over 90 percent of companies surveyed are optimistic or are cautiously optimistic about the prospects of business in China in the coming five years.
US businesses are still increasing their investments in China despite the gloomy world and US economic outlook, said AmCham China Executive Director Michael Furst.
He said the number of AmCham China members increased to 750 from 630 in the last year.
The AmCham report also shows that businesses in the United States are demanding greater access to the Chinese market while the US sticks to controversial tariffs of up to 30 percent on steel imports.
Kim Woodard, chair of the public policy development committee of AmCham China, yesterday urged China to open its finance, law, accounting and consulting sectors wider.
China needs to improve the level and diversity of its financial products and the soundness of its financial institutions, he told reporters at a briefing on the 2002 White Paper on American Business in China.
Kim said it was important for China to have a financial center comparable to Tokyo and New York so as to prepare for its integration with the global financial market -- widely expected to kick off in the next five years.
The 2002 White Paper, the fourth of an AmCham China annual publication to be handed in to both the US and Chinese governments, includes plenty of proposals on access to Chinese markets in industries such as agriculture, food and beverage, construction, cosmetics, energy and power, environmental health and safety, health care services, information technology, insurance, media and entertainment, medical devices, pharmaceuticals, transportation and logistics, accounting, advertising.
AmCham China Chairman Christian Murck said intellectual property rights and local and central governments' transparency and efficiency are the two major concerns of US businesses in China.
Sino-US trade ties underwent some fluctuations in the first half of last year took power but showed a positive trend in the latter half of the year.
Bilateral trade increased 8.1 percent year-on-year to US$80.48 billion, boosted by frequent visits from senior officials from both sides.
China's imports from the US jumped 17.2 percent to US$26.2 billion and exports advanced 4.2 percent to US$54.28 billion.
US businesses' actual investments in China increased 87.01 percent to US$634 million in the first three months from comparable months of last year, official statistics show.
But Sino-US trade relations are marred by bickering over the US controversial steel tariffs of 8 percent to 30 percent, which could block US$150 million Chinese steel exports to the US market.
(Xinhua News Agency April 24, 2002)
