‘Biden bump’ vanishes in China as US firms’ bilateral outlook revisits levels seen under Trump
- Annual survey of AmCham China members, conducted before Russia’s invasion of Ukraine, flags growing concerns among American companies operating in China
- Vast majority of surveyed members say they have come under intensifying political pressure from China, the United States or both
A top US business lobby group in China is sounding the alarm about “economic nationalism”, protectionism and a fading “Biden bump” in bilateral ties, saying these factors have led to growing pessimism among American firms doing business in China.
Their outlook on US-China relations for this year appears to have regressed to levels seen under former US president Donald Trump, with 73 per cent of respondents in the group’s latest survey – conducted in late 2021 – expecting the status quo to continue or even deteriorate.
The results of the annual Business Climate Survey, released on Tuesday by the American Chamber of Commerce (AmCham) in China, portend a bleaker outlook under the administration of US President Joe Biden than was seen just a year prior when 45 per cent of surveyed members expected bilateral ties to improve.
The sharp decline in optimism suggests that the “Biden bump” – reflecting hope that his administration would alter the course of America’s relationship with China – has vanished, the report says.
“Largely speaking, many kinds of the policies and the sentiment of the Trump administration remain in place with the Biden administration,” said Alan Beebe, president of AmCham China.
