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1、CONTENTS 目錄02Chairs Message主席致辭4.Business Environment商業環境4004Executive Summary概述4.1 Investment Environment 投資環境41151.2025 Survey Methodology2025 年調查方法4.2 Human Resources人力資源67212.Performance Snapshot績效速覽4.3 Innovation and Intellectual Property Rights創新和知識產權76273.Business Operations and Goals商業運營和經營目

2、標5.US-China Relations美中關系882AmCham Chinas 2025 China Business Climate Survey Report Chairs MessageThe release of our latest China Business Climate Survey Report comes at a pivotal moment in the US-China relationship,a relationship that remains the most consequential bilateral dynamic in the world to

3、day.This years report is particularly timely,coinciding with President Trumps return to the White House,amid heightened uncertainty for US companies in China.While challenges and complexities are anticipated in the months ahead,one thing remains clear:a stable and constructive US-China relationship,

4、with economic and trade ties at its core,is critical not only for the prosperity of both nations but also for global economic stability.For more than four decades,US firms have been integral to Chinas economic transformation,contributing through investment,innovation,and partnership.Beyond economic

5、gains,American companies have driven progress in areas like technological advancement and the adoption of international best practices in compliance,from environmental sustainability to anti-corruption and labor rights.Today,China is a vital consumer market for many of our members and a critical lin

6、k in their global innovation and supply chain networks.While the pandemic is now firmly in the rearview mirror and business confidence is recovering,the broader geopolitical landscape remains fraught with challenges.In this context,understanding the perspectives,concerns,and priorities of our member

7、 companies regarding their operations in China has never been more important.The American Chamber of Commerce in China has been conducting business environment surveys for over 25 years.This report,our 27th annual edition,captures the collective insights,concerns,and priorities of our member compani

8、es,providing a comprehensive picture of the current business environment.By aggregating these perspectives while also highlighting historical trends,we aim to foster mutual understanding and drive actionable change.Our goal is to support the continued success of American companies in China while con

9、tributing to a more transparent,predictable,and equitable business environment.Ultimately,this report is not just a snapshot of the present;it is a tool for shaping the future.By providing data-driven insights to policymakers in both countries,we hope to strengthen the foundations of a positive and

10、sustainable economic relationship between the United States and China.Thank you to all our member companies who contributed to this years survey.Your insights are invaluable in shaping our advocacy efforts and reinforcing the vital role American enterprises play in this ever-evolving relationship.Al

11、vin Liu Chair,AmCham China January 20253AmCham Chinas 2025 China Business Climate Survey Report 主席致辭在新一期中國商業環境調查報告發布之際，美中關系作為全球最具影響力的雙邊關系，正面臨發展的關鍵節點。今年的報告發布適當其時，正值特朗普總統重返白宮之際，在華美資企業面臨更大的不確定性。盡管可以預見未來數月間將面臨諸多挑戰與復雜局勢，但可以明確的一點是：以經貿紐帶為核心的、穩定和建設性的美中關系，對兩國的繁榮發展和全球的經濟穩定都至關重要。四十余年來，美國企業已成為中國經濟轉型的重要組成部分，通過投資

12、、創新與合作等方式作出了積極貢獻。除創造經濟效益外，美國企業還推動了中國的技術進步，并在環境可持續性、反腐敗、勞動者權益等合規方面促進了國際最佳實踐在中國的應用。當前，于許多商會會員企業而言，中國不僅是極其重要的消費市場，也是其全球創新和供應鏈網絡中的關鍵一環。雖然疫情已悄然遠去，企業信心正逐步恢復，但地緣政治格局依然充滿挑戰。在此背景下，了解會員企業對于在華經營的觀點、關切和優先事項，比以往任何時候都更為重要。中國美國商會開展商業環境調查已有超過 25 年的歷史。這份報告作為第 27 份年度報告，匯集了會員企業的集體觀點、關切和優先事項，以全面展現當前的商業環境。通過匯總觀點及呈現歷史趨勢，

13、我們旨在增進相互理解并推動切實可行的變革。我們的目標是支持美國企業在中國持續取得成功，同時助力營造一個更加透明、可預測和公平的商業環境。究其根本，這份報告不僅僅是當下情況的概覽，更是塑造未來的工具。我們希望通過向兩國政策制定者提供基于數據分析的洞察，為兩國繼續夯實積極、可持續的美中經濟關系基礎提供助力。在此，我們感謝所有參與本年度調查的會員企業。你們的寶貴洞見讓我們得以更好地開展建言工作，不斷加強美國企業在持續演進的雙邊關系中所發揮的重要作用。柳 青中國美國商會主席二零二五年一月4AmCham Chinas 2025 China Business Climate Survey Report E

14、xecutive Summary 概 述盡管疫情影響逐漸消散，但受貿易保護主義抬頭、地緣政治沖突增多等風險因素影響，全球經濟復蘇態勢依舊脆弱。在這個充滿挑戰、復雜多變的環境下，商會會員企業的財務表現既反映出其持續面臨的困難，亦展現出發展韌性。受訪會員企業中，46%表示 2024 年有望實現盈利或大幅盈利，36%預計將實現收支平衡，18%則將出現虧損。美中關系對絕大多數受訪企業而言都至關重要。87%的受訪企業強調了建設性雙邊關系對其在華業務的重要性。然而，51%的受訪企業擔心 2025 年雙邊關系面臨進一步惡化的風險，這一比例為近五年最高，地緣政治局勢、政策的不確定性以及貿易關系緊張或是主要影響

15、因素。許多企業仍將中國視為重要的投資目的地。近半數受訪企業將中國列為全球前三大優先投資地之一。不過，將中國視為首要投資目的地的企業有所減少，不再將中國列為優先投資目的地的企業比例上升至 21%。與此同時，出于地緣政治、政策環境以及未來兩年商業樂觀預期走弱等因素，將生產或采購遷至中國境外的企業比例有所上升。監管問題依舊是受訪企業的重大關切，監管執行差異、法律框架不清晰以及合規風險在會員企業面臨的諸多挑戰中位居前列。同時，32%的受訪企業表示，與本土企業相比，其在市場準入和公共采購方面的不公平待遇問題尤為突出，科技研發行業受影響最為嚴重。會員企業在人力資源方面也面臨嚴峻挑戰，勞動力成本不斷攀升，人

16、才招聘和留任困難重重，特別是從海外招聘在中國任職的人才。面對日益復雜的經營環境，組織轉型與重組已成為人力資源戰略中新的重點領域。盡管面臨諸多挑戰，會員企業對社會責任的重視程度仍持續提升。近 90%的受訪企業在中國實施了 ESG（環境、社會和公司治理）戰略。在 ESG 實踐中，社會貢獻重要性日益凸顯，與公司治理與商業倫理的重視程度相當。As the pandemics effects recede,the global recovery remains fragile,hindered by rising trade protectionism,escalating geopolitical t

17、ensions,and other risks.In this challenging and unpredictable environment,the financial performance of our member companies reflects a mix of resilience and ongoing hurdles.While 46%reported being profitable or very profitable,another 36%only broke even,and 18%operated at a loss.US-China relations r

18、emain critical for most respondents,with 87%emphasizing the importance of constructive bilateral ties to their operations in China.However,51%expressed concerns about further deterioration in 2025,the highest level in five years,driven by geopolitical developments,policy uncertainties,and trade tens

19、ions.China remains a key investment destination for many,with nearly half of respondents ranking it among their top three global priorities.However,fewer companies now view China as their primary destination,and 21%no longer listed China as a preferred investment destination.Meanwhile,the proportion

20、 of companies relocating production or procurement outside of China has increased,driven by geopolitical concerns,the policy environment,and tempered business optimism over the next two years.Regulatory challenges remain a significant concern,with uneven regulatory enforcement,unclear legal framewor

21、ks,and compliance risks ranking high among member challenges.Meanwhile,32%of respondents reported unequal treatment compared to local enterprises,particularly in market access and public procurement,with the Tech and R&D sector most affected.Human resources challenges also weigh heavily on member co

22、mpanies,with rising labor costs and difficulties in recruiting and retaining talent,especially for China-based roles sourced from abroad.Organizational transformation and restructuring have emerged as a new focus area for HR strategies in response to the increasingly complex operating environment.De

23、spite these challenges,member companies are increasingly prioritizing their social responsibilities,with nearly 90%implementing ESG strategies in their China operations.Community contributions have risen in prominence,alongside governance and business ethics,as areas of focus in ESG practices.5AmCha

24、m Chinas 2025 China Business Climate Survey Report 1.2024 Financial Performance:Profitability Remains Similar to Previous Year For the third year in a row,our responding companies on average have found profitability elusive.While 8%reported being very profitable and 38%said they were profitable,an a

25、dditional 36%reported only breaking even and a further 18%reported either a loss or a large loss.This trend has been largely consistent since 2022.Companies in the Services and Consumer sectors were those reporting the largest challenges in terms of profitability,while relatively more companies in t

26、he Tech and R&D and Resources&Industrial sectors reported being either profitable or very profitable.1.2024 年財務表現：盈利情況與上一年度基本持平 受訪企業的總體盈利水平連續三年承壓。受訪企業中，僅有 8%預期 2023 年將實現大幅盈利，38%表示有望實現盈利，另有 36%預計僅實現收支平衡，還有 18%的受訪企業或將出現虧損或嚴重虧損。自 2022 年以來，這一趨勢基本保持穩定。服務行業和消費行業企業在盈利上面臨的挑戰最為顯著，而技術和研發行業、資源與工業行業中，預計將實現盈利或大幅

27、盈利的企業比例相對更高。737148202234134694202128Figure 10.How would you characterize your companys financial performance in China in 2024?圖 10.2024 年貴公司在華業務的財務表現如何？%By percentage Very profitable大幅盈利 Profitable盈利 Break even持平 Loss 虧損 Large loss大幅虧損Tech and R&D技術和研發行業Services服務行業Resources&Industrial資源和工業行業Consume

28、r消費行業4123314202337202483812636459311120243911301620233 33 320233916328520243811386820233330181272024323481972023341138162 2202441113594 4Key Findings 要點綜述：6AmCham Chinas 2025 China Business Climate Survey Report 2.US-China Relations:Crucial to Almost All Responding Members,with Increasing Number of

29、Companies Concerned about Future Outlook 87%of responding companies believe that positive bilateral relations are either extremely important or very important to their businesses in China,up 5pp compared with 2023.In the Tech and R&D sector,this proportion is as high as 95%.However,due to a series o

30、f factors including the anticipated 2025 change of US administration,tightening of China-related policies,and the frequent countermeasures taken by both the US and China,51%of responding companies believe that bilateral relations may continue to deteriorate in 2025,reaching the highest level in the

31、last five years.2.美中關系：對幾乎所有受訪企業都至關重要，越來越多的企業對未來前景感到擔憂 87%的受訪企業認為積極的雙邊關系對其在華業務極其或非常重要，這一比例較 2023 年增加了 5 個百分點。在科技和研發行業，這一比例高達 95%。然而，可能 由于美國大選換屆、對華政策調整及美中兩國頻繁采取反制措施等因素影響，51%的受訪企業擔心雙邊關系在 2025 年或將繼續惡化，為近五年最高水平。123328Figure 67.Importance of positive bilateral relations between the US and China to your c

32、ompanys business growth in China 圖 67.良好的美中雙邊關系對貴公司在華業務增長的重要性%By percentage Extremely important極其重要 Not important不重要 Not at all important完全不重要 very important非常重要 Somewhat important比較重要202320245730115428172 21 1Tech and R&D技術和研發行業Resources&Industrial資源和工業行業Consumer消費行業Services服務行業67531847291257301 11

33、13 34 41 11 11 11 17AmCham Chinas 2025 China Business Climate Survey Report 3.Business Challenges:Rising Bilateral Tensions Remains the Top Challenge with Increasing Regulatory Concerns Among Responding Companies Against the backdrop of a challenging outlook for US-China relations,63%of responding c

34、ompanies regard rising tensions in US-China relations as the top challenge in operating in China.This proportion far exceeds that of other challenging factors,and this challenge has been at the top of the list for five consecutive years.The second biggest challenge is competition from Chinese compan

35、ies(39%).Meanwhile,the impact of the policy environment on business operations is significant,with regulatory compliance risks and the inconsistent regulatory interpretation and unclear laws&enforcement regarded as the third and fourth biggest challenges in 2025,respectively.While not listed in the

36、top five,21%of respondents also expressed concerns about overcapacity in the industry.3.商業挑戰:美中關系緊張加劇仍是首要挑戰，受訪企業對監管方面的擔憂趨于上升在美中關系展望不甚樂觀的背景下，63%的受訪企業將美中關系趨緊視為其在華經營面臨的首要挑戰，占比遠超其他挑戰因素，連續五年位列榜首。位列第二大挑戰的是來自中國企業的競爭（39%）。與此同時，政策環境對企業經營的影響仍不容忽視，與之相關的合規風險和法律法規執行不一致/不明確等因素分別被視為 2025 年的第三和第四大挑戰。21%的受訪企業還對行業產能過

37、剩表示擔憂。Figure 15.Please select your TOP FIVE business challenges in China 圖 15.貴公司在華業務影響最大的五個商業挑戰 202120222023202420251Rising tensions in US-China relations美中關系日益緊張78%Rising tensions in US-China relations美中關系日益緊張56%Rising tensions in US-China relations美中關系日益緊張66%Rising tensions in US-China relations美

38、中關系日益緊張61%Rising tensions in US-China relations美中關系日益緊張63%2Rising labor costs勞動力成本增加40%Inconsistent regulatory interpretation and unclear laws&enforcement法律法規和執行不一致/不明確31%COVID-19 prevention measures新冠疫情防控措施 55%Inconsistent regulatory interpretation and unclear laws&enforcement法律法規和執行不一致/不明確30%Compe

39、tition from state-owned and/or privately owned Chinese companies 來自中國國有和/或私營企業的競爭加劇39%3Inconsistent regulatory interpretation and unclear laws&enforcement法律法規和執行不一致/不明確37%Rising labor costs勞動力成本增加29%Inconsistent regulatory interpretation and unclear laws&enforcement法律法規和執行不一致/不明確32%Rising labor cost

40、s勞動力成本增加27%Regulatory compliance risks監管合規風險26%4Increasing competition from privately owned Chinese companies 來自中國民企日益激烈的競爭33%Regulatory compliance risks監管合規風險28%Rising labor costs勞動力成本增加25%Concerns about data security對數據安全的擔憂26%Inconsistent regulatory interpretation and unclear laws&enforcement法律法規

41、和執行不一致/不明確25%5Concerns about data security對數據安全的擔憂26%Concerns about data security對數據安全的擔憂23%Regulatory compliance risks監管合規風險25%Increasing competition from privately owned Chinese companies 來自中國民企日益激烈的競爭24%Rising labor costs勞動力成本增加24%8AmCham Chinas 2025 China Business Climate Survey Report 4.Intent

42、to Invest:Nearly Half of Responding Companies Rank China as the First or Top Three Near-term Global Investment PriorityThis year,nearly half of the responding companies ranked China among their top three global investment destinations.However,the proportion of companies that listed China as their to

43、p investment destination(including those with business only in China)decreased by 6pp compared with the previous year.Additionally,the proportion of companies that no longer listed China as a preferred investment destination has doubled to 21%compared with before the pandemic.Chinas position in comp

44、anies global investment strategies has seen a decline to some extent.Influences from geopolitical factors and policy environment aside,weakened business prospects over the next two years also contributed to this decline.This years survey reveals that responding companies are generally less optimisti

45、c about the next two years compared to their outlook a year ago.The proportions of responding companies that are optimistic or relatively optimistic about Chinas domestic market growth,economic recovery/growth,US-China relations,and profitability potential have all decreased by 7pp,8pp,8pp,and 5pp,r

46、espectively,compared with the previous year.4.投資意向：近半數受訪企業將中國列為近期全球首要或前三大投資目的地 今年，仍有 48%的受訪企業將中國列為其在全球的前三大投資目的地，但將中國列為首要投資目的地的企業（包括僅在中國有業務的企業）所占比例較上一年度減少了 6 個百分點，而不再將中國列為優先投資目的地的企業比例上升至 21%，較疫情前翻了一番。中國在受訪會員企業全球投資戰略中地位有所下降，除受地緣政治、政策環境等因素影響外，亦或受累于受訪企業對未來兩年在華業務前景預期走弱。今年的調查顯示，受訪企業對未來兩年業務前景的樂觀程度普遍不及上一年度，

47、其中對中國市場增長、經濟復蘇和增長、美中關系和盈利潛力等持樂觀或較為樂觀態度的受訪企業占比分別較上一年度下降了 7 個百分點、8 個百分點、8 個百分點和 5 個百分點。2024122631211011 First priority首要投資目的地 Top three priority三大投資目的地之一 One among many destinations眾多投資目的地之一 Not a high priority不是優先考慮對象 We only have operations in China只在中國有業務20202140292021221438312938172022202316121022

48、3318Figure 23.Chinas rank in near-term global investment plans 圖 23.中國在近期全球投資計劃中的重要性%By percentage 9AmCham Chinas 2025 China Business Climate Survey Report 5.Manufacturing or Sourcing:Increasing Proportion of Companies Considering Relocating Production or Procurement Outside of ChinaAlthough 67%of r

49、esponding companies stated that they have not considered relocating production or procurement outside of China,this proportion has decreased by 10pp compared with the previous year.17%of respondents have already started to relocate production and procurement outside of China,up 6pp year-on-year.US-C

50、hina trade tensions(44%)and rising geopolitical tensions(42%)are the main factors prompting responding companies to relocate capacity outside of China.The impacts of factors such as the additional tariffs imposed by the US on China(25%)and the readjustment of US strategic priorities for other countr

51、ies(20%)have also increased significantly,rising by 10pp and 8pp,respectively,compared with the previous year.5.生產或采購：考慮將生產或采購轉移至中國境外的受訪企業比例有所上升 盡管 67%的受訪企業表示不考慮將生產或采購轉移至中國境外，但這一比例較上一年度減少了 10 個百分點。17%的受訪企業已開始將生產和采購轉移至中國境外，較上一年度增加了 6 個百分點。美中雙邊貿易摩擦（44%）和地緣政治緊張局勢加?。?2%）是促使受訪企業轉移產能至中國境外的主要影響因素。2023 年，美中

52、雙邊貿易摩擦在產能轉移的影響因素中排名第四（32%）。美國對中國加征關稅（25%）、對其他國家戰略優先次序的重新調整（20%）等因素的影響亦明顯上升，分別較上一年度增加了 10 個百分點和 8 個百分點。Figure 35.Is your company considering,or has it already begun the process of relocating manufacturing or sourcing outside of China?圖 35.貴公司是否開始，或考慮開始將生產或采購轉移至中國境外？%By percentage No,we are not consid

53、ering relocating manufacturing or sourcing outside of China不，我司沒有考慮將生產采購轉移至中國境外 Yes,we are considering relocating but have not taken active steps to relocate manufacturing or sourcing outside of China yet是的，我司在考慮轉移，但還沒有采取行動將生產采購轉移至中國境外 Yes,we have started the process of relocating manufacturing or s

54、ourcing outside of China是的，我司已經開始將生產采購轉移至中國境外 Other其他67131783877712117412128377202420202 22023Tech and R&D技術和研發行業Resources&Industrial資源和工業行業Consumer消費行業Services服務行業20222 220213 3258316591313727101269142 22 24 410AmCham Chinas 2025 China Business Climate Survey Report 6.Fair Treatment:Foreign Firms Q

55、uestion Equal Treatment in Some Sectors,But Would Invest More If Playing Field LevelNearly 60%of our responding member companies report being treated equally with local firms,while over 30%feel domestic firms are given preference.However,results vary widely by sector.In the Tech and R&D sector,49%of

56、 companies report local firms are given preference,while in the Consumer sector,members report much more equal treatment.Across sectors,a majority of members report that they would invest more if treatment was equal,particularly in the Resources&Industrial sector.Figure 39.How are foreign companies

57、in your industry treated by government policies and enforcement actions relative to domestic companies?圖 39.與國內公司相比，您所在行業的外資公司受到的待遇如何？%By percentage 2024321157202331106020223875520244910402023427512023172460202418216120233659202429628Tech and R&D技術和研發行業Resources&Industrial資源和工業行業Consumer消費行業Services

58、服務行業20242886420232467105 5 Foreign companies receive preferential treatment vs.domestic companies相比本土企業，外資企業受到優惠待遇 Foreign companies are treated equally vs.domestic companies相比本土企業，外資企業受到同等待遇 Foreign companies are treated unfairly vs.domestic companies相比本土企業，外資企業受到不公平待遇11AmCham Chinas 2025 China Bus

59、iness Climate Survey Report 6.公平待遇:外資企業在部分領域能否獲得平等待遇存在一定疑慮，而公平的競爭環境可促使企業加大投資力度近 60%的受訪會員企業表示受到與本土企業同等待遇，而超過 30%的會員企業感到本土企業更受優待。各行業會員企業對這一問題的看法存在較大差異，49%的科技與研發行業企業認為本土企業得到優待，更多的消費行業企業則表示獲得了平等待遇?？傮w看，大多數會員企業表示，更加平等的待遇將促進其增加在華投資，尤其是資源與工業行業。Figure 41.To what degree is a lack of market access an inhibitor

60、 to your companys operations in China?圖 41.缺乏市場準入在多大程度上阻礙了貴公司在中國的運營？%By percentage Significant顯著影響 Somewhat有些影響 Other其他 Not at all沒有影響341 14817335074327451817375526Tech and R&D技術和研發行業Resources&Industrial資源和工業行業Consumer消費行業Services服務行業402 212AmCham Chinas 2025 China Business Climate Survey Report 7.I

61、P Protection:Most View Chinas Intellectual Property Law Enforcement as Positive or Neutral,but Inadequate Protections Still Limit Investment Decisions for Some32%of responding companies believe the Chinese government has further improved the intellectual property law enforcement in the past year,whi

62、le 38%report the level of enforcement to be unchanged.However,inadequate intellectual property protection remains one of the major challenges faced by responding companies.39%of the responding companies stated that difficulty prosecuting infringement in court has become the biggest IP challenge,whic

63、h has increased significantly by 11pp compared with the previous year.26%indicated that the inadequate protection of intellectual property will restrict their investment decisions in China,up 2pp from the previous year.Among these,the proportion of affected responding companies in the Tech and R&D s

64、ector is the highest,reaching 39%.7.知識產權保護：受訪企業對中國的知識產權執法工作總體持積極或中性態度，但知識產權保護不足仍是限制部分企業對華投資決策的重要因素 32%的受訪企業認為中國政府在過去一年進一步改善了知識產權執法工作，38%的企業認為知識產權執法工作水平保持不變。但知識產權保護不足仍是受訪企業面臨的重大挑戰之一，39%的受訪企業表示，難以在法庭上起訴侵犯知識產權的行為，較上一年度大幅增長 11 個百分點。26%的受訪企業表示知識產權保護不足將限制其對華投資決策，較上一年度增加了 2 個百分點。其中，科技和研發行業中受影響的企業比例最高，達 39%

65、。Figure 62.In the last year,Chinas enforcement of Intellectual Property Rights(IPR)has:圖 62.在過去一年中，中國在知識產權法律法規執行方面：%By percentage Improved改善 Stayed the same保持不變 Deteriorated惡化 Unsure不確定472825443122363329353233382827202020212022202320244 43 32 23 31 113AmCham Chinas 2025 China Business Climate Survey

66、 Report 8.Human Resources Challenges:Increase in Labor Costs Remains the Top HR Challenge,with a New Focus on OrganizationalTransformation and RestructuringEver-increasing labor costs remain a major challenge for human resources management,topping this list in four of the past five years.Meanwhile,u

67、nder the influence of US-China relations and geopolitics,responding companies also face difficulties in recruiting and retaining talent,especially in the process of recruiting China-based roles from abroad.This year,organizational transformation and restructuring has become a new focus of attention

68、in human resources management as responding companies seek to better cope with increasingly complex market challenges.8.人力資源面臨的挑戰：整體人力成本增加仍然是人力資源管理面臨的首要挑戰，組織轉型與重組成為新的關注焦點 不斷增加的人力成本一直是近幾年人力資源管理面臨的最大挑戰。與此同時，受美中關系和地緣政治影響，受訪企業在人才招聘和留用，尤其是國際人才的聘用方面亦面臨困難。今年，組織轉型和重組成為人力資源管理新的關注焦點，更多的受訪企業期待通過轉型與重組更好地應對日益復雜的

69、市場挑戰。Figure 50.Top three human resources challenges 圖 50.人力資源面臨的前三大挑戰 20212022202320242025Total labor costs整體人力成本增加53%Total labor costs整體人力成本增加44%US-China tensions and geopolitical concerns美中關系緊張和 地緣政治憂慮43%Total labor costs整體人力成本增加41%Total labor costs整體人力成本增加47%Rising salary and wage costs 薪資成本不斷上漲5

70、2%Rising salary and wage costs 薪資成本不斷上漲42%Total labor costs整體人力成本增加37%Rising salary and wage costs 薪資成本不斷上漲35%US-China tensions and geopolitical concerns美中關系緊張和 地緣政治憂慮35%Developing digital talent and organizational capabilites發展數字化人才 及組織能力32%US-China tensions and geopolitical concerns美中關系緊張和 地緣政治憂慮2

71、8%Rising salary and wage expenses 薪資成本不斷上漲31%US-China tensions and geopolitical concerns美中關系緊張和 地緣政治憂慮30%Organizational transformation and restructuing組織轉型與重組30%123New addition to the top-three business challenge this year 新增前三大商業挑戰14AmCham Chinas 2025 China Business Climate Survey Report 9.Social R

72、esponsibility:Almost 90%of Companies Have Implemented an ESG Strategy in ChinaResponding companies attach greater importance to fulfilling their social responsibilities in China,with nearly 90%reporting to have already implemented ESG(Environmental,Social,and Governance)strategies in China,an increa

73、se of 10pp compared with 2023.Community contributions moved up from fourth place last year to tie with governance and business ethics as the second most prioritized area in companies ESG practices this year.9.社會責任：近九成企業在華運營實施了“環境、社會責任和公司治理”（ESG）戰略受訪企業更加重視在華履行社會責任，近 90%的受訪企業已在中國實施 ESG 戰略，較 2023 年大幅上升

74、 10 個百分點。社會貢獻在企業 ESG 戰略中的地位進一步提升，從 2023 年的第四位上升至 2024 年的第二位，與公司治理和商業道德共同成為第二大重點領域。%By percentage Yes,we have an ESG strategy in China and it is aligned with our global ESG strategy是的。我們在華的 ESG 戰略與公司總部的ESG 戰略一致 Yes,we modified our global ESG strategy and tailored it for the China market是的。我們對公司的 ESG

75、戰略進行了優化，以適應中國市場 Our company has an ESG strategy at the global level,but has not implemented it in China yet 我們公司在全球總部層面有 ESG 戰略，但目前在華沒有實施761686327107573131415Tech and R&D技術和研發行業Services服務行業Resources&Industrial資源和工業行業Consumer消費行業Figure 19.Does your company implement Environment(E),Social(S),and Gover

76、nance(G)strategies in China operations?圖 19.貴公司在中國是否實施了“環境、社會責任和公司治理(ESG)”戰略？7316121015AmCham Chinas 2025 China Business Climate Survey Report 2024 Survey Methodology 2024 年調查方法1.16AmCham Chinas 2025 China Business Climate Survey Report PrefaceThe survey was conducted from October 21 to November 15,

77、2024,among AmCham China members,representing enterprises of various sizes from a broad range of industries,including many with global operations.We received a total of 368 valid responses.For further data analysis,we have categorized the industries into four sectors:Technology and Other R&D-intensiv

78、e Industries(Tech and R&D),Resources&Industrial,Consumer(products and services),and Services(Figure 8).前 言本次調查時間為 2024 年 10 月 21 日至 11 月 15 日，調查對象為中國美國商會的會員企業。本次調查的受訪企業代表了各行業不同規模的企業，包括眾多業務遍布全球的跨國企業。本次調查收到的有效回復共計 368 份。為進行深入數據分析，我們將這些企業所屬產業劃分為四大類：技術和研發、資源和工業、消費（包括相關產品和服務）以及服務行業（圖 8）。Note:The data rep

79、resented in the charts has been rounded,which may result in the total percentages across some charts not summing up precisely to 100%注：由于四舍五入，各數據之和可能不等于總額（100%）Figure 1.Number of employees in China(including subsidiaries and joint ventures)圖 1.貴司在華雇員人數（包括分支機構及合資企業）Figure 4.Where does your company ha

80、ve a legal presence(including representative offices)?圖4.貴公司在哪個國家/地區設有法律實體（包括辦事處）？Less than 250250 人以下China,US,and outside of China and the US中國，美國和美中以外的其他國家和地區China中國China,the US中國，美國China,Outside of China and the US中國，中國和美國以外的國家和地區Outside of China and the US中國和美國以外的國家和地區US美國US,Outside of China and

81、 the US美國，中國和美國以外的國家和地區250 to 1,000250 人-1000 人1,001 to 2,0001001 人-2000 人2,001 to 5,0002001 人-5000 人More than 5,0005000 人以上4119111316%By percentage Figure 3.Respondents position圖 3.受訪者職位Senior-level country manager(CEO,VP,Managing Director,Chief Representative)中國區高級管理人員（首席執行官，副總裁，總經理，董事總經理，首席代表）Dir

82、ector of government relations or public relations政府事務部門或公共關系部門總監Director/functional leader of other department(e.g.,COO,HR Director,Finance Director,Sales Director)其他部門總監/負責人（人力資源部、財務部、銷售部、首席運營官等）Other其他5425146%By percentage 63181143%By percentage Figure 2.Revenue(2024 USD estimate)圖 2.2024 年營收（單位：美

83、元估值）Less than 10 million1,000 萬元以下10 to 100 million1,000 萬元 1 億元100 to 500 million1 億元 5 億元10 to 50 billion100 億元 500 億元500 million to 1 billion5 億元 10 億元1 to 10 billion10 億元 100 億元29201811184%By percentage 1117AmCham Chinas 2025 China Business Climate Survey Report Figure 5.Where are the customers

84、your company primarily serves?圖 5.貴公司主要服務哪些國家的客戶?Figure 6.What percentage of your companys global revenues is China expected to account for in 2024?圖 6.2024 年貴公司在華業務在全球營收中占多大比例？Customers both in China and outside of China中國和其他國家/地區的客戶 Customers in China中國的客戶 Customers outside of China其他國家/地區的客戶32214

85、 3103020232024%By percentage 10%10-25%25-35%35-50%50%Did not answer未回復%By percentage 4354338184 482918AmCham Chinas 2025 China Business Climate Survey Report 9552953231511381232720242023134311285 5202420239599175 5202420235722144 42 2202420232024202394335135627121 13 33 34 44 4Figure 7.Which of the

86、following describes your companys main business model in China?圖 7.不同行業會員在中國的主要商業模式%By percentage Produce or source goods or services in China for the China market針對中國市場，在華生產或提供產品或服務 Import goods or services into China進口產品或服務到中國 Other其他 Produce or source goods or services in China for markets other

87、than the US or China針對美中兩國以外市場，在華生產或提供產品或服務 Produce or source goods or services in China for the US market針對美國市場，在華生產或提供產品或服務Consumer消費行業Resources&Industrial資源和工業行業Services服務行業Other其他行業Tech and R&D技術和研發行業65319184202475120175202360131713483095 54 43 35 519AmCham Chinas 2025 China Business Climate Sur

88、vey Report Figure 8.Survey respondents were segmented into four main categories圖 8.受訪企業所屬行業分為四大類別 ConsumerProducts消費品 RetailandDistribution零售與分銷 HealthcareServices醫療服務 Education教育 MediaandEntertainment媒體與娛樂 HospitalityandTravel&Leisure酒店、旅游與休閑 Social&PublicSector/nonprofit(includingindustryassociati

89、ons)社會和公共事業/非營利機構（包括行業協會）Other(e.g.SupplyChainMgmt,Manufacturing,Productdevelopmentandsourcing,investmentandtrade)其它行業（如：供應鏈管理、產品開發和外包，投資和貿易等）FinancialServices(e.g.,Banking,Insurance)金融服務（如：銀行、保險等）RealEstateandDevelopment房地產和開發 TransportationandLogistics運輸與物流 Investing(e.g.,PrivateEquity,VentureCapi

90、tal)投資（如：私募股權、創業投資等）OtherServices(e.g.,Law,HumanResources,Accounting,Marketing,AdvertisingandPR,Research,Consulting)其他服務（如：法律、人力資源、會計、市場營銷、廣告和公關、調研、咨詢等）Aerospace航天航空 HealthcareProducts(e.g.,Pharmaceuticals,MedicalTechnology)醫療產品（如：制藥、醫療器械等）Technology/TelecommunicationsHardware科技/電信硬件 Technology/tele

91、communicationsServices科技/電信服務 Agribusiness農業 Automotive&TransportationVehicles汽車和交通工具 Machinery,Equipment,Systems&Controls機械、設備、系統和控制 Oil&Gas/Energy石油&天然氣/能源 OtherIndustrial(e.g.,Chemicals,Mining,Paper&Packaging)其他工業領域（如：化學品、采礦、造紙與包裝等）Technology&other R&D-intensive industries(Tech and R&D)技術和研發行業(n=

92、91)Consumer消費行業(n=92)Resources&Industrial 資源和工業行業(n=75)Services服務行業(n=87)Other其他行業(n=23)20AmCham Chinas 2025 China Business Climate Survey Report Performance Snapshot 績效速覽2.22AmCham Chinas 2025 China Business Climate Survey Report PrefaceDue to increased uncertainty in US-China relations,along with

93、expectations of slower economic growth and other factors,responding companies have lowered their expected performance for 2024 compared with the previous year.Among the responding companies,30%stated that they anticipate a decline in revenue for 2024.In contrast,46%reported to remain profitable,a sl

94、ight decrease of 3pp from 2023.While the percentage of companies predicting losses remains similar to last year,the proportion expecting significant losses has increased by 2pp.Additionally,24%of responding companies forecast an improvement in their EBIT margins for 2024,a 5pp decline from 2023.A ma

95、jority(64%)of responding companies report that their EBIT margins in China are either on par with or higher than their global margins.However,in the Tech and R&D and Resources&Industrial Sectors,a greater proportion of companies report EBIT margins in China to be below the global average.前 言受美中關系不確定

96、性上升、經濟增長放緩預期增強等因素影響，受訪企業對 2024 年的業績預期較上一年度有所下降。在受訪企業中，30%的企業預計 2024 年營收將出現下降。相比之下，46%的企業預計2024 年有望實現盈利，相較 2023 年小幅下降 3 個百分點。預計虧損的企業占比與 2023 年整體持平，但預計出現大幅虧損的企業占比較上一年度增加了 2 個百分點。24%的受訪企業預計 2024 年息稅前利潤率有望提高，較 2023 年減少了 5 個百分點。64%的受訪企業表示其在華業務的息稅前利潤率高于或與全球利潤率持平。在科技和研發、資源和工業等行業，更多的受訪企業表示其中國業務的息稅前利潤率低于全球平均

97、水平。Figure 9.How does the estimated 2024 revenue of your companys China operations compare with 2023 results?圖 9.2024 年貴公司在華業務營收預計與 2023 年相比有何變化？%By percentage 582814202134363020243234342022 Up上升 Comparable (2%)持平 Down下降3933282023Consumer消費行業Resources&Industrial資源和工業行業Services服務行業Tech and R&D技術和研發行業4

98、921302023333730202433363120233232372024313930202327462620244238202023432828202423AmCham Chinas 2025 China Business Climate Survey Report 30%of responding companies 2024 revenue is estimated to decrease slightly from 2023,and the decrease is more apparent in the Tech and R&D and Resources&Industrial

99、sectors3成受訪企業預計 2024 年營收將較 2023 年下降，其中技術和研發行業及資源和工業行業營收下降情況較為明顯Compared to 2023,responding companies generally have a weaker expectation for 2024 revenue from China operations.34%anticipate revenue growth,5pp less than the year be-fore;36%of the companies expect to achieve the same revenue;while 30%

100、expect to see a decrease,with a 2pp increase from 2023.Among companies experiencing a decline in revenue,the Tech and R&D and Resources&Industrial sectors have seen more pronounced reductions.The proportion of companies in these sectors expecting a revenue decline has risen by 8pp and 6pp respective

101、ly,com-pared to 2023.相較 2023 年，受訪企業 2024 年在華業務的營收預期有所轉弱。34%的企業預計收入將會增長，較上一年度減少了5 個百分點，超過 1/3 的企業預計收入將于 2023 年持平，30%的企業預計營收將會同比下降，較 2023 年增加了 2 個百分點。技術和研發行業與資源和工業行業業績下滑最為明顯，預計營收下滑的企業占比分別較 2023 年增加 8 個百分點和 6個百分點。737148202234134694202128Figure 10.How would you characterize your companys financial perfo

102、rmance in China in 2024?圖 10.2024 年貴公司在華業務的財務表現如何？%By percentage Very profitable大幅盈利 Profitable盈利 Break even持平 Loss 虧損 Large loss大幅虧損Tech and R&D技術和研發行業Services服務行業Resources&Industrial資源和工業行業Consumer消費行業4123314202337202483812636459311120243911301620233 33 32023391632852024381138682023333018127202432

103、3481972023341138162 2202441113594 424AmCham Chinas 2025 China Business Climate Survey Report 46%of responding companies expect to be profitable in 2024,down 3pp from the previous year,with a decrease of 11pp in the Consumer sector 近半數受訪會員企業預計 2024 年將實現盈利，但占比低于上一年度 3 個百分點，其中消費行業降幅達 11 個百分點Compared to

104、 2023,responding companies financial performance slightly decreased.46%of companies expect to be profitable in 2024,down by 3pp from 2023,while the percentage of companies expecting to suffer a loss is the same as the previous year.However,the proportion of companies expecting to suffer a large loss

105、 has increased by 2pp compared with last year.Sector-wise,the performance of companies in Tech and R&D and Resource&Industrial sectors has improved,with the proportion of companies expecting to realize profit increasing by a small margin.The performance of the Consumer sector shows a downward trend,

106、and the pro-portion of enterprises expected to realize profit has decreased by 11pp,likely due to weakened market demand and strong local competition.2024 年受訪企業整體財務水平表現較 2023 年略有下降。46%的企業預計 2024 年有望實現盈利，較上一年度小幅下降 3 個百分點，而預計虧損的企業占比則整體持平，但出現大幅虧損的企業占比較上一年度增加了 2 個百分點。從行業看，技術與研發行業以及資源和工業行業表現有所改善，預計實現盈利的企

107、業占比小幅提升，而消費行業業績呈現下滑趨勢，預計實現盈利的企業占比下降了11 個百分點，或與市場需求走弱及來自本土企業的激烈競爭有關。19414045391620212022Figure 11.How do the estimated 2024 EBIT margins of your companys China operations compare with those of 2023?圖 11.2024 年貴公司在華業務的息稅前利潤率相比 2023 年狀況如何？%By percentage Up增長 Comparable (1%)持平 Down下滑2942292023Tech and R

108、&D技術和研發行業Services服務行業Resources&Industrial資源和工業行業Consumer消費行業20242448272945262023244037202338293320232744292023364420202426383620241457302024205228202425AmCham Chinas 2025 China Business Climate Survey Report Compared with 2023,the proportion of responding companies with higher EBIT margins has decre

109、ased by 5pp,and the proportion of responding companies with lower EBIT margins has also declined slightly 與2023年相比，息稅前利潤率提升的企業占比下降了5個百分點，而息稅前利潤率下降的企業所占比例也略有下降24%of the responding companies expect to realize a rise in their EBIT margins in 2024,down by 5pp from 2023,while 48%report EBIT margins compa

110、rable to 2023.In the Consumer sector,the proportion of companies with higher expected EBIT margins sharply decreased by 24pp from 2023.However,the proportion of compa-nies with lower expected EBIT margins decreased across all sectors.24%的受訪企業預計 2024 年息稅前利潤率有望提高，較 2023 年下降 5 個百分點，而 48%的企業表示息稅前利潤率或與 2

111、023 年相當。在消費行業，預計息稅前利潤率實現增長的企業所占比例較 2023 年大幅下降了 24 個百分點。與此同時，各行業預計息稅前利潤率下降的企業所占比例也均有所下降。Figure 12.How do the estimated EBIT margins of your companys China operations compare with your companys global margins in 2024?圖 12.2024 年貴公司在華業務的息稅前利潤率與全球息稅前利潤率相比如何？%By percentage 124840245026202120242022 Higher

112、 than global margins高于全球息稅前利潤率 Higher than global margins高于全球息稅前利潤率 Comparable (1%)持平 Comparable(1%)持平 Lower than global margins低于全球息稅前利潤率 Lower than global margins低于全球息稅前利潤率1949332023Tech and R&D技術和研發行業Services服務行業Resources&Industrial資源和工業行業Consumer消費行業1351362540352023274429202310622820239484320238

113、6032202411513816473720242024135037202426AmCham Chinas 2025 China Business Climate Survey Report Companies EBIT margins in China have become slightly less competitive globally compared to 2023與 2023 年相比，受訪企業在華業務的息稅前利潤率在全球范圍內的競爭力略有下降13%of the responding member companies report EBIT margins in China to

114、 be higher than global margins,down by 6pp from 2023.More companies in the Tech and R&D and Resources&Industrial sectors report lower China EBIT margins than their global margins.13%的受訪企業表示其在華業務的息稅前利潤率高于全球平均利潤率，這一比例較 2023 年下降了 6 個百分點。在科技和研發、資源和工業等行業，更多受訪企業表示其在華業務的息稅前利潤率低于全球利潤率。Business Operations an

115、d Goals商業運營和經營目標3.28AmCham Chinas 2025 China Business Climate Survey Report PrefaceResponding companies business outlook for China over the next two years has become more cautious compared with a year ago.While about one-third of responding companies remain optimistic about growth(37%)and profitabil

116、ity(35%)potential in the Chinese market,the majority have become increasingly aware of factors such as cost competitiveness,competitive pressures,and US-China relations.The proportion of responding companies expressing optimism about competitive pressures and US-China relations has dropped by 8pp co

117、mpared with the previous year(Figure 13).Despite these concerns,68%of companies expect industry markets to see growth in 2025(Figure 14).Two-thirds of the responding companies plan to focus on growing their core business activities in China as their primary objective for 2025.Meanwhile,the Consumer

118、and Services sectors are increasingly focused on driving growth by targeting new customer segments(Figure 18).Companies across sectors identified growth in domestic consumption and ongoing economic and market reforms as key business opportunities.In the Tech and R&D sector,companies continue to capi

119、talize on the vast opportunities created by digital transformation.Meanwhile,companies in the Resources&Industrial sector are actively leveraging the new opportunities afforded by Chinas carbon-neutral policies and initiatives.Companies in the Services sector,on the other hand,are becoming more opti

120、mistic about the potential arising from Chinese companies going global strategies(Figure 17).For the fifth consecutive year,US-China relations have been identified as the top business challenge for companies operating in China,with 63%of responding companies citing it as their primary concern.Other

121、challenges include competition from Chinese companies(39%),regulatory compliance risks(26%),inconsistencies or ambiguities in laws and regulations(25%),and rising labor costs(24%).In the Resources&Industrial sector,concerns about US tariffs on Chinese goods(36%)and competition from non-compliant par

122、ticipants(22%)have surfaced as new points of worry for businesses.Lastly,responding companies are placing increased emphasis on fulfilling their social responsibilities in China.Nearly 90%of the responding companies have implemented Environmental,Social,and Governance(ESG)strategies in China,with 48

123、%listing community contribution as a key focus area in their ESG strategy.This marks a notable shift from 2023,when community contribution was ranked fourth,to second place this year.前 言受訪企業對未來兩年在華業務前景預期較 2023 年有所下降。盡管分別有 37%和 35%的受訪企業對中國市場增長和盈利潛力保持樂觀，但多數企業對成本競爭力、競爭壓力和美中關系所持態度則愈趨謹慎，其中對競爭壓力和美中關系持樂觀態度

124、的受訪企業占比均較上一年度下降 8 個百分點（圖 13）。雖然存在上述擔憂，68%的企業預計 2025 年行業市場有望實現增長（圖 14）。三分之二的受訪企業 2025 年把繼續將在華推進核心業務作為首要業務目標。與此同時，消費行業和服務行業更加注重通過定位新的客戶群實現增長（圖 18）。中國的國內消費增長和持續的經濟與市場改革成為各行業企業共同關注的商業機遇。技術和研發行業在持續挖掘數字化轉型帶來的廣闊機遇。資源和工業行業積極把握中國碳中和政策與舉措創造的增量空間，服務行業則更看好中國企業“走出去”戰略帶來的業務前景（圖 17）。美中關系緊張連續第五年成為受訪企業在中國開展業務時面臨的首要商

125、業挑戰（63%），其次是來自中國企業的競爭（39%）、監管合規風險（26%）、法律法規和或執行不一致/不明確(25%)以及勞動力成本上升（24%）。在資源和工業行業中，美國對中國商品加征關稅（36%）、與不合規的參與方競爭(22%)等挑戰成為企業關注的新焦點。受訪企業更加重視在華履行社會責任，近九成受訪企業已在華實施“環境、社會責任和公司治理（ESG）”戰略，其中 48%的受訪企業將社會貢獻列為 ESG 戰略重點領域，位次從 2023 年的第四位上升為今年的第二位。Figure 13.Two-year business outlook in China圖 13.貴公司對今后兩年的中國業務展望%

126、By percentage Optimistic樂觀 Slightly optimistic較為樂觀 Neutral中立 Slightly pessimistic略微悲觀 Pessimistic悲觀3530US-China relations美中關系Regulatory environment監管環境Economic recovery/growth經濟復蘇/增長Profitability potential盈利潛力Cost competitive-ness/cost levels成本競爭力/成本水平Competitive pressure競爭壓力Domestic market growth國內

127、市場增長20252024202520241922453791222232025202420252024202520241620373714931282025202420252024712303231299723212824725316102930373320209162430271738352 2662019434027287787955563 33 32 229AmCham Chinas 2025 China Business Climate Survey Report Compared with 2024,responding companies two-year business out

128、look is less optimistic across all domains受訪企業對未來兩年業務前景的樂觀程度普遍不及 2024 年The degree of optimism of responding companies regarding their business prospects in Chi-na over the next two years has shown a downward trend.37%of the responding companies remain relatively optimistic about domestic market grow

129、th,and 35%are relatively optimis-tic about their profitability potential.However,only 23%of the responding companies are optimistic about cost competitiveness.Regarding competitive pressure,only 18%of the responding companies has expressed optimism.And for the US-China relations,the propor-tion of r

130、esponding companies that are optimistic is only 11%.It can be seen that companies are becoming more cautious in these aspects.Notably,compared with the previous year,the proportion of responding companies that are optimistic or relatively optimistic about com-petitive pressure and US-China relations

131、 has decreased significantly by 8pp.受訪企業對于未來兩年在華業務展望的樂觀程度呈下降態勢。在受訪企業中，有 37%的企業對中國市場增長保持相對樂觀，35%的企業對盈利潛力也持相對樂觀態度。然而，在成本競爭力方面，僅 23%的受訪企業持樂觀態度；對于競爭壓力，僅有 18%的受訪企業表示樂觀；而針對美中關系，樂觀的受訪企業占比僅為 11%，可以看出企業在這些方面的態度愈發謹慎。值得注意的是，相較于上一年度，對競爭壓力和美中關系持樂觀或較為樂觀態度的受訪企業占比，均大幅下降了 8 個百分點。Figure 14.Forecast for your industrys

132、 market growth in 2025 vs.2024 圖 14.與 2024 年相比，預計 2025 年行業市場的增長情況%By percentage 2025202413858232738371916 20%10-20%5-50%26-50%21-25%11-20%1-10%No investment expansion planned無投資擴大計劃 Planning to decrease investments計劃減少投資2024379435202537114161 13 31 19847748Tech and R&D技術和研發行業Resources&Industrial資源和工

133、業行業Consumer消費行業Services服務行業2353 32 21 11 11 11 11 13 3112 23440143 33 3163 35 5Figure 25.Estimated increase in investment in China operations for 2025圖 25.2025 年在華業務投資預計增長%By percentage 44AmCham Chinas 2025 China Business Climate Survey Report Overall,responding companies investment expectations rem

134、ain largely unchanged from last year,with just over half anticipating increasing investment in China operations in 2025企業投資增長預期與上一年度基本持平，略超半數的受訪企業預計 2025 年將增加在華投資The Tech and R&D,Resources&Industrial,and Services sectors are consistent with the overall sentiment on an increase of investment.Notably,

135、despite some level of decline in 2023s performance,nearly 70%of respondents in the Consumer sector expect to increase their investment in China in 2025,illustrating the companies con-fidence in the Chinese market.科技和研發、資源和工業、服務等行業的投資增長預期與整體預期保持一致。值得注意的是，盡管消費行業業績表現較 2023 年有所下滑，但近 70%的消費行業受訪企業預計 2025

136、年將增加在華投資，表現出對中國市場的信心。%By percentage Figure 26.Factors for lower planned investment in 2025:圖 26.2025 年計劃減少投資的因素 UncertaintiesintheUS-Chinaeconomicrelationship美中經濟關系的不確定性22ExpectationofslowergrowthinChina預計中國將放緩增長17ConcernsaboutanuncertainChinesepolicyenvironment對中國政策環境不確定性存在顧慮10Strategicre-prioritiz

137、ationofothermarkets其他國家市場的戰略優先次序劃分9Marketaccessbarriersorgovernmentpoliciesthatdisadvantageforeigncompaniesinyoursector所在行業的市場準入或政府政策不利于外資企業6Difficultiescompetingagainstprivately-ownedcompanies難以與中國民企同臺競技422Globalbudgetcuts/constraintsduetoCOVID-19因新冠肺炎疫情導致全球預算縮減/縮緊Difficultiescompetingagainststate-

138、ownedentities(SOEs)難以與中國國有企業同臺競技Risingcosts,includinglaborcostsinChina包括勞動力在內的各類成本有所上升5Expectationoffaster-growingmarketsinothergeographies其它地區存在快速增長的市場10Effortstomitigaterisk降低風險12Other其他145AmCham Chinas 2025 China Business Climate Survey Report Uncertainty in US-China relations remains the key rea

139、son behind declining planned investment,followed closely by concerns about slower growth in China 美中關系的不確定性仍然是影響企業投資決策的主要因素，對中國經濟增長放緩的擔憂亦削弱了部分企業的增資意愿Figure 27.Factors for lowering planned investment in 2025 by industry 圖 27.不同行業企業 2025 年計劃減少投資的因素%By percentage Tech and R&D技術和研發行業Resources&Industrial

140、資源和工業行業Consumer消費行業Services服務行業UncertaintiesintheUS-Chinaeconomicrelationship美中經濟關系的不確定性27231121Effortstomitigaterisk降低風險1515117Marketaccessbarriersorgovernmentpoliciesthatdisadvantageforeigncompaniesinyoursector所在行業的市場準入或政府政策不利于外資企業13065ConcernsaboutanuncertainChinesepolicyenvironment對中國政策環境不確定性存在顧

141、慮118119Strategicre-prioritizationofothermarkets其他國家市場的戰略優先次序劃分10866ExpectationofslowergrowthinChina預計中國將放緩增長8182322Expectationoffaster-growingmarketsinothergeographies其它地區存在快速增長的市場78618Difficultiescompetingagainstprivately-ownedcompanies難以與中國民企同臺競技4841Risingcosts,includinglaborcostsinChina包括勞動力在內的各類

142、成本有所上升35135Difficultiescompetingagainststate-ownedentities(SOEs)難以與中國國有企業同臺競技1221Other其他0001Globalbudgetcuts/constraintsduetoCOVID-19因新冠肺炎疫情導致全球預算縮減/縮緊036346AmCham Chinas 2025 China Business Climate Survey Report Uncertain US-China economic relations remain the most significant factor(22%)for re-spo

143、nding companies to scale back their investment plans,but the weight of its influence has declined compared with the previous year,dropping by 5pp.Concerns about the slowdown of Chinas economic growth has seen an increase in its impact on companies investment decisions(17%),rising by 5pp compared wit

144、h the previous year,with the Con-sumer and Services sectors being the most prominent in this regard.美中經濟關系的不確定性仍是受訪企業縮減投資計劃的最主要影響因素（22%），但影響權重較上一年度有所下降，減少了 5 個百分點。對中國經濟增長放緩的擔憂對企業投資決策的影響有所上升（17%），較上一年度增加了 5 個百分點，以消費行業和服務行業最為突出。Figure 28.Factors for increasing planned investment in 2025:圖 28.2025 年計劃增

145、加投資的因素%By percentage StrategicprioritizationoftheChinamarket中國市場為戰略重點33ExpectationoffastergrowthinChina預期中國市場增長速度加快18Chinasskilledtalentpool中國人才儲備充足12Policyincentives政策激勵10Removalofmarketaccessbarriers/improvedmarketaccess市場準入壁壘消除或改善8Expectationofslower-growingmarketsinothergeographies預期其他地區市場增長放緩8L

146、owercostsinChina中國成本較低7Other其他547AmCham Chinas 2025 China Business Climate Survey Report The strategic prioritization of the China market remains a key driver behind respondents plans to increase investments in China in 2025 中國市場的戰略重點地位仍是受訪企業 2025 年擴大在華投資的關鍵動力Tech and R&D技術和研發行業Resources&Industrial資

147、源和工業行業Consumer消費行業Services服務行業StrategicprioritizationoftheChinamarket中國市場為戰略重點34343334ExpectationoffastergrowthinChina預期中國市場增長速度加快16132417Chinasskilledtalentpool中國人才儲備充足13151011Policyincentives政策激勵120716Expectationofslower-growingmarketsinothergeographies預期其他地區市場增長放緩41275LowercostsinChina中國成本較低49105

148、Removalofmarketaccessbarriers/improvedmarketaccess市場準入壁壘消除或改善137611Other其他1942Figure 29.Factors for higher planned investment in 2025(by industry)圖 29.同行業企業 2025 年計劃增加投資的因素%By percentage 48AmCham Chinas 2025 China Business Climate Survey Report Approximately one-third of the responding companies bel

149、ieve that the strategic priori-tization of the Chinese market is the main reason to continue expanding investments in China.18%of the responding companies expect that Chinas economic growth rate will accelerate,which has decreased by 9pp compared with the previous year.However,the weight of this fac

150、tor on the investment decisions of respondents in the Consumer in-dustry reaches 24%,in line with the previous year.The abundance of skilled talent has become the third major influencing factor(12%)for companies to expand their invest-ments in China,with its proportion rising by 5pp compared with th

151、e previous year.約三分之一的受訪企業認為，中國市場的戰略重點地位是促使其繼續擴大在華投資的主要原因。18%的受訪企業預期中國經濟增速將加快，這一比例較上一年度下降了 9個百分點，但該因素對消費行業的投資決策的影響權重達24%，與上一年度基本持平。人才儲備充足成為企業擴大在華投資的第三大影響因素（12%），占比較上一年度上升了 5 個百分點。3330223619183423153021113110 626137231710282318Figure 30.Significance of different aspects of Chinas policy environment o

152、n increasing investment levels 圖 30.中國政策環境不同方面對外資企業提高投資水平的影響程度%By percentage Somewhat significant影響較為顯著 Extremely significant影響極為顯著 Very significant影響顯著Increasing the transparency,predictability,and fairness of the regulatory environment提高監管環境的透明度、可預測性和公平性Allowing us to ore easily acquire other comp

153、anies允許在中國對其他企業進行戰略收購Reducing the need for us to engage in technology transfer減少技術轉讓的需要Ensuring greater protection of intellectual property加強對知識產權的保護力度Limiting the use of industrial policies that create barriers限制使用會制造壁壘的行業政策Allowing us to enter business or product segments that are currently restri

154、cted允許進入目前受限的新業務或產品細分領域Providing recourse for unfair treatment of your companys investments為投資中的不公平待遇提供追訴措施Allowing us to take increased control of our China operations/reduce the need for a local business partner or joint venture允許加強對中國業務的控制/減少對本地業務合作伙伴或建立合資公司的需求49AmCham Chinas 2025 China Business

155、Climate Survey Report More than 70%of responding member companies stated that a more transparent and predictable regulatory environment,stronger intellectual property protection,and fewer barriers in industrial policies would significantly enhance their willingness to invest in China七成以上的受訪企業表示，更透明和

156、可預期的監管環境、更有力的知識產權保護和更少的壁壘性產業政策將顯著提升其在華投資意愿Figure 31.Economic zones for relocating operations 圖 31.2025 年計劃或已經遷入業務的經濟帶%By percentage Northeast China(Heilongjiang,Jilin,and Liaoning)東北地區（黑龍江、吉林、遼寧）Yangtze-River Delta(Shanghai,Jiangsu,Zhejiang,and Anhui)長三角地區（上海、江蘇、浙江、安徽）The GuangdongHong KongMacau Gre

157、ater Bay Area粵港澳大灣區 Jing-Jin-Ji(Beijing,Tianjin,and Hebei)京津冀（北京、天津、河北）Cheng-Yu City Cluster(Chengdu and Chongqing)成渝城市群（成都與重慶）Hainan Free Trade Port海南自貿區 Other其他30221714863Tech and R&D技術和研發行業Resources&Industrial資源和工業行業Consumer消費行業Services服務行業Yangtze-RiverDelta長三角地區79%Yangtze-RiverDelta長三角地區30%Yangt

158、ze-RiverDelta長三角地區64%Yangtze-RiverDelta長三角地區67%TheGuangdongHongKongMacauGreaterBayArea粵港澳大灣區46%Jing-Jin-Ji京津冀地區28%TheGuangdongHongKongMacauGreaterBayArea粵港澳大灣區61%TheGuangdongHongKongMacauGreaterBayArea粵港澳大灣區55%Jing-Jin-Ji京津冀地區40%TheGuangdongHongKongMacauGreaterBayArea粵港澳大灣區28%Jing-Jin-Ji京津冀地區Cheng-Y

159、uCityCluster成渝城市群57%Jing-Jin-Ji京津冀地區52%50AmCham Chinas 2025 China Business Climate Survey Report The Yangtze River Delta,the Greater Bay Area,and the Jing-Jin-Ji regions remain the most attractive economic zones,while the Chengdu-Chongqing City Cluster has recently gained popularity in the Consumer

160、sector長三角、大灣區和京津冀地區仍是對受訪企業最具吸引力的經濟圈，成渝經濟圈受到消費行業青睞長三角區域首次同時成為四大行業領域的首選投資目的地，其中選擇長三角地區的消費行業和服務行業企業比例分別較 2023 年大幅增長 48 個百分點和 40 個百分點，展現了該地區日益增強的綜合吸引力。成渝經濟圈首次躋身行業前三大投資目的地，受到消費行業企業青睞，亦表明受訪企業的投資目的地選擇更趨多元。The Yangtze River Delta region has become the preferred investment destination in four major sectors f

161、or the first time.The proportion of Consumer and Services sector companies choosing the Yangtze River Delta region has increased by 48pp and 40pp respectively compared with 2023,demonstrating an increase in overall attractiveness among companies across industries.The Chengdu-Chongqing City Cluster h

162、as entered the top three investment destinations and is fa-vored by the Consumer sector,indicating that the investment destination decisions of respond-ing companies are becoming more diversified.%By percentage Labor costs勞動力成本Favorable local government policies and regulations當地政府的優惠政策和法規Figure 32.

163、Top benefits or opportunities to relocating operations to these areas 圖 32.選擇將業務轉移到某區域的優勢或機遇 53474239342924241616103Access to customers,consumers and markets接觸客戶、消費者和市場Favorable industrial(i.e.,central government)policies and regulations優惠的行業政策（如中央政府）和法規Local openness to foreign investment當地政府對外資的開放

164、程度Proximity to current operations與公司現有業務接軌Talent pool人才儲備Proximity to suppliers,JVs,and/or partnerships接近供應商、合資企業和/或合作伙伴Access to transportation and logistics networks通達的運輸和物流網絡Beneficial tax rates稅率優惠Non-tax related financial subsidies非稅收相關財務補貼Other其它51AmCham Chinas 2025 China Business Climate Surv

165、ey Report 觸達客戶、消費者和市場仍然是企業遷移業務的主要動因（57%）。與此同時，地方政府對外資的開放程度成為促使企業遷移業務的另一大重要影響因素（47%），較上一年度大幅增加 12 個百分點。人才儲備的重要性亦顯著上升，較 2023年增加 7 個百分點。Access to customers/consumers and markets remains the primary motivation(57%)for companies to relocate their businesses.Mean-while,local openness to foreign investment

166、 has become another important influencing factor(47%)for companies to relocate their businesses,with a significant increase of 12pp compared with the previous year.The impor-tance of the quality of the available talent pool has also risen significantly,increasing by 7pp compared with 2023.Access to

167、customers/consumers and markets,local openness to foreign investment,and favorable local government policies remain the top reasons for relocating to these economic zones觸達客戶、消費者和市場，當地政府對外資的開放程度以及當地政府的優惠政策和法規，仍然是企業將業務遷移至上述經濟圈的主要原因Cost of relocation搬遷成本Figure 33.Top barriers or challenges to relocati

168、ng operations to these areas.圖 33.轉移業務面臨的障礙或挑戰%By percentage Local government policies and regulations當地政府政策和法規Quality of talent pool人才儲備質量Relationships with local government representatives與當地政府代表的關系Favoritism for local companies over foreign companies與外資企業相比，偏袒本土企業Quality of local suppliers當地供應商的質

169、量Access to suppliers/JVs/and/or partnerships觸達供應商、合資企業、合作伙伴41393530181616Other其它7Quality of local logistics and transportation networks當地物流運輸網絡質量1552AmCham Chinas 2025 China Business Climate Survey Report Cost of relocation,local government policies and regulations,and the quality of talent pool rem

170、ain the top barriers companies face when relocating to economic zones搬遷成本、當地政府的政策法規以及人才儲備質量是企業遷移業務時面臨的主要障礙Havent considered relocation as an option未考慮過遷移No benefit to be realized from investment無可見的投資回報Other其他Uncertainty about the details of relocation不確定遷移計劃Global management decision全球管理決策Cost to r

171、elocate遷移費用Insufficient talent pool人才儲備不足Lack of relationships with local government officials與當地政府未建立聯系Binding agreement to remain in place有約束力的協議持續生效Figure 34.For which reason(s)do you NOT plan to reloacate some or all of your operations to above mentioned economic zones?圖 34.未選擇轉移業務到某區域的原因%By per

172、centage 6020131010522153AmCham Chinas 2025 China Business Climate Survey Report Among the responding companies who are not planning to relocate their operations to those economic zones,60%have not considered relocation as an option and another 20%believe that there is no benefit to be realized from

173、the investment在不打算遷移業務到其他區域的受訪企業中，60%的企業未考慮遷移，另有 20%的企業認為遷移沒有可見的投資回報Figure 35.Is your company considering,or has it already begun the process of relocating manufacturing or sourcing outside of China?圖 35.貴公司是否開始，或考慮開始將生產或采購轉移至中國境外？%By percentage No,we are not considering relocating manufacturing or

174、sourcing outside of China不，我司沒有考慮將生產采購轉移至中國境外 Yes,we are considering relocating but have not taken active steps to relocate manufacturing or sourcing outside of China yet是的，我司在考慮轉移，但還沒有采取行動將生產采購轉移至中國境外 Yes,we have started the process of relocating manufacturing or sourcing outside of China是的，我司已經開始將

175、生產采購轉移至中國境外 Other其他67131783877712117412128377202420202 22023Tech and R&D技術和研發行業Resources&Industrial資源和工業行業Consumer消費行業Services服務行業20222 220213 3258316591313727101269142 22 24 454AmCham Chinas 2025 China Business Climate Survey Report 67%of responding member companies across all sectors are not consi

176、dering relocating manufacturing or sourcing outside of China近七成受訪企業不考慮或尚未將生產或采購轉移至中國境外67%的受訪企業表示不考慮將生產或采購轉移至中國境外，這一比例較上一年度減少了 10 個百分點。13%的受訪企業雖有考慮，但仍未實施轉移，與2023 年基本持平。17%的受訪企業已開始將生產和采購轉移至中國境外，較上一年度增加了 6 個百分點。與此同時，服務行業中仍有超過 8 成的受訪企業表示不會將生產和采購轉移至中國境外。67%of the responding companies stated that they wou

177、ld not consider relocating production or procurement outside of China,and this proportion has decreased by 10pp compared with the previous year.13%of the responding member companies have considered but still have not implemented relocation,leveling with the proportion in 2023.17%of the responding me

178、mber companies have already started to relocate production and procurement outside of China,an increase of 6pp compared with the previous year.Meanwhile,more than 80%of the responding member companies in the Service sector continued to express that they would not relocate production and procurement

179、outside of China.US-China trade tensions美中雙邊貿易摩擦Figure 36.Most important reasons for considering or moving capacity outside of China(Top 10)圖 36.考慮或已經將產能轉移到中國以外的原因（前十原因）2024 2023Risk management風險管理US tariffs on products exported from China美國對中國產品加征關稅Market access barriers or government policies市場準入壁

180、壘或政策使所在行業的外企處于不利地位US government incentives/pressure to reduce reliance on China-based sourcing/manufacturing or onshore certain capacity back to the US美國政府對企業實施激勵措施/施加壓力，以減少企業對中國采購/制造或其他產能的依賴Concerns about an uncertian policy environment對不確定的政策環境存有顧慮Expectation of faster-growing markets in other geo

181、graphies預計其他地區市場將快速增長Strategic re-prioritization of other countries對其他國家的戰略優先次序重新劃分Geopolitical tensions rising 地緣政治摩擦升級Rising costs including labor costs in China 包括勞動力在內的各類成本有所上升443242563441273420121617142111011202515%By percentage 55AmCham Chinas 2025 China Business Climate Survey Report The 63 r

182、esponding member companies considering relocating production capacity overseas stated that the US-China trade tensions(44%)and rising geopolitical ten-sions(42%)are the main factors prompt-ing them to relocate production capacity outside of China.In 2023,US-China trade tensions ranked fourth(32%)amo

183、ng the influencing factors for production capacity relocation.The impacts of factors such as the additional tariffs imposed by the US on China and the readjustment of US strate-gic priorities for other countries have also increased significantly,rising by 10pp and 8pp respectively compared with the

184、previ-ous year.US-China bilateral trade tensions has become the primary influencing factor for responding companies to relocate their production capacity outside of China 美中雙邊貿易摩擦成為企業將產能轉移至中國境外的首要影響因素考慮將產能轉移至境外的63家受訪企業表示，美中雙邊貿易摩擦（44%）和地緣政治緊張局勢加?。?2%）是促使其轉移產能至中國境外的主要影響因素。2023 年，美中雙邊貿易摩擦在產能轉移影響因素中排名第四

185、（32%）。今年，美國對中國加征關稅、對其他國家戰略優先次序的重新調整等因素的影響亦明顯上升，分別較上一年度增加了 10 個百分點和8 個百分點。Figure 37.Target destination for relocated capacity 圖 37.轉移業務目標地區%By percentage 202420234116121255938181410891 Developing Asia(e.g.India/Vietnam/Thailand/indonesia/Malasia)亞洲發展中地區(如印度、越南、泰國、印尼、馬來西亞等）US 美國 Mexico/Canada 墨西哥/加拿大

186、Developed Asia(e.g.Korea/Japan/Taiwan/Australia/Singapore)亞洲發達地區(如韓國、日本、中國臺灣、澳大利亞、新加坡等）EU 歐盟國家 Other 其他地區 Hong Kong SAR 香港特別行政區56AmCham Chinas 2025 China Business Climate Survey Report Although developing Asia remains the main destination for responding member compa-nies considering relocation(38%),

187、the proportion has decreased by 3pp compared with 2023.The attractiveness of developed regions such as the United States,the European Union,and developed Asia(e.g.,Korea and Japan)has increased,and the proportion of responding member companies considering relocating capacity to the above regions has

188、 increased by 2pp,4pp,and 2pp respectively compared with the previous year.The invest-ment attractiveness of regions such as Mexico/Canada and Hong Kong has decreased,and the proportion of responding member companies considering relocating capacity to the above regions has decreased by 2pp and 9pp r

189、espectively compared with 2023.盡管亞洲發展中地區仍是受訪企業考慮產能轉移的主要目標區域（38%），但占比較2023年下降了3個百分點。美國、歐盟和日韓等發達國家和地區對受訪企業的吸引力有所上升，考慮將產能轉移至上述地區的受訪會員企業比例較上一年度分別增加了 2 個百分點、4 個百分點和 2 個百分點。墨西哥/加拿大、中國香港等地區的投資吸引力有所下降，考慮將產能轉移至上述地區的受訪企業占比分別較 2023年下降 2 個百分點和 9 個百分點。Among the responding member companies considering or planning

190、 to relocate production capacity outside of China,developing countries in Asia and the United States are the main target destinations 在正在考慮或計劃將產能轉移至中國境外的受訪企業中，亞洲發展中國家和美國為主要目標區域174224202120222024223424812173331151233361364 4Figure 38.Do you believe foreign businesses are more or less welcomed in Chin

191、a over the last year?圖 38.您認為外資企業在中國的受歡迎程度與以往相比有何變化？%By percentage Much more welcome更受歡迎 Slightly more welcome較為受歡迎 No change沒有變化 Slightly less welcome稍微不受歡迎 Much less welcome非常不受歡迎2023223031893020241114411116342910112413Tech and R&D技術和研發行業Resources&Industrial資源和工業行業Consumer消費行業Services服務行業204 43 35

192、7AmCham Chinas 2025 China Business Climate Survey Report Compared with 2023,more responding companies(34%)expressed that their popularity in China improved,and the proportion of companies experiencing decreased popularity also dropped by 7pp.The popularity of the companies in the Tech and R&D sector

193、 improved significantly,with 44%experiencing more popularity,an increase of 14pp compared with 2023.The popularity of the Services sector also rose by 7pp.However,the responding member companies in the Resource&Industrial sector as well as the Consumer sector felt that their popularity in China decr

194、eased compared with the previous year.34%of responding member companies feel that their popularity in China has improved compared with the previous year,while 32%report experiencing decreased popularity34%的受訪企業感到在中國的受歡迎程度較上一年度有所改善，但 32%的受訪企業感到更為不受歡迎與 2023 年相比，有更多的受訪企業（34%）感到在中國的受歡迎程度有所改善，感到不受歡迎的企業比例

195、也下降了7 個百分點?？萍寂c研發行業的受歡迎程度明顯改善，44%的科技與研發行業公司表示感覺更受歡迎，比 2023 年增加了 14 個百分點。服務業的受歡迎程度也上升了 7 個百分點。資源與工業、消費行業的受訪企業感到在中國的受歡迎程度較上一年度有所降低。32%的受訪企業認為外資企業未能取得與本土企業一致的公平待遇，與 2023 年基本持平?？萍寂c研發行業認為受到不公平待遇的企業比例進一步攀高（49%），較 2023 年增加了 7 個百分點。與此同時，亦有近 6 成企業認為其獲得了與本土企業相同的待遇。Figure 39.How are foreign companies in your in

196、dustry treated by government policies and enforcement actions relative to domestic companies?圖 39.與國內公司相比，您所在行業的外資公司受到的待遇如何？%By percentage 2024321157202331106020223875520244910402023427512023172460202418216120233659202429628Tech and R&D技術和研發行業Resources&Industrial資源和工業行業Consumer消費行業Services服務行業202428

197、86420232467105 5 Foreign companies receive preferential treatment vs.domestic companies相比本土企業，外資企業受到優惠待遇 Foreign companies are treated equally vs.domestic companies相比本土企業，外資企業受到同等待遇 Foreign companies are treated unfairly vs.domestic companies相比本土企業，外資企業受到不公平待遇AmCham Chinas 2025 China Business Climat

198、e Survey Report 58Nearly 30%of respondents believe that foreign-invested companies are subject to more unfair treatment compared with domestic enterprises.Half of companies in the Tech and R&D sector indicate that they had suffered unfair treatment近三成受訪企業認為，相較于本國企業，外資企業受到更多不公平待遇。半數技術與研發行業受訪企業表示受到不公平

199、待遇 32%of the responding member companies believed that foreign-invested compa-nies were not able to receive the same treatment as local companies,on par with 2023.The proportion of responding companies in the Tech and R&D sector believ-ing to have suffered unfair treatment further increased(49%),ris

200、ing by 7pp com-pared with 2023.Meanwhile,nearly 60%of the companies also believed that they had received the same treatment as local companies.%By percentage 2024 2023Figure 40.Areas of unfair treatment 圖 40.外資企業受到不公平待遇領域Market access市場準入Regulatory enforcement行政執法Public procurement公共采購Government fin

201、ancial support/subsidies政府財政支持/補貼Licensing許可Ownership/JV requirements股比/合資企業需求Intellectual Property Rights(IPR)protection知識產權保護Customs procedures海關手續Financing融資Other其他60634641363128283125161612117999911AmCham Chinas 2025 China Business Climate Survey Report 59Enhancing fair treatment in market acces

202、s is the top concern for responding companies.60%of the responding member companies believe that they have encountered unfair treatment related to market access.Meanwhile,the demands of the responding member companies for fairer treatment for foreign-in-vested enterprises in areas such as regulatory

203、 enforce-ment,public procurement,and government financial support/subsidies have increased,rising by 5 to 6pp compared with 2023.加強市場準入的公平待遇是企業的首要關切，60%的受訪企業認為其在市場準入方面遭受到不公平待遇。與此同時，受訪會員企業對于在行政執法、公共采購和政府財政補貼/支持等領域給予外資企業更多公平待遇的訴求有所上升，均較 2023 年增加了 5 至 6 個百分點。Market access remains the primary area of un

204、fair treatment perceived by respondents,followed by regulatory enforcement and public procurement 市場準入仍然是受訪企業認為受到不公平待遇的最主要領域，其次是行政執法和公共采購Figure 41.To what degree is a lack of market access an inhibitor to your companys operations in China?圖 41.缺乏市場準入在多大程度上阻礙了貴公司在中國的運營？%By percentage Significant顯著影響

205、Somewhat有些影響 Other其他 Not at all沒有影響341 14817335074327451817375526Tech and R&D技術和研發行業Resources&Industrial資源和工業行業Consumer消費行業Services服務行業402 2AmCham Chinas 2025 China Business Climate Survey Report 60Over 80%of respondents believe that a lack of market access has an impact on their business operations

206、 in China,with the impact on the Tech and R&D sector the most significant超八成受訪企業認為，缺乏市場準入對其在華開展業務造成影響，其中對技術和研發行業的影響最為顯著 Figure 42.Would greater market access in China result in increased investments in China?圖 42.擴大市場準入是否會增加對華投資？%By percentage Yes會 Other其他 No不會 Unsure不確定2024202338524051891 159291247

207、4848448Tech and R&D技術和研發行業Resources&Industrial資源和工業行業Consumer消費行業Services服務行業56371 15 55 5AmCham Chinas 2025 China Business Climate Survey Report 6151%of respondents stated that further relaxation of market access in China would help them to expand investments in China.However,companies in the Consu

208、mer and Services sectors appear to be more uncertain51%的受訪企業表示，中國進一步放寬市場準入將有利于推動其擴大在華投資，但消費和服務行業對增加投資表現出更多的不確定性More than half of the responding member companies indicated that further expansion of market access would help them expand their investments in China,similar to the 2023 level.It is worth n

209、oting,however,that under this condition,the proportion of Consumer sector companies willing to increase their investments in China has decreased by 23pp compared with 2023,while the proportion of member companies expressing uncertainty has risen from 23%to 46%,suggesting that they will be more hesit

210、ant in their investment decisions.In con-trast,the proportion of responding companies in the Resources&Industrial sector willing to increase their investments after the expansion of market access(59%)has increased by 19pp compared with 2023,demonstrating stronger investment confidence.盡管逾半數受訪企業表示中國擴

211、大市場準入將有助于其擴大對華投資，與 2023 年基本持平。但值得注意的是，在這一條件下，愿意增加在華投資的消費行業企業比例較 2023 年下降了 23 個百分點，而表示不確定的企業比例由 23%上升至 46%，表明其在投資決策上或將更為猶豫。相比之下，資源與工業行業中愿意在市場準入擴大后增加投資的企業比例（59%）較 2023 年增加了 19個百分點，顯示了更強的投資信心。%By percentage Figure 43.If yes,by how much would you increase investments in China?圖 43.若是，貴公司會追加多少在華投資？20%5%1

212、6-20%11-15%6-10%171123183116342417920232024Tech and R&D技術和研發行業Resources&Industrial資源和工業行業Consumer消費行業Services服務行業2 240231013152132257142925142930172317134AmCham Chinas 2025 China Business Climate Survey Report 62Among the responding companies willing to make additional investments under the conditio

213、n of expanded market access,36%stated that they would consider increasing their investments in China by more than 10%.The proportion of responding companies expecting to increase their investment by 6-10%is 31%,which has increased significantly by 22pp compared with 2023.The proportion of enterprise

214、s willing to make additional investments in their business in China exceeding 15%in 2025 has correspondingly decreased by 22pp.It can be seen from the data that although companies willingness to invest remains relatively stable,their investment decisions have become more cautious and they are more i

215、nclined to adopt a slow and steady investment strategy.在市場準入擴大的條件下有意追加投資的受訪企業中，36%的受訪企業表示會考慮對中國追加超過10%的投資。預計增資幅度在 6-10%的受訪企業為31%，較 2023 年大幅增加了 22 個百分點。2025 年有意追加在華投資超過 15%的企業比例則相應下降了 22 個百分點。從數據中可以看到，盡管投資者投資意愿仍較為穩定，但投資決策趨于謹慎，更為傾向小步慢走式的投資策略。Among the respondents willing to make additional investments

216、 under the condition of expanded market access,36%of the enterprises indicated that their additional investment amounts would exceed 10%.This proportion has decreased by 21pp compared with 2023愿意在市場準入擴大的條件下追加投資的受訪企業中，36%的企業表示其增資幅度將超過10%，這一比例較 2023 年下降 21 個百分點 Figure 44.How confident are you that the

217、 Chinese government is committed to further opening Chinas market to foreign investment in the coming three years?圖 44.您對中國政府在未來三年將進一步向外資開放市場持有多少信心？%By percentage Very confident非常有信心 Confident有信心 Unsure不確定 Not confident沒有信心 Very unconfident非常沒有信心Tech and R&D技術和研發行業Resources&Industrial資源和工業行業Consumer

218、消費行業Services服務行業7143810301133843101144122261239103320232024123683916351331182293812202420232023174792172024202312381336202484512287202420231 1555AmCham Chinas 2025 China Business Climate Survey Report 63Overall,responding member companies are slightly less confident this year in the Chinese governme

219、nts commitment to further opening its market to foreign investment but confident in further opening of the Services sector受訪企業對中國政府進一步開放市場的信心略有下降，但對進一步開放服務業的信心 有所增強40%of the responding member companies are confident that the Chinese government will further open up the market,which has decreased slig

220、htly by 3pp compared with 2023.Confi-dence of responding companies in the Resources&Industrial sector has declined significant-ly.The proportion of confident responding member companies dropped from 51%in 2023 to 40%in 2024.Possibly attributable to a series of service industry opening-up policies in

221、tro-duced by the Chinese government in recent years,related companies confidence in market opening has continued to increase(49%),rising by 5pp compared with 2023.40%的受訪企業對中國政府進一步開放市場抱有信心，較 2023 年小幅下降 3 個百分點。其中，資源與工業行業對于進一步開放市場的信心出現明顯下滑，有信心的受訪企業占比從 2023 年的 51%降至 2024 年的 40%?？赡艿靡嬗谥袊瓿雠_的一系列服務業開放政策，

222、相關企業對市場開放的信心繼續增強（49%），較2023 年增加 5 個百分點。%By percentage 2024 2023Figure 45.Did you receive pressures to make(or not make)statements about politically sensitive issues?圖 45.貴公司在過去一年是否就政治敏感話題發表（或不發表）聲明受到相關外部壓力？We have experienced a significant increase in pressure我司面臨的壓力顯著增加We have experienced a slight

223、increase in pressure我司面臨的壓力略微增加We have experienced a significant decrease in pressure我司面臨的壓力大幅降低We have experienced a slight decrease in pressure我司面臨的壓力略微降低We have experienced pressure no greater than in previous years我司面臨的壓力與前幾年持平Unsure不確定We have not experienced any pressure我司未面臨任何壓力Other其他13171720

224、333223203283110AmCham Chinas 2025 China Business Climate Survey Report 6463%of the responding member companies stated that they had been under external pressure to make(or not make)statements on politically sensitive issues in the past year.Although the proportion has decreased compared with that in

225、 2023,member companies are still continuous-ly facing political pressure,and 30%stated that such pressure had increased in the past year.63%的受訪企業表示，過去一年中曾就政治敏感問題發表（或不發表）聲明的受到外部壓力。雖然較 2023 年比例有所下降，但受訪企業仍持續面臨政治壓力，且 30%的受訪企業表示在過去的一年中這一壓力有所增加。65%of respondents indicated that they face pressure in terms

226、of making(or not making)statements on politically sensitive issues,a decrease of 9pp compared with 202365%的受訪企業表示在政治敏感問題上發表（或不發表）聲明上面臨壓力，較 2023 年下降 9 個百分點%By percentage Figure 46.Sources of increased pressure 圖 46.壓力增加的來源 The Chinese government中國政府Chinese media中國媒體The Chinese public/consumers中國公眾、消費

227、者The US government美國政府International public/consumers國際公眾、消費者Business partners/suppliers or customers業務合作伙伴、供應商或客戶Global company leadership全球公司領導層US media美國媒體Other foreign governments(non-Chinese,non-US)除中、美兩國以外的政府Local company leadership本地公司領導層Other international media其他國際媒體NGOs and Associations非政府組

228、織和協會513128272721191388636132343231262510786720242023AmCham Chinas 2025 China Business Climate Survey Report 65Respondents indicate that sources of increased pressure primarily originate from the Chinese and US governments受訪企業表示，壓力源主要來自中國和美國政府 The responding member companies stated that the pressure

229、brought about by political-ly sensitive issues comes mainly from both the Chinese and US governments,followed by the Chinese media,the public,as well as business partners/suppliers or customers.受訪企業表示，由政治敏感問題帶來的壓力主要來自中美兩國政府，其次是中國媒體、公眾及業務合作伙伴、供應商或客戶。Figure 47.Impact of Chinas recent regulatory action

230、s(e.g.,regarding anti-trust,data privacy,addressing social issues etc)on business 圖 47.中國近期采取的監管行動（如關于反壟斷、數據隱私和解決社會問題等）對貴公司在華業務影響%By percentage Leading us to emphasize and reinforce internal compliance and controls促使我司重視和加強內部合規和控制No impact沒有影響Decreasing our confidence and willingness to invest in Ch

231、ina降低我司對在華投資的信心和意愿Increasing our confidence and willingness to invest in China增加我司對在華投資的信心和意愿Unsure不確定3941283985121821151512Contributing to uncertainty and worry among headquarters由于不確定該類行動的未來方向、是否適用于外商投資企業，以及缺乏透明度，導致總部的不確定性和擔憂程度上升20242023AmCham Chinas 2025 China Business Climate Survey Report 66Chi

232、nas recent regulatory actions have prompted responding companies to further strengthen internal compliance and controls.These actions have also triggered concerns about the uncertainty of future regulatory actions among corporate headquarters 為應對中國持續開展的監管行動，五分之二的受訪企業表示將更重視并加強內部合規；同時，上述行動引發了企業總部的疑慮 3

233、9%of the responding member companies stated that the regulatory actions recently taken by the Chinese government have prompted them to attach greater importance to strengthening internal compliance management.However,due to the potential uncertainties regarding the fu-ture direction,scope of applica

234、tion,and transparency of such actions,coupled with the frequent countermeasures in bilateral relations taken by the two governments,corporate headquarters are increasingly concerned about the regulatory environment in China.This has caused an impact on the confidence and willingness of some companie

235、s to invest in China.39%的受訪企業表示，中國政府近期采取的監管行39%的受訪企業表示，中國政府近期采取的監管行動促使其更為重視并進一步加強內部合規管理。但動促使其更為重視并進一步加強內部合規管理。但由于此類行動未來的方向、適用范圍及透明度存在由于此類行動未來的方向、適用范圍及透明度存在潛在的不確定性，加之雙邊關系緊張造成兩國政府潛在的不確定性，加之雙邊關系緊張造成兩國政府頻繁采取反制措施，引發總部對監管環境的擔憂，頻繁采取反制措施，引發總部對監管環境的擔憂，對部分企業在華投資的信心和意愿產生一定影響。對部分企業在華投資的信心和意愿產生一定影響。AmCham Chinas

236、 2025 China Business Climate Survey Report 67PrefaceWhile rising labor costs continue to pose a significant challenge for companies in human resource management(Figure 50),the pressure has eased to some extent.29%of responding companies expect labor costs to remain stable or decrease in 2025,marking

237、 an 8pp improvement compared to 2023.Meanwhile,organizational transformation and restructuring have emerged as key priorities,with more companies focusing on these strategies to navigate the increasing complexity of market challenges.Regarding management localization,over 80%of responding companies

238、report that employees from Mainland China make up more than 50%of their senior management teams,reflecting efforts toward localization(Figure 48).However,it is also crucial to consider the diversification of multinational corporate management in China to better align with global strategies.The top t

239、hree barriers to hiring foreign employees remain:bilateral tensions and other geopolitical concerns,the slowing Chinese economy,and the reluctance of qualified talent to relocate to China(Figure 53).However,recent policy changes aimed at facilitating the entry of foreign nationals into China have al

240、leviated these concerns to some extent,with the percentage of companies citing reluctance to relocate dropping from 51%in 2022 to 28%in 2024(Figure 53).Looking ahead,53%of the responding companies plan to maintain their current headcount in 2025(Figure 52),with employee development emerging as the t

241、op priority in their human resource management strategies for the year(Figure 55).前 言人力成本上升雖仍是企業在人力資源管理面臨的主要挑戰之一（圖 50），但上漲壓力有所緩解。29%的受訪企業預計 2025 年勞動力成本將持平或下降，較 2023 年增加了 8 個百分點。與此同時，組織轉型和重組成為人力資源管理的又一關注焦點，更多的受訪企業期待通過轉型與重組更好地應對日益復雜的市場挑戰。在管理層本地化方面，中國大陸籍人士在高管中占比超過 50%的受訪企業占八成以上（圖 48），彰顯了本地化成果，但亦需考慮推動在華

242、跨國企業管理層多元化發展，以更好地融入全球戰略。外籍員工聘用的前三大制約因素仍是雙邊關系/地緣政治問題、經濟增長放緩和合格人才不愿遷居中國（圖 53）。但得益于中國政府近期推出的一系列便利外籍人士來華政策，擔心合格人才不愿遷居中國的企業比例已從 2022 年的51%大幅下降至 2024 年的 28%。53%的受訪企業計劃在 2025 年保持現有員工規模（圖 52），員工職業發展成為企業 2025 年人力資源管理的首要任務（圖 55）。4.2 Human Resources 人力資源Figure 48.Percentage of top(country)management that are n

243、ot native Mainland Chinese 圖 48.非中國大陸籍的高級管理層人士比例%By percentage 75%50-75%25-50%0-25%Tech and R&D技術和研發行業Resources&Industrial資源和工業行業Consumer消費行業Services服務行業7781068971682981 181787711584 45 5AmCham Chinas 2025 China Business Climate Survey Report 6816%of respondents state that more than half of their se

244、nior management positions are held by employees who are not from the Chinese mainland,among which the proportion in the Consumer sector is the highest16%的受訪企業表示其半數以上高管職位由非中國大陸籍人士擔任，其中消費行業比例最高 Among the responding member companies,more than 80%of the companies have a proportion of senior management p

245、ersonnel from the Chinese mainland exceeding 50%.In the Consumer sector,the proportion of non-mainland Chinese managers is slightly higher than that in other sec-tors.This indicates that responding companies have achieved positive results in the localization of management.However,the government and

246、companies also need to consider adopting more policies to support multinational talents to promote the diversified management development of multinational enterprises in China,so as to better serve the globalization strategy.受訪企業中，高管中中國大陸籍人士比例超過 50%受訪企業中，高管中中國大陸籍人士比例超過 50%的企業占八成以上。在消費行業中，非中國大陸籍的企業占八

247、成以上。在消費行業中，非中國大陸籍管理人員比例略高于其他行業。這表明，受訪企業管理人員比例略高于其他行業。這表明，受訪企業在管理層本地化方面所取得了積極成果，但政府和在管理層本地化方面所取得了積極成果，但政府和企業亦需考慮通過更多跨國人才支持政策，推動在企業亦需考慮通過更多跨國人才支持政策，推動在華跨國企業管理層多元化發展，以更好地融入全球華跨國企業管理層多元化發展，以更好地融入全球戰略。戰略。Figure 49.Percentage of female top(country)management 圖 49.女性高層管理人員比例%By percentage 4922218Tech and R

248、&D技術和研發行業Resources&Industrial資源和工業行業Consumer消費行業Services服務行業1548241316433011365092059201 14 4 75%50-75%25-50%0-25%AmCham Chinas 2025 China Business Climate Survey Report 69Nearly 30%of respondents stated that the proportion of their female senior executives exceeded 50%近 3 成受訪企業表示其女性高管占比超過 50%71%of

249、the responding member companies indicated that the proportion of female se-nior executives in their management is lower than 50%.There are differences in the pro-portion of female senior executives among different sectors.The proportion of female senior executives in the Consumer and Services sector

250、s is relatively higher.11%and 13%of the companies respectively stated that more than 75%of their senior management positions were held by female employees.However,in Tech and R&D and Resources and Industrial sectors,this proportion is only 1%and 4%respectively.71%的受訪企業表示，其管理層中女性高管占71%的受訪企業表示，其管理層中女性

251、高管占比低于 50%。女性高管比例存在行業差異，消比低于 50%。女性高管比例存在行業差異，消費和服務行業的女性高管比例相對更高，分別費和服務行業的女性高管比例相對更高，分別有 11%和 13%的企業表示其超過 75%的高管有 11%和 13%的企業表示其超過 75%的高管職位由女性擔任，而在科技和創新、資源和工職位由女性擔任，而在科技和創新、資源和工業等行業，這一比例僅為 1%和 4%。業等行業，這一比例僅為 1%和 4%。Figure 50.Top three human resources challenges 圖 50.人力資源面臨的前三大挑戰 20212022202320242025

252、Total labor costs整體人力成本增加53%Total labor costs整體人力成本增加44%US-China tensions and geopolitical concerns美中關系緊張和 地緣政治憂慮43%Total labor costs整體人力成本增加41%Total labor costs整體人力成本增加47%Rising salary and wage costs 薪資成本不斷上漲52%Rising salary and wage costs 薪資成本不斷上漲42%Total labor costs整體人力成本增加37%Rising salary and wa

253、ge costs 薪資成本不斷上漲35%US-China tensions and geopolitical concerns美中關系緊張和 地緣政治憂慮35%Developing digital talent and organizational capabilites發展數字化人才 及組織能力32%US-China tensions and geopolitical concerns美中關系緊張和 地緣政治憂慮28%Rising salary and wage expenses 薪資成本不斷上漲31%US-China tensions and geopolitical concerns美中

254、關系緊張和 地緣政治憂慮30%Organizational transformation and restructuing組織轉型與重組30%123New addition to the top-three business challenge this year 新增前三大商業挑戰AmCham Chinas 2025 China Business Climate Survey Report 70Ever-increasing labor costs have consistently remained one of the primary challenges for human resou

255、rces management in recent years.Meanwhile,affected by US-China relations and geopolitical factors,responding companies also face difficulties in talent recruitment and retention,especially in recruiting international talent.This year,organizational trans-formation and restructuring have become anoth

256、er focus of attention in human resources management.More responding companies expect to better cope with the increasingly complex market challenges through transformation and restructuring.The overall increase in labor costs remains the top challenge for human resources management,while organization

257、al transformation and restructuring have become a new focus of attention 整體人力成本增加仍然是人力資源管理面臨的首要挑戰，組織轉型與重組成為新的關注焦點 不斷增加的人力成本一直是近幾年人力資源管理面臨的主要挑戰之一。與此同時，受美中關系和地緣政治影響，受訪企業在人才招聘和留用，尤其是國際人才的聘用方面亦面臨困難。今年，組織轉型和重組成為人力資源管理的又一關注焦點，更多的受訪企業期待通過轉型與重組更好地應對日益復雜的市場挑戰。12Figure 51.Expected change in the companys avera

258、ge labor costs per employee in 2025 vs.2024 圖 51.2025 年與 2024 年相比，貴公司預計的人均勞動力成本變化%By percentage 20%higher上升幅度超過20%10-20%higher上升 10-20%5-10%higher上升 5-10%5%higher上升 10%增加 10%Decrease 10%減少 10%Increase 5-10%增加 5-10%Decrease 5-10%減少 5-10%Increase 5%增加 5%Decrease 5%減少 20%)顯著增加（20%）Higher(5 to 20%)增加（5-

259、20%）About the same(+/-5%)持平（5%）Lower(5 to 20%)降低（5-20%）Significantly lower(20%)顯著降低（20%）616112024202352160866AmCham Chinas 2025 China Business Climate Survey Report 74Nearly 80%of respondents saw their employee turnover rates remain flat or decline compared with the previous year,indicating an impro

260、vement in employee stability 近 8 成受訪企業的員工流動率與上一年度持平或下降，員工穩定性有所提高79%of the responding companies stated that their employee turn-over rates remained flat or have declined compared with the previous year.This proportion has been steadily rising for three consecutive years,and the stability of employees

261、 tends to improve.79%的受訪企業表示，其員工流動率與上一年度持平或下降，這一比例已連續三年呈穩步上升趨勢，員工穩定性趨于提高。Figure 55.Top Five human resource priorities for 2025 in China 圖 55.2025 年貴公司在華人力資源前五位首要任務%By percentage 2025 2024Developing employees 員工職業發展Finding,hiring,and on-boarding the right talent合適人才的尋找、招聘和入職Managing employee engageme

262、nt and retaining employees確保員工的積極性和控制流失率Restructuring to meet business needs (e.g.,organization design根據業務需求進行重組（如組織設計）Fostering a diverse and inclusive work environment營造多元化和包容性的工作環境32403339433930333226AmCham Chinas 2025 China Business Climate Survey Report 75Developing employees has become the top

263、 priority in the human resources management of responding companies,followed by managing employee engagement and retaining employees,and organizational restructuring員工職業發展成為受訪企業人力資源管理的首要任務，其次是人才的留任和組織改組 員工職業發展從上一年度的第三位上升為 2025年人力資源管理的首要任務，說明企業更加注重為員工提供發展資源和機會，助力員工個人成長。與此同時，如前文所述，組織轉型和重組成已成為企業人力資源管理面

264、臨的主要挑戰之一，根據業務需求進行重組在企業人力資源管理中的重要性亦進一步上升。Developing employees has been ranked as the top priority in human resources management in 2025,taking the top priority from the third place in the previous year,indicating that responding companies are attaching greater importance to pro-viding employees with

265、more development resources and opportunities to facilitate personal growth.Meanwhile,as mentioned earlier,organizational transformation and restructuring have become primary challenges faced by companies in human resources management;correspondingly,the importance of restructuring accord-ing to busi

266、ness needs has further increased in human resources management.AmCham Chinas 2025 China Business Climate Survey Report 76PrefaceNearly 90%of member companies consider innovation and R&D crucial to their business growth in China,although the challenges related to innovation have increased(Figures 56-

267、57).Concerns about Chinas cybersecurity laws continue to be a significant issue across sectors.In the Tech and R&D sector,82%and 72%of the responding companies reported that data localization requirements and cybersecurity regulations on the protection of critical information infrastructure and impo

268、rtant data have impacted their operations in China(Figure 58).While 33%of responding member companies still perceive comparatively higher risks of IP leakage and IT/data security threats in China,this figure has steadily decreased over the past five years,reflecting the Chinese governments efforts t

269、o strengthen intellectual property protection(Figure 61).Moreover,26%of companies indicated that insufficient intellectual property protection could limit their investment decisions in China(Figure 63).The most significant challenge in the intellectual property space remains the difficulty in pursui

270、ng legal action for IP infringement in court(Figure 64).前 言近 90%的受訪企業認為創新和研發對公司業務在華發展至關重要，但創新上面臨挑戰亦有所上升（圖 56-57）。與網絡安全法相關的問題仍然受到行業普遍關注。在技術和研發行業中，分別有 82%和 72%的受訪企業表示“數據本地化需求”和“保護重要信息基礎設施和重要數據網絡安全規則”對其在華經營造成影響（圖 58）。盡管仍有 33%的受訪會員企業認為在中國面臨更高的知識產權泄露和數據安全風險，但這一比例在過去 5 年呈穩步下降趨勢，反映了中國政府在知識產權保護方面所做的努力（圖 61）

271、。26%的企業表示知識產權保護不足將限制其對華投資決策（圖 63）。難以在法庭上起訴侵犯知識產權的行為成為是企業在知識產權領域面臨的最大挑戰（圖 64）。4.3 Innovation and Intellectual Property Rights 創新與知識產權Figure 56.Importance of innovation/R&D to future growth in China 圖 56.創新/研發對貴公司未來在華發展的重要性%By percentage 182644131822421816254415202343142220451220202021202220232024 Top

272、 priority首要重點 Top three priority前三大重點 Important重要 Not at all important完全不重要AmCham Chinas 2025 China Business Climate Survey Report 77創新和研發始終被企業視為其在華發展的重要因素，這一趨勢在過去五年中保持一致。87%of respondents believe innovation and R&D to be crucial to their business growth in China 87%的受訪企業認為創新和研發對公司業務在華發展至關重要 Innovat

273、ion and R&D have always been regarded by responding companies as a crucial factor for their development in China,and this trend has remained consistent over the past five years.Figure 57.Top Five barriers to increasing innovation in China 圖 57.阻礙創新的前五大障礙%By percentage Increased restrictiveness of da

274、ta privacy-related policies 與數據隱私相關的政策限制增加Concerns around potential US-China tech decoupling圍繞美中可能會科技脫鉤的擔憂Internet censorship and/or the inability to use certain online tools 互聯網監管和使用部分線上工具的阻礙Vague policies and lack of detailed implementation guidelines政策含糊不清，缺乏詳細的執行指導Lack of sufficient Intellectual

275、 Property(IP)protection知識產權保護力度不足29261513242217161515 2025 2024AmCham Chinas 2025 China Business Climate Survey Report 78企業在創新方面面臨更多挑戰，面臨上述主要障礙的企業比例均呈逐年遞增態勢。相較上一年度，互聯網監管今年亦被列為阻礙創新的五大障礙之一。Business concerns have increased across the board,with all but one of the above five barriers experiencing year-o

276、ver-year increases.Internet censorship now ranks among the top five bar-riers to innovation,as opposed to last yearResponding companies cite US-China tech decoupling,restrictive cybersecurity policies,and a lack of sufficient IP protection as the main barriers to increasing innovation in China受訪企業認為

277、，美中科技脫鉤、限制性的網絡安全政策和缺乏足夠的知識產權保護是阻礙創新的主要障礙%By percentage Figure 58.To what degree do the following Cybersecurity Law-related issues negatively affect your companys competitiveness and operations in China？圖 58.以下網絡安全法相關問題對貴公司在華競爭力和運營有多大不利影響?Not at all沒有影響 Somewhat稍有影響 Extremely影響極大Data localization req

278、uirements數據本地化要求125335314821444413304525Consumer消費行業Resources&Industrial資源和工業行業Services服務行業Tech and R&D技術和研發行業20232023202318552740451545411419493120242024202420242023Cybersecurity rules on protection of critical information infrastructure and important data保護關鍵信息基礎設施和重要數據的網絡安全規則274923354916494193741

279、21Consumer消費行業Resources&Industrial資源和工業行業Services服務行業Tech and R&D技術和研發行業20232023202320232847254147124937142948232024202420242024AmCham Chinas 2025 China Business Climate Survey Report 79Cybersecurity Laws have the most significant negative impact on the Tech and R&D sector as well as the Services se

280、ctor(1/3)網絡安全法對科技和創新行業及服務行業的負面影響最為顯著（1/3）與網絡安全法相關的問題仍然是所有行業關注的問題。在技術和研發行業中，盡管較上一年度有所改善，但仍分別有 82%和 72%的受訪會員企業表示“數據本地化需求”和“保護重要信息基礎設施和重要數據網絡安全規則”對其在華經營造成負面影響。值得注意的是，在上述兩方面受到負面影響的服務行業企業比例 2024 年亦明顯上升，分別較上一年度增加了 11 個百分點和 9 個百分點。Issues related to Cybersecurity Laws remain of concern across industries.In

281、the Tech and R&D sector,despite improvements from the previous year,82%and 72%of the responding member companies still indicated that the data localization requirements and Cyberse-curity rules on protection of critical information infrastructure and important data have had negative impacts on their

282、 operations in China.Notably,the proportion of Services sector companies negatively affected in the above two aspects have also increased signifi-cantly this year,rising by 11pp and 9pp respectively compared with the previous year.Figure 59.To what degree do the following Cybersecurity Law-related i

283、ssues negatively affect your companys competitiveness and operations in China？圖 59.以下網絡安全法相關問題對貴公司在華競爭力和運營有多大不利影響?%By percentage Data security/IP leakage as a result of third party reviews因為第三方審查導致的數據安全/知識產權泄露問題Restrictions on hardware and software procurement and other secure and controllable polic

284、ies對硬件軟件的采購限制，及其他安全可控政策 Not at all沒有影響 Somewhat稍有影響 Extremely影響極大3649154148115140945411539412046441056387513811Consumer消費行業Resources&Industrial資源和工業行業Services服務行業Tech and R&D技術和研發行業202320232023Consumer消費行業Resources&Industrial資源和工業行業Services服務行業Tech and R&D技術和研發行業2023202320233145244949524074047132024

285、202420242024202331452445451055368374814202420242024202420231 1AmCham Chinas 2025 China Business Climate Survey Report 80A large majority of Tech and R&D firms are negatively affected by data security/IP leakages and restrictions on hardware and software procurement(2/3)絕大多數科技和研發企業都受到數據安全/知識產權泄露以及硬件軟

286、件采購限制的負面影響（2/3）69%of Tech and R&D responding companies and 63%of Services responding companies believe that third-party reviews have caused data security/IP leakage issues,representing an increase of 5pp and 8pp since last year respectively.Meanwhile,compared with 2023,the proportion of responding c

287、ompanies in the Tech and R&D sector and the Services sector neg-atively affected by restrictions on hardware or software procurement have also risen by 8pp and 11pp respectively.The negative impacts of the above two aspects on the Resources and Industrial sector as well as the Consumer sector have b

288、een eased to some extent.科技和研發行業和服務行業分別有 69%和 63%的受訪企業認為第三方審查造成了數據安全/知識產權泄露，分別較上一年度增加了 5 個百分點和 8 個百分點。與此同時，與 2023 年相比，受硬件或軟件采購限制負面影響的科技和研發行業和服務行業企業比例亦分別上升了 8個百分點 11 個百分點。上述兩方面對資源和工業行業和消費行業的負面影響則有所緩解。Compliance concerns due to vague implementation regulations法規實施不明確引發對合規的擔憂Data privacy regulations數據隱

289、私法規Figure 60.To what degree do the following Cybersecurity Law-related issues negatively affect your companys competitiveness and operations in China？圖 60.以下網絡安全法相關問題對貴公司在華競爭力和運營有多大不利影響?%By percentage Not at all沒有影響 Somewhat稍有影響 Extremely影響極大166124265321384616334126245720424810295219295714Consumer消費

290、行業Resources&Industrial資源和工業行業Services服務行業Tech and R&D技術和研發行業2023202320231960213359844431318602220242024202420242023Consumer消費行業Resources&Industrial資源和工業行業Services服務行業Tech and R&D技術和研發行業20232023202324532340471318631938511120242024202420242023AmCham Chinas 2025 China Business Climate Survey Report 81C

291、oncerns about implementation regulations and data privacy regulations have had negative impacts on different sectors to varying degrees,with the Tech and R&D and Services sector being the most significant (3/3)法規實施不明確和數據隱私法規對各行業造成了不同程度負面影響，其中對科技和研發行業、服務行業影響最為顯著（3/3）Although vague implementation regu

292、lations have generally had a certain degree of ad-verse impact on various sectors,overall,the scope of impact has narrowed compared with the previous year.However,the proportion of affected responding companies in the Services sector has increased significantly compared with 2023,rising sharply by 1

293、5pp.The situation regarding the impact of data privacy regulation on responding companies is similar.The proportion of impacted responding companies in the Services sector has also increased significantly by 11pp compared with 2023.盡管法規實施的不明確對各行業普遍造成了一定程度的不利影響，但總體而言影響面較上一年度有所收窄，僅服務行業受影響企業比例則較 2023 年

294、顯著提高，較 2023 年大幅上升15 個百分點。數據隱私監管對企業的影響方面的與此情況相似，服務行業的受影響企業比例則較 2023 年大幅上升了 11個百分點。Figure 61.IP leakage and IT/data security threats in China 圖 61.在華運營中所面臨的知識產權泄露和信息技術或數據安全危險%By percentage Risks are smaller in China在中國風險更低 Comparable基本持平 Risks are greater in China在中國風險更高7603320245937593856035757362020

295、2021202220234 44 4AmCham Chinas 2025 China Business Climate Survey Report 82Although 33%of the responding companies still believe that they face higher risks of IP leakage and IT/data security in China,this proportion has shown a steady down-ward trend in the past five years,reflecting the efforts m

296、ade by the Chinese govern-ment in IP protection.Meanwhile,responding companies are still facing significant challenges in intellectual property.Therefore,it is necessary to further strengthen intellectual property protection,better safeguard the innovative achievements of enterprises,and achieve the

297、 healthy development of industries.33%of respondents believe that they face greater risks of IP leakage and IT/data security in China,which is the lowest proportion in the past five years33%的受訪會員企業認為在中國面臨更大的知識產權泄露和數據安全風險，為過去五年來最低比例盡管仍有 33%的受訪企業認為在中國面臨更高的知識產權泄露和數據安全風險，但這一比例在過去 5 年呈穩步下降趨勢，反映了中國政府在知識產權

298、保護方面所做的努力。與此同時，受訪企業在知識產權更面臨較大挑戰，應進一步加大知識產權保護力度，更好地保護企業創新成果，實現產業健康發展。Figure 62.In the last year,Chinas enforcement of Intellectual Property Rights(IPR)has:圖 62.在過去一年中，中國在知識產權法律法規執行方面：%By percentage Improved改善 Stayed the same保持不變 Deteriorated惡化 Unsure不確定472825443122363329353233382827202020212022202320

299、244 43 32 23 31 1AmCham Chinas 2025 China Business Climate Survey Report 8332%of respondes stated that Chinas intellectual property law enforcement efforts had improved in the past year 32%的受訪企業表示中國的知識產權執法工作在過去一年有所改善32%of the responding member companies believe that the Chinese government had furthe

300、r im-proved the enforcement of intellectual property law in the past year,and 38%of the responding companies believe the level of intellectual property law enforcement remained unchanged.Over-all,responding companies hold a positive or neutral attitude towards Chinas intellectual property law enforc

301、ement.Meanwhile,3%of the responding member companies consider Chinas intellec-tual property law enforcement to have deteriorated compared with the previous year.32%的受訪會員企業認為中國政府在過去一年進一步改善了知識產權執法工作，38%的受訪企業認為知識產權執法工作水平保持不變，總體對中國的知識產權執法工作呈積極或中性態度。同時，亦3%的受訪會員企業認為中國的知識產權執法工作較上一年度有所惡化。Figure 63.Do concer

302、ns of inadequate intellectual property protection limit your companys investment in China?圖 63.對知識產權保護不足的擔憂是否限制了貴公司在中國的投資？%By percentage Yes是 Unsure不確定 No否20232024263934243641Tech and R&D技術和研發行業Resources&Industrial資源和工業行業Consumer消費行業Services服務行業362639393130393822394912AmCham Chinas 2025 China Busine

303、ss Climate Survey Report 8426%的企業表示知識產權保護不足將限制其對華投資決策，比例較上一年度上升了2個百分點。其中，科技和研發行業中受影響的企業比例最高，達 39%，消費行業中受影響企業的比例則較上一年度明顯上升，漲幅達 8 個百分點。The proportion of companies indicating that inadequate IP protection is a barrier to investment in China increased by 2pp over last year,with 39%of Tech and R&D compan

304、ies holding this concern.The proportion of affected companies in the Consumer sector has increased significantly compared with the previous year,amounting to an increase of 8pp.26%of respondents stated that insufficient intellectual property protection would limit their investment decisions in China

305、.The negative impact on the investment decisions of Tech and R&D companies appears to be the most significant26%的企業表示知識產權保護不足將限制其對華投資決策，其中對科技和研發企業投資決策的負面影響最為顯著Figure 64.Most important IP challenge 圖 64.貴公司面臨的最重大的知識產權挑戰%By percentage 2024 2023Difficulty prosecuting IP infringements in court or via ad

306、ministrative measures難以在法庭上或通過行政手段起訴侵犯知識產權的行為Insufficient protection offered by the text of IP-related laws and regulations相關法律和法規對知識產權提供的保護不足Licensing constraints許可限制IP theft by employees員工竊取知識產權Cybertheft網絡竊取Other其他Expectations of technology transfer arrangements with business partners需向商業伙伴進行技術轉讓

307、的預期3928192961212944871212AmCham Chinas 2025 China Business Climate Survey Report 8539%的受訪企業表示，難以在法庭上起訴侵犯知識產權的行為是其在知識產權領域面臨的最大挑戰，較上一年度大幅增長 11 個百分點。知識產權保護不足仍是受訪企業面臨的重大挑戰之一，但較上一年度有所改善。Difficulty prosecuting IP infringements in court is regarded as the most significant IP challenge for responding compan

308、ies知識產權侵權起訴困難成為是受訪企業面臨的最大挑戰39%of the responding member companies stated that difficulty prosecuting infringe-ments in court has become the biggest IP challenge,which has increased significant-ly by 11pp compared with the previous year.Insufficient IP protection remains one of responding companies ma

309、jor challenges,but it has improved compared with the previous year.Figure 65.How much technology and proprietary knowledge does your company share with its business partners and clients in China compared with those in other overseas jurisdictions outside your home country?圖 65.貴公司在中國與商業伙伴和客戶分享的技術和專利

310、知識的數量，與您所在國之外的其他海外司法管轄區相比如何？%By percentage Much more多很多 Somewhat more多一些 No difference沒有區別 Somewhat less少一些 Much less少很多 We do not share technology and proprietary knowledge with business partners and clients in China我司不與中國的商業伙伴及客戶分享技術和專業知識20232024752664413729744113 3Tech and R&D技術和研發行業Resources&Ind

311、ustrial資源和工業行業Consumer消費行業Services服務行業1512115182681537103 33 337457384066114 44 42 21 1AmCham Chinas 2025 China Business Climate Survey Report 86The willingness of responding companies to share technology and proprietary information with business partners and customers has declined受訪企業與商業伙伴和客戶分享技術或專

312、利信息的意愿有所下降Overall,the willingness of responding member companies to share technology and proprietary information with business partners and customers has declined.The proportion of companies un-willing to share or that have reduced sharing has increased slightly by 2pp.It is worth noting that in the

313、 Tech and R&D sector,although 49%of the responding companies still indicate that they do not share or share less,the proportion of enterprises willing to share a large amount has increased by 2pp compared with 2023.In the Consumer sector,however,the proportion of responding com-panies indicating tha

314、t they do not share or share less has increased by 12pp.總體而言，受訪企業與商業伙伴和客戶分享技術或專利信息的意愿有所下降，表示不愿或減少分享的企業比例小幅上升 2 個百分點。值得注意的是，在科技和研發行業，盡管仍有 49%的企業表示不分享或較少分享，但愿意大量分享的企業比例較 2023年上升了 2 個百分點，而在消費行業表示不分享或較少分享的企業比例則上升了 12 個百分點。Figure 66.Your companys technology or proprietary knowledge was shared 圖 66.貴公司分享技

315、術和專利知識的原因是%By percentage As a voluntary business decision in our companys best interest作為最符合公司利益的自愿商業行為 To(implicitly/explicitly)improve market access prospects為了（潛在或明確地）增強市場準入的前景 As required by joint venture regulations出于對合資企業的要求 Due to informal pressure from business authorities來自商務主管機關非正式的壓力 Othe

316、r其他60211256022106202320243 31 1Tech and R&D技術和研發行業Resources&Industrial資源和工業行業Consumer消費行業Services服務行業13924521422631625531218682 22 23 33 33 3AmCham Chinas 2025 China Business Climate Survey Report 8760%of the responding companies share technology and intellectual property mainly out of con-sideratio

317、n for corporate interests,which is consistent with the situation in 2023.More responding companies hope to expand market access by sharing technology and intellectual property,and the proportion of such companies has increased slightly by 2pp compared with the previous year.Mean-while,some respondin

318、g companies share technology and intellectual property because they are faced with requirements from joint ventures or informal pressure from business authorities.Responding companies sharing of technology and intellectual property is mainly driven by consideration of commercial interests,but it is

319、also affected by factors such as requirements from joint ventures and the expansion of market access 受訪企業共享技術和知識產權主要出于商業利益考量，亦面臨合資企業要求、擴大 市場準入等因素影響60%的受訪企業共享技術和知識產權主要出于公司利益的考量，與 2023 年情況一致。更多企業希望通過分享技術和知識產權擴大市場準入，此類企業占比較上一年度小幅增加 2 個百分點。與此同時，部分企業則因面臨合資企業要求或業務主管部門的非正式壓力而分享技術和知識產權。US-China Relations美中關

320、系5.AmCham Chinas 2025 China Business Climate Survey Report 89PrefaceMost responding companies view positive US-China relations as crucial for business development.This sentiment is particularly strong in the Tech and R&D sector,where 95%of responding companies share this perspective(Figure 67).Howev

321、er,factors such as the US presidential election,shifts in US policies toward China,and frequent countermeasures from both countries have led half of the responding companies to hold a more negative outlook on bilateral relations for 2024representing the highest level of pessimism in the past five ye

322、ars(Figure 68).Looking ahead,responding companies hope that through future bilateral trade negotiations,the Chinese government will further open its market to foreign-invested enterprises,actively engage with the foreign business community,and ensure greater policy consistency across all levels of g

323、overnment(Figure 73).Responding companies also urge the U.S.government to avoid inflammatory rhetoric,reduce tariffs on Chinese goods,and work towards establishing a results-oriented,institutionalized framework for regular bilateral dialogue(Figure 72).前 言絕大多數受訪企業都認為，積極的美中關系對業務發展至關重要。在科技與研發行業，這一比例高達

324、 95%（圖 67）。然而，受美國大選換屆、對華政策調整及美中兩國頻繁采取反制措施等因素影響，今年有半數受訪企業對 2024 年雙邊關系看法趨于消極，為近五年最高水平。（圖 68）。受訪企業期待在未來的雙邊貿易談判中，中國政府能夠進一步向外資企業開放市場、積極與外國商界開展交流互動，并確保各級政府間的政策一致性（圖 73），美國政府能夠避免發表激烈言論，降低對中國商品征收的關稅，并尋求建立以結果為導向的、常態化的雙邊對話機制（圖 72）。123328Figure 67.Importance of positive bilateral relations between the US and C

325、hina to your companys business growth in China 圖 67.良好的美中雙邊關系對貴公司在華業務增長的重要性%By percentage Extremely important極其重要 Not important不重要 Not at all important完全不重要 very important非常重要 Somewhat important比較重要202320245730115428172 21 1Tech and R&D技術和研發行業Resources&Industrial資源和工業行業Consumer消費行業Services服務行業675318

326、47291257301 1113 34 41 11 11 11 1AmCham Chinas 2025 China Business Climate Survey Report 9087%的受訪企業認為積極的雙邊關系對其在華業務極其或非常重要，這一比例較 2023年增加了 5 個百分點。在科技和研發行業，這一比例高達 95%。87%of the responding companies believe that a positive bilateral relation-ship is either extremely or very important to their business g

327、rowth in China,and this proportion has increased by 5pp compared with 2023.In the Tech and R&D sector in particular,this proportion reached as high as 95%.87%of respondents indicated that positive US-China relations are either very important or extremely important to business growth in China87%的受訪企業

328、表示，積極的美中關系對其在華業務增長具有重要影響 Figure 68.2025 outlook on bilateral relations between the US and China 圖 68.2025 年美中雙邊關系展望%By percentage 14355120254536192021134146202330462420242749242022 Will improve將會改善 Will stay about the same將會保持原狀 Will deteriorate將會惡化AmCham Chinas 2025 China Business Climate Survey Re

329、port 91More than half of the responding companies believe that the US-China relationship is at risk of deteriorating in 2025超過一半的受訪企業認為美中關系在 2025 年面臨惡化風險受美國大選換屆、對華政策調整及美中兩國頻繁采取反制措施等因素影響，今年有 51%的受訪會員企業擔心雙邊關系在 2025 年或將繼續惡化，為近五年最高水平。相應地，僅有 14%的受訪企業認為雙邊關系有望改善，為上一年度的一半。Influenced by factors such as the U

330、S presidential election and the change in ad-ministration,adjustments to US-China policies,and the frequent countermea-sures by both the US and China,51%of the responding member companies this year believe that the bilateral relationship may continue to deteriorate in 2025,which is the highest propo

331、rtion in the past five years.Correspondingly,only 14%of the responding companies think that the bilateral relationship is expected to improve,which is only half of that of the previous year.Figure 69.Impact of US-China trade tensions on business strategy 圖 69.美中貿易爭端對貴公司商業戰略的影響%By percentage Localizi

332、ng more production/services/IP in China to access local sales opportunities推動更多產品、服務或 IP 在中國本土化，以獲得本地銷售機會Delaying or canceling China investment decisions推遲或取消投資決策Shifting away from certain industry or customer segments in China與中國的某些行業或客戶群體逐漸脫離Decreasing China investments減少在華投資Adjusting supply chain

333、 by seeking to source components and/or assembly outside China調整供應鏈，在中國境外采購零部件和/或組裝Considering relocation of some or all manufacturing out of China考慮將部分或全部制造業遷出中國222110855343444442230212021141414138Other其它Considering exiting the China market 考慮退出中國市場Adjusting supply chain by seeking to source components and/or assembly outside the US調整供應鏈，在美國境外采購零部件和/或組裝Increasing China investments增加在華投資Considerin