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1、1? ? ?Table of Contents ? 2At the end of 1997the year when Hong Kong was returned to China and in the midst of the Asian Financial Crisisa precursor of the Business Climate Survey generated a list of members top five concerns about doing business in China:1. Restrictions on the scope of business2. L

2、ack of transparency of rules and regulations3. Inconsistent enforcement of rules and regulations4. Difficulty hiring Chinese employees5. High import tariffs and taxesTwenty years on, it would be easy to think little has changed. But of course the China of today bears little resemblance to that of 19

3、97. Its economy, now more than 10 times bigger, has greatly diversified and is creating cutting-edge technologies in the industries of the future. China is now a member of the World Trade Organization, the worlds second-largest economy and by far the worlds largest exporter. It is the largest foreig

4、n holder of US debt, one of its biggest trading partners and an increasingly influential source of foreign direct investment.Therefore, as we review the data from this, the 20th, edition of the Business Climate Survey, it is more important than ever to keep in mind the context, lest we misinterpret

5、what our members are experiencing in this increasingly complex operating environment.Regarding the economy, there is cautious optimism that the “new normal” rate of growth is sustainable for the foreseeable future, providing opportunities for business to expand. It is still hard to realize outsized

6、margins in China, but for many companies the outlook is generally positive.Nevertheless, the survey continues to paint a troubling picture of the regulatory environment in China. The best that can be said of this years data is that there appears to be a bottoming out of sentiment from the very low l

7、evels plumbed over the past few years. For example, despite an uptick from the previous year, an astounding 75% of members still feel increasingly unwelcome, reflecting the persistence of perceptions among foreign-invested companies that they are not treated equally with their domestic competitors.

8、When talking about context, it is also necessary to recognize that some sectors, such as consumer products, feel the heavy hand of government much less than those connected with the governments most distorting industrial policies, like those listed in the Made in China 2025 initiative.In terms of th

9、e US-China relationship, pessimism seems to be receding. However, once again, these results need to be viewed with caution, as the survey was conducted just as US President Donald Trump was visiting China, which may have influenced perceptions of where the relationship is heading. Major imbalances i

10、n the commercial relationship between the US and China remain, and it is hard to see how they can be redressed without generating further friction between the two sides. How to reduce the friction? AmCham China consistently promotes a fair and reciprocal relationship. This means building trust throu

11、gh the enactment and even-handed enforcement of laws and regulations regardless of shareholder nationality. It means continuing to promote development through a more open investment environmentit is still the case that countless companies are not included in our survey because they are excluded from

12、 participation in Chinas economy. It also means stimulating innovation through the protection of intellectual property rights, transparent setting of standards and rational management of data storage and flows.When we come to publish the 40th edition of the Business Climate Survey, I sincerely hope

13、that the Chinese economy has moved on as quickly as it has since the first edition was published. But we should not have to be talking about the same issues we did 20 years ago. There will always be challenges and areas of disagreement, but by offering our candid assessment of the environment in whi

14、ch our members operate, we hope to contribute to the healthier and more sustainable development of Chinas economy.William Zarit Chairman, AmCham China January 2018Chairmans Message3? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ?4This years Business Climate Survey captures the sentiment of global businesse

15、s operating in China at a critical moment in US-China relations. Conducted from late October to late November of 2017, it reflects a mood of cautious optimism coincident with President Donald Trumps first state visit to China, and immediately following Chinas 19th Party Congress. Respondents are mor

16、e confident about Chinas commitment to open its economy than they were at this time last year. Members also had a generally positive outlook for US-China bilateral relations. Some 36% believe relations between the two countries will improve in 2018, a figure much higher than last years 17%, and poss

17、ibly influenced by the perceived success of Trumps visit to China and that of President Xi Jinpings earlier trip to the US (see chart 1).Revenue and profits are up among respondents and the digital economy appears especially strong. There are challenges as well, however. Native Chinese companies are

18、 increasingly formidable competitors and talent retention is increasingly difficult. At the same time, long-time concerns remain, including unclear and inconsistently enforced laws and regulations and foreign companies continued sense of being less welcome in China than before.2017 performance snaps

19、hot: Strong growth in revenue and profits 2017 was a good year financially for many members. Some 64% of member companies reported revenue growth in 2017, up from 58% last year and 55% in 2015. Results were especially strong in the Industrial & Resources and Consumer sectors. A record-low 7% reporte

20、d a revenue decline (see page 5, chart 2). Profitability is climbing too, with nearly three-quarters of respondents reporting that they are profitablethe highest proportion in three years. More than half report expanding EBIT margins. Continued growth in domestic consumption and a rising middle clas

21、s were important drivers of growth, perhaps further amplified by government policies to stabilize the economy before the 19th Party Congress.Executive SummaryWhat is your outlook on bilateral relations between China and the US for 2018?您認為 2018 年中美雙邊關系的前景如何？020%40%60%80%100%20182017364816331750 Will

22、 deteriorate? Will stay about the same? Will improve?Chart 1 ? ?5? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ?How does the estimated 2017 revenue of your China operations compare with 2016 results?2017 年貴公司在華業務的經營收入預計與 2016 年相比有何變化？ Down? Comparable? Up?Chart 2 ? ?66211365287Technology and other R

23、&D-intensive industries?6922956359Services?49331862299Consumer?43332476168Industrial & Resources?020%40%60%80%100%201620172016201720162017201620176Business climate: Companies are cautiously optimistic, but predicting the future is growing harderWill the good growth continue? The signs are mixed. Aft

24、er several years of an increasingly pessimistic outlook, optimism and confidence in growth rebounded among members in 2017. This bullish stance includes a prediction of 6.3% GDP growth in 2018, higher than the 2017 prediction of 6.1%, but below the actual reported growth of 6.9%. Nearly 6 in 10 comp

25、anies rank China among their top three investment priorities (an improvement from 2016, but still below the historical average). And 46% of respondents are confident the government will further open Chinas market to foreign investment within the next three years, up from 34% last year (see chart 3).

26、On the other hand, regulation remains a concern for many, and 75% of member companies continue to feel foreign companies are less welcome in China than they have been in the past. Similar to the prior two years, respondents continued to cite inconsistent regulatory interpretation, unclear laws and e

27、nforcement, and rising labor costs as their top two challenges. This year, regulatory compliance risks rose to be the third-greatest challenge. A shortage of qualified employees and increasing Chinese protectionism round out the top five challenges. Although there are a number of positive signs, unc

28、ertainty seems to have increased this year. “To have a very good understanding of what is happening in China is increasingly a challenge,” one member-company executive said. “If you ask 1,000 people, you get 1,000 different interpretations.” Investment outlook: Regulation and enforcement dampen enth

29、usiasmDespite the challenges and uncertainty, China continues to loom large on the investment agenda for most member companies. One-third of members plan to expand their investment in China by more than 10% in 2018 (see page 7, chart 4).Across the economy, domestic Chinese firms are a growing force,

30、 competing for both market share and top talent. Members voiced concerns that unequal enforcement of regulations and preferential treatment of domestic companies may be tipping the competitive balance toward domestic firms, hurting their results. Last year, members were concerned about a resurgence

31、of protectionism in China. This year, that worry has been replaced by increasing concern about compliance and enforcement. For the first time since we Chart 3 ? ?Are you confident that the Chinese government is committed to further opening Chinas market to foreign investment in the coming three year

32、s?您是否相信中國政府在未來三年將進一步向外資開放市場？020%40%60%80%100%20172016463717263440 No? Unsure? Yes?7? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ?2256157284912113147157205815721481911204824819442710223434102237319200920102011201220132014201520162017020%40%60%80%100%How does China rank in your companys near-term globa

33、l investment plans?中國在貴公司近期全球投資計劃中的重要性如何 ? Not a high priority? Top three priority? First priority? One among many destinations?Chart 4 ? ?8began surveying our membership in 1997, compliance and enforcement made the list of the top challenges companies expect to face in 2018. While enforcement of la

34、ws like environmental standards is socially beneficial, some worry that enforcement is uneven and has become a more subtle version of protectionism, with foreign companies bearing more than their share. Some 46% of companies continue to feel foreign companies are treated unfairly compared to local c

35、ompanies, with some members asserting in interviews that they are more likely to undergo tax audits or reviews of work permits or visas than local rivals, down, however, from 55% last year. For global companies in China, operating “by the book” often seems to involve a book still being written.Incre

36、ased regulatory fairness, predictability and greater transparency are the steps respondents say would have the greatest impact on their level of investment in China. Specific reforms members would like to see include greater access to officials and consistent implementation of national policies at t

37、he local level. Half of respondents said that the steps most needed to help foreign business in China are the creation of a level playing field and investment reciprocity. Industry outlook: A rebound for the Industrial & Resource sectorConcerns remain about a “two-speed China,” a business environmen

38、t in which Technology and other R&D-intensive industries and Consumer sectors grow well while other sectors find less success. In 2017, 64% of companies enjoyed a rise in revenue, with the strongest growth coming from the Industrial & Resources sector. More than three-quarters (76%) of those compani

39、es reported higher revenue in 2017, compared with 43% in 2016. Looking forward, Industrial & Resources sector members expect strong demand in environmental protection to continue supporting growth. Consumer was the second-strongest sector. Some 62% of those companies enjoyed higher revenue, compared

40、 with 49% the year before. Technology and R&D-intensive companies are the most optimistic about 2018. More than three-quarters (77%) expect industry market growth of 5% or more. It is also important to note that Technology is the sector most concerned about unfair treatment of foreign companies comp

41、ared with local companies (see chart 5). How are foreign companies in your industry treated by government policies and enforcement relative to local companies?您所在行業的外資企業在政府政策和執法方面的待遇與本地企業相比如何 ? Foreign companies receive preferential treatment vs. local companies? Foreign companies are treated equall

42、y vs. local companies? Foreign companies are treated unfairly vs. local companies?020%40%60%80%100%4647737451842526Technology and other R&D-intensive industries?Services?Consumer?Industrial & Resources?59383Chart 5 ? ?9? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ?10Digital breakoutDi

43、gital technologies have been a big story in China for some time, and 2017 added to the momentum. China is a large market, with massive amounts of data to be collected, analyzed and mined for opportunities by both Consumer and Industrial players. The central government has placed a high priority on a

44、ccelerating Chinas digital economy as well. In the press, the digital story in China often revolves around consumer opportunities. In this survey, 67% of Consumer companies see China as either the leading edge of digital technology in their field or more advanced than other markets. Beyond Consumer,

45、 however, respondents across industries report digital as an important focus. More than half (52%) of executives say their companies have adopted more advanced digital technology in China than in other markets, a big jump from 37% last year (see page 11, chart 6).Firms will keep investing in innovat

46、ion. More than 90% of respondents say innovation in China is important. Tempering that is the fact that many US companies remain cautious about bringing intellectual property (IP) developed abroad into the country. They fear that requirements like source code review could endanger the value of their

47、 innovations. Over 50% of member companies still believe IP leakage and data security threats are higher in China than elsewhere, and 27% say a lack of sufficient IP protection is a barrier to increased innovation. Members are closely watching as additional regulations in the name of cybersecurity a

48、nd related concerns emerge to more tightly regulate newer technologies such as cloud computing. The huge opportunity for digital in China is clear and members want to participate, but they want to do so on a level playing field, knowing they can safely develop IP in China and then export it to other

49、 markets, and vice versa. Implications for business leadersFacing a market with so many uncertaintiesand domestic competitors that continue to grow strongerforeign companies must increase their organizational agility in China. This is needed to grasp opportunities in innovation and digital and to be

50、 able to respond to rapid and unpredictable changes in the regulatory and competitive environments. New organizational models and ways of working are likely to become an imperative in the next chapter of growth for foreign businesses in China. To compete in this new era, foreign businesses will need

51、 to become more agile. In addition, the cost of attracting talent in China, already rising, will continue to climb. Besides the rising labor costs facing all companies, foreign businesses are feeling the sting of increased competition from domestic competitors. Once viewed as the most attractive emp

52、loyers, multinationals today are often at a disadvantage when competing for local talent, losing out to local start-ups and mid-sized firms that can promise faster growth and offer compelling career opportunities. In this years survey, 45% of respondents report domestic competitors are more attracti

53、ve to job hunters, up from 36% last year. To sustain their growth, foreign companies will need to develop a new deal for local talent. Implications for policymakersRespondents are clear that a strong bilateral relationship between China and the US is important for business growth. One-quarter of res

54、pondents see some type of treaty between the two countries as the single most valuable step the US government could take to improving American firms ability to operate in China. Rising costs and changes in the regulatory environment are the prime reasons 23% of respondents say they have moved or pla

55、n to move capacity out of China. Nearly half of those are moving to developing Asia, and 22% to the US. For their part, Chinese regulators have an opportunity, too, to build transparency and equity into their rules and enforcement. Those steps would improve confidence in the market and unlock increa

56、sed foreign investment.There is both good news and caution in the report that follows. We hope that this analysis of AmCham China member company perspectives will help both policy leaders and business executives navigate in the year ahead.11? ? ? ? ? ? ?How does your companys adoption of digital tec

57、hnologies in China compare with your companys adoption of digital technologies in other markets globally? 貴公司在華采用數字技術與在全球其他市場采用數字技術相比如何？ China is behind other markets? China is on par with other markets? China is more advanced than most markets? China is our leading-edge digital market?1411020%40%60

58、%80%100%38321618201726452016Chart 6 ? ?122018 Survey Methodology / ? ?This survey was conducted between October 23 and November 26, 2017, and was sent to 849 member company representatives, of which 411 completed a significant portion. Their responses form the basis of this report.Survey respondents

59、 represent large, medium and small-sized enterprises from a broad range of industries, and many are global in nature. Further analysis was conducted on four industry segments Technology and other R&D-intensive industries, Services, Consumer (both product and services), and Industrial & Resources. Th

60、e same methodology was used as that followed in previous years in order to ensure consistent analysis and to shed more light on the issues and opportunities our members face.? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ?Revenue (2017 USD estimate) 預計收入 （2017 年， 美元）40%27%33%More than 100 million? ?10 million to 100

61、 million? ? ? ?Less than 10 million? ?Number of employees 雇員數量Large employers (more than 1,000)? ?Small employers (less than 250)? ?Large employers (250 to 1,000)? ? ? ? ?37%24%39%?Director of government relations or public relations department? ? ?Director/functional leader of other department (HR

62、Director, Finance Director, Sales Director, COO, etc.)?Senior-level country manager (CEO, VP, GM, Managing Director, Chief Representative)?63%13%7%16%Respondents position 受訪者職位13Most respondents are global in nature, and China makes up at least a 10% share of global revenue for almost 50% of member

63、companies? ? ? ?Where does your company have a legal presence? Please check all that apply.貴公司在哪個國家設有法律實體？請選擇所有適用選項Global (China+US+Outside China and US)? ? ?Outside China and US only? ? ?China+Outside China and US? ? ?China+US?51%21%9%5%3%11%10% to 25%? ? ?What percentage of your global revenues is

64、 China expected to account for in 2017?2017 年貴公司的在華業務在全球營收中占多大比例？10%? ?50% or more? ?25% to 250), with 83% reporting a net profit for the year, compared with 57% of small employers.? ? ? ? ? ?How does the estimated 2017 revenue of your China operations compare with 2016 results?2017 年貴公司在華業務的經營收入預計與

65、 2016 年相比有何變化？81910201171131620127110192013612217201455222320155826166428720162017020%40%60%80%100% Down ? Comparable? Up? Large loss? Loss? Breakeven? Profitable? Very profitable?020%40%60%80%100%20119671942012968131011682062013962161212014667161012015658241122017201695919112517More than 50% report

66、ed an expansion in China business EBIT margins? ? ?For members, 2017 margins in China improved compared with margins in the rest of the world? ?More than half of respondents reported their business in China was more profitable in 2017 than it had been in 2016, primarily due to overall business growt

67、h.? ? ? ? ?In 2017, 73% of respondents reported EBIT margins in China that are higher than, or comparable to, margins in the rest of the world. That is an increase from 64% in 2016.? ? ? ?How do the estimated 2017 EBIT margins of your China operations compare with those of 2016? 貴公司 2017 年在華業務的息稅前利潤

68、率預計與 2016 年息稅前利潤率相比如何？ Comparable?Down ? Up ?11%51%38%020%40%60%80%100%2744302243352350272143362014201520172016 Lower? Comparable? Higher?How do the EBIT margins of your China operations compare with your companys global margins in 2017?2017 年貴公司在華業務的息稅前利潤率預計與全球息稅前利潤率相比如何？18Revenue growth varied by

69、sector. Industrial & Resources led, with 76% of respondents from that sector saying revenue climbed in 2017, a strong rebound from 2016 spurred by a big upswing in infrastructure spending unlocked in part by the appointment of new officials in many project leadership positions. Industrial companies

70、say the outlook is likely to remain favorable under the direction set during the recent Party Congress. Revenue for the Consumer sector was up too, but the Services and Technology sectors remained stable, with larger segments reporting comparable revenue year over year.2017 was an especially strong

71、year for the Industrial & Resources sector? ?How does the estimated 2017 revenue of your China operations compare with 2016 results?2017 年貴公司在華業務的經營收入預計與 2016 年相比有何變化？ Down? Comparable? Up?By Sector ?020%40%60%80%100%66211365287Technology and other R&D-intensive industries?6922956359Services?4933186

72、2299Consumer?43332476168Industrial & Resources?20162017201620172016201720162017? ? ? ? ? ?19Members expect a favorable environment for growth in 2018, with an average GDP growth prediction of 6.3%. More than half of respondents think their industry will grow more than 5% in 2018, with 19% predicting

73、 double-digit growth.Technology and other R&D-intensive industries remain the most optimistic sector. Industrial & Resources has gained remarkable confidence, with 45% of respondents in that sector forecasting growth above 5%, compared with just 25% of respondents last year.Growth in domestic consum

74、ption and a rising middle class are driving growth across all industries in China. Environmental protection, digital technologies, e-commerce and globalizing Chinese companies are among the factors that will have an outsized impact on certain sectors. Respondents continue to prioritize organic growt

75、h and fewer respondents this year expect to prioritize reduction in costs.Good growth predicted for 2018, driven for many by an expanding, consumption-minded Chinese middle class? ?Section II ?Growth Opportunities in China? ? ? ? ? ? ? ? ? ?20Growth Outlook?More than half of respondents think their

76、industry will grow 5% or more in 2018, with 19% predicting double-digit growth? ?Members forecast 2018 GDP growth of 6.3%, slightly more optimistic than last years 6.1% prediction, but a bit below current expectations of credit rating agencies, banks and some other surveys. Chinas National Bureau of

77、 Statistics recently announced that Chinas economy grew 6.9% in 2017.? ? ? ? ? ? ? ? ? ? ?25th50th75th100thPercentileSurvey average?6.3%What is your companys forecast for Chinas GDP growth rate in 2018?貴公司預計 2018 年中國 GDP 增長率是多少？02%4%6%8%10%What is your or your companys forecast for your industrys ma

78、rket growth in 2018 vs. 2017?您或貴公司預計2018年行業市場增長與2017年相比如何？020%40%60%80%100%933361362018324271030201754 20% 10 to 20% 5 to 10% 0 to 5% Flat ? 0% ?Members forecast GDP growth of 6.3% in 2018? ? ? ? ? ?21Technology and other R&D-intensive industries remain the most optimistic. Industrial & Resources ha

79、s gained remarkable confidence, with 45% of related respondents forecasting growth at or above 5%, compared with just 25% last year.? ? ? ?What is your or your companys forecast for your industrys market growth in 2018 vs. 2017?您或貴公司預計 2018 年行業市場增長與 2017 年相比如何？By Sector ?020%40%60%80%100%3333 20% 10

80、 to 20% 5 to 10% 0 to 5% Flat ? 0% ?Technology and other R&D-intensive industries?Services?Consumer?Industrial & Resources?191442194195318620172018262928131037351342017201842032325759412910620172018133131184414363392017201831122631313241864162796361564010545503386138402040173317331717175038295526333

81、33369325185040%20%60%80%100%25752957142213353097318103933102620602030301391722676662318 20% 10 to 20% 5 to 10% 0 to 5% Flat ? 50% 2150% 1120% 110% No investment expansion planned?Investment is expected to recover in 2018, but growth will remain much slower than historical levels? ?After several year

82、s of contraction, more companies are expanding investment, but not at the growth rates of a decade ago. ? ? ?36In the past three years, has your company moved capacity outside China? What is the most important reason for moving capacity outside China? 在過去的三年中，貴公司是否曾向中國境外轉移過產能？貴公司決定向中國境外轉移產能最關鍵因素是什么？

83、No (not planning to move)?No (but planning to move)?Yes ?Rising costs, including labor costs in China?Strategic reprioritization of other countries?Concerns about an uncertain policy enviroment?Expectation of faster-growing markets in other geographies?Difficulties competing against local competitor

84、s?Expectation of slower growth in China?Market access barriers or policies that disadvantage foreign companies?3318111176320%10%040%30%12%11%77%Some 23% of members have moved or plan to move capacity out of China? ?Rising costs and strategic reprioritization of other countries are two key reasons.?1

85、5% for Industrial & Resources? ?37If you answered “yes” or “plan to move,” to which regions have you moved or do you plan to move capacity? Please select all that apply.如果選擇 “是”或者“有計劃”，貴公司已經或計劃向哪些地區轉移產能？請選擇所有適用選項Notes: 87 respondents answered this question; Q23c is only asked to respondents that ans

86、wered “Yes” or “No, but planning to move” in Q23a; Developed Asia includes Korea, Japan, Taiwan, Australia, etc.; Developing Asia includes India, Vietnam, Thailand, Indonesia, Malaysia, etc.? ? ? ? ? ?Most members moving capacity are relocating to elsewhere in Asia or the US?Developed Asia?18%Develo

87、ping Asia?49%US?22%EU?9%Mexico or Canada?8%Decrease from 37% for North America in 2017 Survey? ? ?38Those who plan to invest less in 2018 than they did in 2017 cited reasons such as cost, growth expectations, uncertainty about policy, local competition and barriers to market access.? ? ? ? ? ? ? ?Me

88、mbers cite rising costs as the top reason they plan to slow growth in their China investment?If your planned increase in investment in 2018 is LOWER than it was in 2017, this is due primarily to: (Please select only one)如果貴公司 2018 年的投資增幅低于 2017 年，主要是因為？ ( 只選一項 )37%63%Higher investment increase in 20

89、18 vs. 2017? ? ? ?Lower investment increase in 2018 vs. 2017? ? ? ?Expectation of slower growth in China or existence of faster-growing markets in other geographies?25% of respondents in the Consumer sector chose uncertain policy environment? ?26% of respondents in the Technology sector chose market

90、 access? ?Market access barriers or government policies that disadvantage foreign companies in your sector?Rising costs, including labor?Concerns about uncertain policy environment?Difficulties competing against local competitors?Strategic reprioritization of other countries?Other?252215131285020%10

91、%30%40%39Business Challenges ?Negative feeling is shaped by protectionism, decreasing dependency and intensifying local competition?Member companies continue to feel foreign businesses are less welcome in China than they once were?778175231925201520162017020%40%60%80%100% More welcome than before? L

92、ess welcome than before?Do you feel foreign businesses are more or less welcome in China than before?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 ?“As China has become more developed, it has become less dependent on foreign goods, services, technology; and more reliant on and protective of local industries, technology

93、, innovation, etc.”2018 China BCS, China Representative in Technology/Telecommunication Services industry? ? ? ? ? ? ? ? ? ?“Chinese customers are becoming less dependent on US technologies as the result of strengthened local companies which the government seems to prefer over others.”2018 China BCS

94、, Senior Country Manager in Energy industry? ? ? ? ? ?“In 2nd and 3rd tier cities in China, foreign investment is still welcomed by local governments as it can create jobs and contribute tax revenues. But in 1st tier cities, since US clients would not move high profit margin business to China for IP

95、 infringement concerns, they dont see the kind of support that was common ten or twenty years ago.”2018 China BCS, Chief Representative in Legal Services? ? ? ? ? ? ? ? ? ? ? ?“Actually I think China will continue to welcome foreign investment but doesnt care as much about individual investors contr

96、ibution to the market, because there are now many domestic players in the same field.”2018 China BCS, Senior Country Manager in Retail and Distribution industry? ? ? ? ? ? ? ?40Regulatory compliance ranked as one of the top challenges facing businesses in China?Please rank your top five business cha

97、llenges in China請選出對貴公司在華業務影響最大的五個商業挑戰：?201320142015201620172018Rising labor costs?44%Rising labor costs?46%Rising labor costs?61%Inconsistent regulatory interpretation and unclear laws? ? ?57%Inconsistent regulatory interpretation and unclear laws? ? ?58%Inconsistent regulatory interpretation and u

98、nclear laws? ? ?60%Inconsistent regulatory interpretation and unclear laws? ? ?38%Inconsistent regulatory interpretation and unclear laws? ? ?39%Inconsistent regulatory interpretation and unclear laws? ? ?47%Rising labor costs?54%Rising labor costs?58%Rising labor costs?56%Shortage of qualified empl

99、oyees?35%Shortage of qualified employees?37%Shortage of qualified employees?42%Obtaining required licenses?29%Increasing Chinese protectionism?32%Regulatory compliance risks?(37%)Corruption?30%Shortage of qualified management?31%Shortage of qualified management?32%Shortage of qualified employees?29%

100、Shortage of qualified management?30%Shortage of qualified employees?32%Shortage of qualified management?30%Obtaining required licenses?31%Increasing Chinese protectionism?30%Industry overcapacity?29%Obtaining required licenses?29%Increasing Chinese protectionism?32%New to top 5 (from No. 8 in 2017)?

101、Inconsistent regulation and enforcement as well as rising labor costs, a shortage of qualified employees and increasing protectionism remain top concerns.? ? ? ?41There is widespread agreement on the biggest challenges to doing business in China?Expanded list of 2018 top challenges ? ?1? ? ?60%2Risi

102、ng labor costs?56%3Regulatory compliance risks?36%4Shortage of qualified employees?32%5Increasing Chinese protectionism?32%6?28%7Shortage of qualified management?26%8Internet access quality and/or censorship?23%9Unfair or onerous taxes?21%10Industry overcapacity?21%11Requirements to comply with Chin

103、ese standards or inability to participate in standards setting? ? ?21%12Intellectual property rights infringement?20% 50% 2550% 25%42?Inconsistent regulations and enforcement, rising labor costs and regulatory compliance risks are top challenges across sectors?Technology and other R&D-intensive indu

104、stries 技術與其他研發行業Services?Consumer?Industrial & Resources ? ? ?57%? ? ?66%Rising labor costs?63%? ? ?60%Rising labor costs?51%Rising labor costs?54%? ? ?54%Rising labor costs?51%Increasing Chinese protectionism?50%Shortage of qualified employees?41%Shortage of qualified employees?42%Regulatory compli

105、ance risks?42%Regulatory compliance risks?42%Regulatory compliance risks?36%Difficulty obtaining required licenses?34%Industry overcapacity?32%Difficulty obtaining required licenses?42%Increasing Chinese protectionism?32%Regulatory compliance risks?33%Increasing Chinese protectionism?29%Please rank

106、your top five business challenges in China請選出對貴公司在華業務影響最大的五個商業挑戰：By Sector ?Note: In 2018, “inconsistent regulatory interpretation and unclear laws” includes “inconsistent/unclear laws” and “inconsistent enforcement”? ? ? ? ?43Regulatory Environment ?Close to half of respondents still feel they are

107、being treated unfairly when it comes to Chinas policies and enforcement?Consumer company members are the least likely to experience unfair treatment.?The Technology sector reports the highest percentage of unfair treatment?How are foreign companies in your industry treated by government policies and

108、 enforcement relative to local companies?您所在行業的外資企業在政府政策和執行方面的待遇與本地企業相比如何？020%40%60%80%100%46459201755402016 Foreign companies receive preferential treatment vs. local companies? Foreign companies are treated equally vs. local companies? Foreign companies are treated unfairly vs. local companies?5Ho

109、w are foreign companies in your industry treated by government policies and enforcement relative to local companies?您所在行業的外資企業在政府政策和執行方面的待遇與本地企業相比如何? Foreign companies receive preferential treatment vs. local companies? Foreign companies are treated equally vs. local companies? Foreign companies are

110、 treated unfairly vs. local companies?By Sector ?020%40%60%80%100%4647737451842526Technology and other R&D-intensive industries?Services?Consumer?Industrial & Resources?5938344Market restrictions and unfair enforcement of rules and regulations are members primary complaint?More than half of responde

111、nts agreed that restrictions on market participation and enforcement of rules and regulations reflect how their companies are treated unfairly compared with local companies. This sentiment is shared across all sectors.?Prohibitions/restrictions on market participation? ? ?Enforcement of rules and re

112、gulations?Government financial support/subsidies (e.g., R&D support, input costs)? ? ? ? ?Licensing requirements?Public procurement regulations and behaviors?Ownership/JV requirements? ? ?IPR protection?Access to favorable financing terms?Customs procedures?Other?555236352924211495020%40%60%In which

113、 areas do you think your company is treated unfairly compared with local companies? Select all that apply您認為您的公司在哪些方面與當地的公司相比，受到了不公平的對待？選擇所有適用選項。Prohibitions on market participation and enforcement of rules are among the top 3 areas across sectors?45Confidence is growing that the Chinese market will

114、 become more open?46% of respondents are confident that the Chinese government will further open Chinas market, up from 34% last year. Still, more than half of respondents were unsure or doubted that further opening will occur.? ?There is mixed sentiment toward the Chinese governments opening up of

115、the market?“China will further open up. We see progress on the establishment of Free Trade Zones and the Negative List is getting shortened.”2018 China BCS, Senior Country Manager in Financial Services industry? ? ? ? ? ?“Statements are made on Chinas commitment to further opening its markets to for

116、eign investments but some local governments actions are counter to these statements.”2018 China BCS, Senior Country Manager in Healthcare Products industry? ? ? ? ? ? ? ?“We see numerous policies that hamper foreign-invested companies, and also major market distortions being permitted in order to fo

117、rce technology transfer.”2018 China BCS, Senior Country Manager in Agribusiness? ? ? ? ? ?020%40%60%80%100%20172016Are you confident that the Chinese government is committed to further opening Chinas market to foreign investment in the coming three years?您是否相信中國政府在未來三年將進一步向外資開放市場？463717263440 No? Un

118、sure? Yes?46In the last five years, Chinas enforcement of IPR has:過去五年間，中國在知識產權法律法規的執行方面：861420149192015020%40%60%80%100%20162017955964 Deteriorated? Improved or stayed the same?Almost all members agree that IPR enforcement has been stable or improving in recent years?62% of respondents said Chinas

119、policy development and communication process has become more transparent in the last five years.?Most members acknowledge Chinas efforts to improve the transparency of its policy development and communication process?How has the transparency of Chinas policy development and communication process cha

120、nged in the last 5 years?過去五年間，中國政策發展和溝通過程的透明度如何變化 ?8%1%9%53%28%Significantly decreased?Significantly increased?Remained the same?Decreased?Increased?47Technology and Services companies are the most pessimistic about Chinas regulatory environment?While optimism that Chinas regulatory process will be

121、come more open has increased, 73% of companies remain either neutral or pessimistic about the overall environment.? ?How would you describe your two-year business outlook on Chinas regulatory environment? 貴公司對今后兩年的監管環境有何展望 ? By Sector ?020%40%60%80%100% Pessimistic? Slightly pessimistic? Neutral? Sl

122、ightly optimistic? Optimistic?Technology and other R&D-intensive industries?Services?Consumer?Industrial & Resources?933332134222124201720182033301421342713201720181837231985203824112017201820372318726361714201720183332148HR Challenges and Priorities ?Please select your top three human resources cha

123、llenges. 請選出貴公司目前面臨的三大人力資源挑戰。65% of respondents include rising salary and wage expenses among their top three human resources challenges.?Rising costs of labor and social benefits and difficulty terminating employees remain the top human resources (HR) challenges?2015201620172018Rising salary and wa

124、ge expenses?46%Rising salary and wage expenses?62%Rising salary and wage expenses?65%Rising salary and wage expenses?65%Difficulty attracting skilled executive/managerial staff? ?46%Cost of social benefits?34%Cost of social benefits?45%Cost of social benefits?41%Cost of social benefits?25%Difficulty

125、 attracting skilled executive/managerial staff? ?33%Difficulty terminating employees?28%Difficulty terminating employees?32%?49More than 90% of respondents expect labor costs to increase in 2018? ? ? ?Employee turnover is on the rise?While 22% expect average labor costs per employee to rise more tha

126、n 10%, 72% anticipate the increase will be less than 10%.? ? ? ? ?One-third of members report that rates of employee turnover were higher in 2017 than 2016.? ? ? ?What is your expectation for how much your average labor costs per employee will change in 2018 vs. 2017?您預計 2018 年貴公司的人均勞動力成本與 2017 年相比有

127、何變化？020%40%60%80%100%722018191968107201733 20% 10 to 20% 0 30%56% Tianjin chapter members pick Tianjin? ?58% Wuhan chapter members pick Hubei? ?40% Northeast chapter members pick Liaoning? ?58Bilateral Relations ?How important are positive bilateral relations between China and the US to your busines

128、s growth in China?良好的中美雙邊關系對貴公司的在華業務增長有多重要？201520162017020%40%60%80%100%231337281433518314032235 Not at all important? Not important? Somewhat important? Very important? Extremely important?A growing majority of members believe positive bilateral relations between China and the US are critical?Posit

129、ive bilateral relations are important to all sectors?78% said it was “extremely” or “very” important, up from 64% in 2015.? ? ? ? ? ? ?56% of respondents from the Technology and other R&D-intensive industries said positive bilateral relations are extremely important to their business growth in China

130、.? ?How important are positive bilateral relations between China and the US to your business growth in China?良好的中美雙邊關系對貴公司的在華業務增長有多重要？By Sector ? Not at all important? Not important? Somewhat important? Very important? Extremely important?140381214020%40%60%80%100%2403716415627114383622Technology an

131、d other R&D-intensive industries?Services?Consumer?Industrial & Resources?59This survey, conducted at the time of the 19th Party Congress and President Trumps visit, found members with a much more positive outlook on bilateral relations?36% of members felt bilateral relations will improve in 2018, m

132、uch higher than 2017s 17%. More than 80% said relations will improve or stay the same.? ? ? ? ? ?What is your outlook on bilateral relations between China and the US for 2018?您認為 2018 年中美雙邊關系的前景如何？020%40%60%80%100%20182017364816331750 Will deteriorate? Will stay about the same? Will improve?60Strong

133、er support and actions on trade and investment are the steps the US government could take to best help foreign business in China?010%20%30%Advocate more strongly for a level playing field for US businesses in China?Apply investment reciprocity as an approach to improve market access in China?Pursue

134、a new multilateral regional free trade and investment agreement that includes the US?Provide more assistance to US companies in China (commercial support, negotiation assistance, etc.)? ? ? ?Conclude negotiations on a high-standard Bilateral Investment Treaty (BIT)? ?Encourage and support more Chine

135、se investment in the US?Accommodate Chinas foreign policy interests in Asia?Advocate stricter enforcement of Chinas existing trade and investment agreements?Be tougher with China on foreign policy interests in Asia?27191412109421Advocating for a level playing field and applying investment reciprocit

136、y are among the top 3 actions across sectors?What top action can the US government take to help foreign businesses in China?美國政府能采取什么首要行動來幫助在華的外國企業 ? Actions to create a level playing field? Action on regional free trade agreement? Other trade - and investmentrelated actions? Other actions? Bain & C

137、ompany is the management consulting firm that the worlds business leaders come to when they want results.Bain advises clients on strategy, operations, technology, organization, private equity and mergers and acquisitions. We develop practical, customized insights that clients act on and transfer ski

138、lls that make change stick. Founded in 1973, Bain has 55 offices in 36 countries, and our deep expertise and client roster cross every industry and economic sector. Our clients have outperformed the stock market 4 to 1.What sets us apartWe believe a consulting firm should be more than an adviser. So

139、 we put ourselves in our clients shoes, selling outcomes, not projects. We align our incentives with our clients by linking our fees to their results and collaborate to unlock the full potential of their business. Our Results Delivery process builds our clients capabilities, and our True North value

140、s mean we do the right thing for our clients, people and communitiesalways.Bain in Greater ChinaBain was the first strategic consulting firm to set up an office in Beijing in 1993. Since then Bain has worked with both multinationals and local clients across more than 30 industries. We have served ou

141、r clients in more than 40 cities in China and now have three offices in the Greater China region, covering Beijing, Shanghai and Hong Kong. About AmCham ChinaThe American Chamber of Commerce in the Peoples Republic of China is a non-profit, non-governmental organization whose membership comprises mo

142、re than 3,300 individuals from 900 companies operating across China. The chambers nationwide mission is to help American companies succeed in China through advocacy, information, networking and business support services. AmCham China is the only officially recognized chamber of commerce representing American business in mainland China. With offices in Beijing, Tianjin, Dalian, Shenyang and Wuhan, AmCham China has more than 50 working groups, and holds more than 250 events each year. For more information, visit: www.amchamchina.org