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☆ US is ‘best’ choice for Africa over Russia or China, US Commerce Secretary says
▼ + stars: | 2024-04-29 | by ( Larry Madowo | ) edition.cnn.com time to read: +1 min

Nairobi, Kenya CNN —The United States is the best partner for African nations “without strings attached” but it will not force African nations to choose its partnership over Russia or China, US Commerce Secretary Gina Raimondo told CNN. She spoke on the sidelines of the AmCham Business Summit after meeting Kenyan President William Ruto during her first official trip to Africa. Anti-Western sentimentLike many other African nations, Kenya has deep ties with China, which has funding projects and major infrastructure projects across the continent. Secretary Raimondo addressed the criticism that African nations dislike ‘lectures’ from the US and its European allies about democracy and human rights, and many prefer dealing with China or Russia that don’t make similar demands. Raimondo said the US is coming to Africa “without strings attached,” saying she had brought more than a dozen businesses to the Nairobi summit.

Persons: Gina Raimondo, “, Raimondo, CNN’s Larry Madowo, William Ruto, ‘, Ruto, we’re Organizations: Kenya CNN —, US, CNN Locations: Nairobi, Kenya, United States, Russia, China, Africa

☆ U.S. companies say it's harder to make money in China now than before the pandemic
▼ + stars: | 2024-02-01 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +6 min

Aly Song | ReutersBEIJING — More U.S. companies are finding it harder to make money in China than before the pandemic, raising concerns that businesses may not stay long. "It is concerning when our member companies are not profitable," Michael Hart, AmCham China president, told reporters Thursday. It found that by far, the main reason for respondents to increase investment in China was to remain competitive there. Asked Thursday about those efforts, AmCham China Chair Sean Stein noted the measures incorporate suggestions from foreign business chambers in China, but AmCham would like Beijing "to make more tangible progress." Rising U.S.-China tensions were the top concern for members for a fourth-straight year, the AmCham survey found.

Persons: Aly Song, Michael Hart, Michael Hart AmCham, Hart, Wang Wentao, Sean Stein, Stein, AmCham Organizations: Bund, Reuters, Reuters BEIJING —, American Chamber of Commerce, of Commerce, German Chamber of Commerce, Commerce, U.S Locations: Shanghai, China, Reuters BEIJING, U.S, Beijing, Michael Hart AmCham China

☆ CNBC Daily Open: Hopes sink for March rate cuts
▼ + stars: | 2024-02-01 | by ( Sumathi Bala | ) www.cnbc.com time to read: +2 min

This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Overnight, U.S. stocks were sharply lower after Fed chair Jerome Powell said the central bank likely won't be ready to cut rates in March. China tough place for U.S. firmsMore U.S. companies are finding it tougher to be profitable in China compared to before the pandemic. [PRO] Jefferies top picksAlibaba, ASML are some of Jefferies' "highest-conviction" stock picks to buy.

Persons: Jerome Powell, Hang Seng, Paytm, Michael Hart, Meta's, Victor Lee, Jefferies Organizations: Federal Reserve, New York Stock Exchange, CNBC, Treasury, U.S, American Chamber of Commerce, Qualcomm, Jefferies Locations: New York City, U.S, Asia, Hong Kong, South Korea, India, Mumbai, China

☆ US Envoy Slams Hungarian Govt for 'Disregarding' Interests of NATO Allies
▼ + stars: | 2023-12-05 | by ( Dec. | At P.M. | ) www.usnews.com time to read: +2 min

BUDAPEST (Reuters) - The U.S. envoy to Budapest sharply criticised the Hungarian government on Tuesday for "disregarding" the interests of its NATO allies and strengthening ties with Russia at a time when its allies are isolating it. In a speech at AmCham to U.S. companies that have invested in Hungary, Ambassador David Pressman said Hungary has thrived as a member of the European Union and NATO, allowing companies run successful businesses in the Central European country that joined the EU in 2004. "Yet today, we are increasingly seeing an Ally that relies upon its NATO Allies, but feels comfortable disregarding the interests of those same Allies and our Alliance, including during a time of war in Europe," Pressman said. Sweden's NATO membership is pending ratification byTurkey and Hungary. Budapest opposes Russia's invasion of Ukraine, but Orban has kept up close relations with Moscow - partly due to Hungary's continued energy dependence on Russia.

Persons: David Pressman, Ally, Pressman, Vladimir, Putin, Viktor Orban's, Orban, Orban's, Krisztina, Marguerita Choy Organizations: U.S, NATO, European Union, Central European, EU, NATO Allies, Alliance Locations: BUDAPEST, Budapest, Russia, AmCham, U.S, Hungary, Europe, Ukraine, Washington, Moscow, Turkey

Now "it's like 'plus-10' and then China," he added, with the latter down to providing half of Industry West's products and being trimmed more. China recorded its first-ever quarterly deficit in foreign direct investment in July-September, suggesting capital outflow pressure. But for the first time in the four decades since China opened up to foreign investments, executives are now also concerned about long-term growth prospects. Primavera Capital founder Fred Hu cites mounting macroeconomic uncertainty, a "murky capital market outlook," and lingering concerns over past regulatory crackdowns on high-growth industries such as technology and education. Despite the challenges, foreign investment flows are not unidirectional.

Persons: Jordan England, Nicholas Lardy, England, I'm, Li Qiang's, Li, Michael Hart, Noah Fraser, Fred Hu, Hu, Joe Cash, Ellen Zhang, Kane Wu, Eduardo Baptista, Don Durfee, Kripa Jayaram, Marius Zaharia, Jamie Freed Organizations: China, Reuters, Peterson Institute for International Economics, LONG, Conference Board, China International, Canada China Business Council, Reuters Graphics, Primavera Capital, Tech, Thomson Locations: China, BEIJING, HONG KONG, Southeast Asia, Eastern Europe, Mexico, England, Florida, Washington, Beijing, consultancies, U.S, Asia, Australia, Europe, Hong Kong

☆ China rushes to swap Western tech with domestic options as U.S. cracks down
▼ + stars: | 2023-10-26 | by ( ) www.reuters.com time to read: +10 min

China spent 1.4 trillion yuan ($191 billion) replacing foreign hardware and software in 2022, marking a year-on-year increase of 16.2%, according to IT research firm First New Voice. Two firms awarded the Harbin tenders were subsidiaries of China Electronics Corporation and China Electronics Technology Group Corporation - both heavily targeted by U.S. sanctions. The U.S. Department of Commerce, China Electronics Corporation and China Electronics Technology Group Corporation did not return requests for comment. Despite heavy spending on domestic substitution, however, foreign firms are still dominant suppliers for banking and telecoms database management. Non-Chinese companies held 90% of market share for banking database systems at the end of 2022, according to EqualOcean, a tech consultancy.

Persons: Tyrone Siu, Kendra Schaefer, Mo Jianlei, Eric Zheng, Brenda Goh, Katerina Ang Organizations: REUTERS, Companies Beijing, Reuters, New, Trivium China, Liberation Army, Tech, Chinese Academy of Sciences, BMC, U.S, Cyberspace Security, China Telecommunications Corporation, Qualcomm, U.S . Treasury, Google, Apple, China Electronics Corporation, China Electronics Technology Group Corporation, Microsoft, Adobe, China Tobacco, Microsoft Windows, Chinese Academy of Engineering, European Union Chamber of Commerce, of Commerce, Shanghai, U.S . Department of Commerce, HUAWEI, Huawei, IDC, Financial, Lenovo, HK, Beijing, Thomson Locations: Dongguan, Guangdong province, China, BEIJING, Washington, State, Beijing, Gansu province, Harbin, Xiamen, U.S, American, Shanghai

That means the relationship between the two nations is interlaced and complex and far more nuanced than much of the debate might have suggested. “We need a totally new approach to China,” DeSantis said in the first half hour of the debate. “We’re going to have economic independence from China, where we’re decoupling our economy.”But the two economies are in fact deeply intertwined, and still depend on each other despite rising tension. “The United States will, in certain circumstances, need to pursue targeted actions to protect its national security. “We benefit greatly from access to cheaper products, a wide array of products and products in some cases where China has a technological lead.

Persons: Ron DeSantis, Vivek Ramaswamy, Doug Burgum, ” DeSantis, “ We’re, Janet Yellen, ”, Gina Raimondo, Yellen’s, ” Raimondo, ‘, “, Laxman, Jamie Dimon, Tim Cook, Eric Zheng, Burgum, Vladimir Putin, China —, Biden Organizations: CNN, Florida Gov, North Dakota Gov, Republican, US, Elon, Tesla, Starbucks, JPMorgan, Apple, American Chamber of Commerce, Geological Service Locations: China, ”, United States, Beijing, Shanghai, Moscow, Washington

Such disruptions were a major “push factor” that companies cited in expanding their operations outside China, the survey showed. Foreign companies are on edge following unexplained raids on two consulting firms and a due diligence firm. Foreign investment into China fell 2.7% from a year earlier in the first half of 2023, according to official data. A survey by the British Chamber of Commerce in China found 70% of foreign companies want “greater clarity” before making new investments. Despite the relatively gloomy perspective evinced by the survey, some things have improved, American Chamber of Commerce members said.

Persons: ”, Sean Stein, AmCham, ” Stein Organizations: American Chamber of Commerce, U.S ., Companies, Washington, U.S, “, British Chamber of Commerce, European Union Chamber of Commerce Locations: China, Washington, Shanghai, U.S, Southeast Asia, Mexico

☆ U.S. business optimism about China outlook falls to record low - survey
▼ + stars: | 2023-09-19 | by ( Casey Hall | Thomson Reuters | Casey Has Reported On China'S Consumer Culture Her Base In Shanghai For More Than A Decade | ) www.reuters.com time to read: +3 min

Even after the ending of COVID curbs, which weighed heavily on both revenues and sentiment in 2022, the percentage of surveyed U.S. firms optimistic about the five-year China business outlook fell to 52%, according to the annual survey published by American Chamber of Commerce (AmCham) in Shanghai. This was the lowest level of optimism reported since the AmCham Shanghai Annual China Business Report was first introduced in 1999. "Frankly, if there was one thing that surprised me about the survey this year it was that number," said AmCham Shanghai Chairman, Sean Stein. China has criticised U.S. efforts to block China's access to advanced technology and U.S. firms have expressed concern about fines, raids and other actions that make doing business in China risky. Last month, U.S. Commerce Secretary Gina Raimondo said during a visit to China that U.S. companies have complained to her that China has become "uninvestible".

Persons: Dado Ruvic, Sean Stein, Gina Raimondo, AmCham's Stein, Casey Hall, Alex Richardson Organizations: REUTERS, Rights, American Chamber of Commerce, Shanghai, U.S, Companies, . Commerce, Group, Thomson Locations: China, U.S, Shanghai, Southeast Asia, India, Mexico, Vietnam, Malaysia

☆ US Commerce Secretary Gina Raimondo urges American businesses to keep investing in China (Analysis)
▼ + stars: | 2023-08-30 | by ( Michelle Toh | ) edition.cnn.com time to read: +7 min

Hong Kong CNN —US Commerce Secretary Gina Raimondo urged American businesses to keep investing in China on Wednesday, even after saying some US firms had called the world’s second biggest economy “uninvestable.”Speaking at an American Chamber of Commerce event in Shanghai, the secretary encouraged companies to continue expanding in the country. “The message is to continue to do what you’re doing,” Raimondo told executives. Eric Zheng, president of AmCham Shanghai, told CNN after Raimondo’s appearance that he had not been hearing the term “uninvestable” from businesses on the ground. “In order to be globally competitive, they have to be in this market despite all the challenges.”Warm wordsRaimondo is the first US commerce secretary to visit China in five years. Andy Wong/APThe issue highlights the tightrope the commerce secretary is walking.

Persons: Gina Raimondo, ” Raimondo, Raimondo, Aly Song, ”, Wang Wenbin, Li Qiang, Antony Blinken, Janet Yellen, John Kerry, Eric Zheng, Andy Wong, Wang Wentao, Lifeng, Yellen, Foreign busineses, Chen Jining, Nazak Nikakhtar, Trump, Zheng, “, —, Jadyn Sham, Alex Stambaugh Organizations: Hong Kong CNN — US, American, of, Reuters, Shanghai, Biden, CNN, Covid, US Commerce Department, US Department of Commerce, Foreign, Department, Department of Commerce Locations: Hong Kong, China, Shanghai, Beijing, United States, decouple, “

☆ U.S. commerce secretary's China visit: Raimondo has the 'carrot and the stick,' says AmCham China
▼ + stars: | 2023-08-29 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailU.S. commerce secretary's China visit: Raimondo has the 'carrot and the stick,' says AmCham ChinaMichael Hart, president of the American Chamber of Commerce in China, discusses U.S. Commerce Secretary Gina Raimondo's China visit and explains why she's in an "interesting position."

Persons: Raimondo, Michael Hart, Gina Raimondo's Organizations: American Chamber of Commerce, U.S, Commerce Locations: China, Gina Raimondo's China

☆ Like strongman, like son? Cambodia's Hun Manet makes political debut
▼ + stars: | 2023-07-20 | by ( Clare Baldwin | ) www.reuters.com time to read: +6 min

[1/2] General Hun Manet, son of Cambodia's Prime Minister Hun Sen holds a party flag as he attends a kickoff of an election campaign rally for the upcoming national election in Phnom Penh, Cambodia, July 1, 2023. The political debut of Hun Manet, 45, marks one of the final steps in a decades-long grooming process that is expected to end with him succeeding his father as prime minister. For some, Hun Manet represents a young, fresh face who will further develop Cambodia. He recently hosted Hun Manet as an AmCham guest of honour. In 2019 and 2020, Hun Manet met three foreign leaders, the Lowy Institute think tank said.

Persons: Hun Manet, Cambodia's, Hun Sen, Cindy Liu, Hun, Anthony Galliano, Hun Manet's, liberalize, spokespeople, Hun Sen's, Sam Rainsy, feudalistic, Manet, Lee Morgenbesser, he's, Morgenbesser, I've, –, Clare Baldwin, Kay Johnson, Robert Birsel Organizations: REUTERS, Cambodian, Cambodia People's Party, National Assembly, Cambodia, ASEAN Parliamentarians, Human Rights, Reuters, U.S, New York University, University of Bristol, ABC, Griffith University, Royal Cambodian Armed Forces, Lowy Institute, Thomson Locations: Phnom Penh, Cambodia, Thai, West, Southeast Asia, Western

Yellen is due to meet with Chinese Vice Premier He Lifeng -- her direct counterpart as China's top economic official -- on Saturday, a U.S. Treasury official said. MARKET REFORMSYellen also took aim at China's planned economy, urging Beijing to return to more market-oriented practices that had underpinned its rapid growth in past years. "A shift toward market reforms would be in China's interests," she told the AmCham event. Yellen dismissed the idea of decoupling the U.S. and Chinese economies, nothing that China's enormous and growing middle-class provided a big market for American goods and services. A Treasury official said the vibrant U.S. business community in China was "a living embodiment that we are not decoupling."

Persons: Yellen, Li, Janet Yellen, Li Qiang, Washington, Liu He, Xi Jinping, Yi Gang, Mark Schiefelbein, Yellen's, Michael Hart, BIDEN, Joe Biden, Xi, Antony Blinken, John Kerry, Andrea Shalal, Joe Cash, David Lawder, Catherine Evans, Heather Timmons, Alistair Bell Organizations: China, . Treasury, U.S, Treasury, American Chamber of Commerce, of, People, REUTERS U.S, Economic Cooperation, Thomson Locations: U.S, BEIJING, China, Beijing, United States, Washington, New Delhi, Asia, San Francisco, Ukraine

[1/4] U.S. Treasury Secretary Janet Yellen meets with representatives of the U.S. business community in China in Beijing, July 7, 2023. REUTERS/Thomas PeterBEIJING, July 7 (Reuters) - U.S. Treasury Secretary Janet Yellen on Friday called for market reforms in China and criticized the world's second-largest economy for its recent "punitive" actions against U.S. companies and new export controls on some critical minerals. MARKET REFORMSYellen also took aim at China's planned economy, urging Beijing to return to more market-oriented practices that had underpinned its rapid growth in past years. "A shift toward market reforms would be in China’s interests," the former top U.S. central banker told the U.S. business executives. Yellen noted that China's enormous and growing middle-class provided a big market for American goods and services, and stressed that Washington's targeted actions against China were based on national security concerns.

Persons: Janet Yellen, Thomas Peter BEIJING, Yellen, Liu He, Xi Jinping, Yi Gang, Premier Li Qiang, Yellen's, Michael Hart, Joe Biden, Xi, Antony Blinken, John Kerry, Washington, Andrea Shalal, Michael Perry, Toby Chopra Organizations: . Treasury, REUTERS, U.S, American Chamber of Commerce, Treasury, Premier, BIDEN, Economic Cooperation, Thomson Locations: China, Beijing, United States, Washington, U.S, TEEING, New Delhi, Asia, San Francisco, Ukraine

☆ As growth stalls for the U.S. and China, Blinken talked up economic ties in high-stakes Beijing trip
▼ + stars: | 2023-06-21 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +4 min

Leah Millis | Afp | Getty ImagesBEIJING — Secretary of State Antony Blinken underscored the importance of the economic aspects of the bilateral U.S.-China relationship during his high-stakes trip to Beijing earlier this week. The German Chamber of Commerce in China said that during her Beijing trip, Baerbock visited German company Flender, a gearbox manufacturer. Chairman Colm Rafferty and Vice Chair Roberta Lipson attended the meeting with Blinken on behalf of AmCham China. Slowing growthRegulatory challenges aside, a more pressing issue for businesses is slower economic growth in China and the U.S. in the last few months. He said the growth of major economies such as China is in the U.S. interest and described the economic relationship as "vitally important."

Persons: Antony Blinken, Xi Jinping, Leah Millis, Blinken, Michael Hart, Hart, Annalena Baerbock, Baerbock, Colm Rafferty, Roberta Lipson, AmCham, Xi, Gabriel Wildau, Teneo, Central Foreign Affairs Office Wang Yi, Qin, Trump, Yellen, Joe Biden, it's, Biden Organizations: of, People, Afp, Getty, BEIJING —, State Department, American Chamber of Commerce, CNBC, German, of Commerce, The U.S . Department, State, Communist, Central Foreign Affairs Office, Qin Gang, U.S . Federal Reserve Locations: Beijing, BEIJING, U.S, China, AmCham China, The, China U.S, Taiwan

☆ Inside China's spy war on American corporations
▼ + stars: | 2023-06-21 | by ( Eamon Javers | ) www.cnbc.com time to read: +6 min

Top intelligence and law enforcement officials in Washington are issuing a stark warning to American companies: The Chinese government wants to replace you. Asked whether the Chinese government wants to compete with or eliminate American companies, FBI Director Christopher Wray told CNBC: "Well, their definition of competing, I think, involves embracing the idea of eliminating." The paid-in foreign investment reached 127.69 billion yuan, up 14.5% year on year. Foreign companies including US investors have been upbeat about the China market and plan to expand in China. Former GE engineer David Zheng and GE Aerospace also declined to comment.

Persons: Christopher Wray, Sen, Marco Rubio, Rubio, Mark Warner, …, Warner, Xu Yanjun, Xu, James Olson, Xu Yanjun's, David Zheng, – CNBC's Katherine Liu, Bria Cousins, Laura Measher, Wally Griffith Organizations: CNBC, American, Democrat, World Trade, Ministry of State Security, GE, Boeing, Honeywell, GE Aviation, FBI, CIA, American Chamber of Commerce, Business Environment, US Department of Commerce, GE Aerospace Locations: Washington, America, U.S, China, Nanjing, Cincinnati, South China, reinvest

☆ Singapore and Hong Kong had a head start as business hubs but South Korea evolved fast: AmCham Korea
▼ + stars: | 2023-05-10 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailSingapore and Hong Kong had a head start as business hubs but South Korea evolved fast: AmCham KoreaJames Kim of the American Chamber of Commerce in Korea says South Korea is a "great country" for foreign investors.

The revision is likely to heighten concerns of foreign individuals, such as academic researchers or journalists, and businesses about visiting or operating in China. “Something like a local government budget you could broadly define as relating to national security, or even food security,” he said. “Researchers definitely need to be careful.”China says its laws related to national security and espionage are meant to safeguard the country. “Even with this amendment we still don’t understand what kind of document constitutes a national security issue,” he added. Chinese authorities did not offer details about both cases, including the reason for the crackdown, but analysts say the move is likely to further spook foreign businesses operating in China.

☆ Micron case causing concern for US companies in China, business chamber says
▼ + stars: | 2023-04-26 | by ( ) www.reuters.com time to read: +2 min

SHANGHAI, April 26 (Reuters) - Leaders from a top U.S. business lobbying group said on Wednesday that Beijing's probe against U.S.-based chipmaker Micron Technology Inc (MU.O) marked a "major concern" for other companies operating in the country. "It is a major concern because China lacks transparency in many conventions of law and policy, and this is one," Ross said. The survey results showed respondents were more optimistic about the business outlook in China compared to the previous survey conducted in late 2022, before the government lifted COVID-19 controls. Michael Hart, president of AmCham China, said the survey showed that American companies feel the overall environment for investment in China is becoming less predictable than before. Micron has said it would cooperate with the probe and that its shipments and operations in China remain unaffected.

☆ Boao Forum: Li Qiang says China 'confident and capable' of hitting 2023 growth targets
▼ + stars: | 2023-03-30 | by ( Laura He | ) edition.cnn.com time to read: +4 min

The forum often promotes itself as “Asian Davos” and Li is tasked with reviving the world’s second largest economy at a time of sluggish growth. China, he said, will roll out new measures to boost domestic consumption and increase market access for foreign business while ensuring the stability of the financial sector. (Photo by AFP) / China OUT (Photo by STR/AFP via Getty Images) Stringer/AFP/Getty ImagesThe Boao Forum for Asia has been held annually since 2001, but was suspended in 2020 because of the pandemic. But the problems have been exacerbated by the Communist Party’s erratic and draconian zero-Covid policy, which ended late last year, and a sweeping crackdown on private business. To boost business confidence, China’s new economic leadership is trying to reassure both foreign business and the domestic private sector.

Such efforts to attract foreign investment come as the pandemic and geopolitical tensions push companies to diversify their supply chains away from China. The Commerce Ministry said Thursday that for the first time, it would launch events for an "Invest in China Year." Apple later said the Zhengzhou factory disruptions would delay deliveries of some iPhone 14 models. He also noted "serious challenges" to attracting foreign investment. Those include unfair competition with local players in China due to industrial policies, lack of legal protection for foreign business in China and geopolitical risks, Wang said.

☆ U.S. businesses in China are more pessimistic about prospects -survey
▼ + stars: | 2023-03-01 | by ( Casey Hall | ) www.reuters.com time to read: +1 min

SHANGHAI, March 1 (Reuters) - U.S. businesses operating in China are increasingly pessimistic about their prospects in the world's second-largest economy, according to a survey released Wednesday by the American Chamber of Commerce in China. For the first time in the 25-year history of AmCham China's business sentiment survey, a majority of responding companies said China is no longer seen as a "top three investment priority". Most said they were revising China investment plans to invest the same or less overall in the country, though the vast majority also reported no plans to relocate their operations out of China completely. Rising U.S.-China tensions remain the top business challenge, cited by 66% of respondents, while 65% of members said they were "unsure or uncertain" that China will further open to foreign investment. Almost half of the American businesses surveyed said they feel less welcome in China than they did a year ago.

☆ More US firms in Taiwan say they’re seeing ‘significant disruption’ due to rising tension with China
▼ + stars: | 2023-02-09 | by ( Eric Cheung | ) edition.cnn.com time to read: +2 min

Taipei CNN —The number of companies in Taiwan saying they’re experiencing business disruptions due to rising tensions between Taipei and Beijing has almost doubled, according to the American Chamber of Commerce in Taiwan. An annual survey, which polled 214 member firms in Taiwan, showed that the number of companies reporting “significant disruption” rose from 17% to 33% between August and December 2022, the chamber said Tuesday. China’s ruling Communist Party has increasingly exerted its territorial claims over democratic Taiwan, a self-governing island, despite having never controlled it. Almost half of the companies that the chamber surveyed said they’re developing contingency plans in response to the heightened tension. “For companies in Taiwan, cross-strait relations are very important,” Kristie Hsu, a director at Taiwan’s Chung-Hua Institution of Economic Research, told CNN.

☆ U.S. firms in Taiwan making 'contingency' plans amid China tensions
▼ + stars: | 2023-02-07 | by ( ) www.reuters.com time to read: +2 min

TAIPEI, Feb 7 (Reuters) - Almost half of companies surveyed by the American Chamber of Commerce (AmCham) in Taiwan are revising or plan to revise their business continuity plans amid tensions with China, while a growing number reported being impacted by those strains. China, which views democratically-governed Taiwan as its own territory, has been stepping up military drills across the Taiwan Strait since then-U.S. House Speaker Nancy Pelosi visited Taipei in August. "We are aware that companies are either initiating or renewing their planning efforts, operational contingency planning. We know that's going on," AmCham Taiwan President Andrew Wylegala told reporters. Reporting by Faith Hung; Editing by Ben Blanchard and Raju GopalakrishnanOur Standards: The Thomson Reuters Trust Principles.

Airlines are drawing up plans to expand their services but ordinary Chinese and travel agencies suggest that a return to anything like normal will take some time. But an immediate surge in international travel is not widely expected. According to VariFlight data, international flights to and from China are at 8% of pre-pandemic levels. Weighing on many people's travel plans is the wave of COVID-19 infections now sweeping China, Liu said. One of the fastest bouncebacks is expected to be in international business travel.

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