Pictured here is a Foxconn factory in Zhengzhou city on Sept. 4, 2021.
Vcg | Visual China Group | Getty Images
BEIJING — China is pulling out all the stops to keep multinationals like Apple and its supplier Foxconn in the country.
Such efforts to attract foreign investment come as the pandemic and geopolitical tensions push companies to diversify their supply chains away from China.
For the first time in 25 years, the American Chamber of Commerce in China found that less than half the respondents to its annual survey ranked China as a top three investment priority. The number of companies which are considering or starting to relocate their manufacturing and sourcing outside of China rose by 10 percentage points from a year ago, the survey found.
The majority of respondents don’t plan to relocate their supply chains, the AmCham report said.
The survey was conducted last fall, and results hadn’t changed significantly since China ended its stringent Covid controls, AmCham said. China’s Commerce Ministry didn’t respond to a request for comment.
After such a drop in sentiment, China is working hard to keep foreign businesses investing — and supporting domestic growth. The Commerce Ministry said Thursday that for the first time, it would launch events for an “Invest in China Year.”