On 17 July, we had the pleasure of presenting the exciting findings from the Business Confidence Survey 2024. Thanks to Klaus Zenkel from European Union Chamber of Commerce in China and Laurent Doucet from Roland Berger, we had the chance to gain valuable insights into the challenges and opportunities for European businesses in China. We would also like to thank our President Johannes Hack, for moderating the session and sharing his perspective.
Key takeaways:
- Economic and Market Challenges: Concerns over the Chinese economy's slowdown and its impact on profitability. Businesses’ more pessimistic outlook risks leading them to take actions that could exacerbate China’s economic downturn.
- Market Access and Regulatory Barriers: Despite 45% of businesses reporting market openings, regulatory issues remain a significant hurdle, with 58% missing opportunities due to these constraints. The need for better government communication and transparency, especially regarding the Greater Bay Area plan, was highlighted.
- Strategic Adjustments: Companies are adapting by cutting costs and revaluating investments to navigate the current economic landscape. The European Chambers are committed to supporting businesses through these developments and advocating for improved market conditions.
While some findings presented challenges, it's important to note the renewed engagement and signals that the Chinese government intends to improve the business environment.
We would also like to thank the The European Chamber of Commerce in Hong Kong for co-organizing the event. It was fantastic to see guests from various European chambers, including the Belgium-Luxembourg, Dutch, French, Greek, Italian and Swedish Chambers, demonstrating the strong interest and relevance of the future of business in China to everyone involved.
Big thanks to all attendees for making this event a success! Looking forward to more engaging discussions in the future.
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