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China General Chamber of Commerce - USA Releases its 9th Business Survey Report on Chinese Enterprises in the U.S.
New York, NY, On June 30, 2022, China General Chamber of Commerce - USA (CGCC) and CGCC Foundation released their 2022 Annual Business Survey Report on Chinese Enterprises in the U.S. The launch event convened nearly 200 guests from the U.S.-China business communities at Hyatt Regency Washington on Capitol Hill in Washington, D.C.
In its ninth consecutive year, the report details the experiences and sentiments of Chinese companies in the U.S., based on responses from 111 companies and a select number of executive interviews.
According to this year’s survey results, company performances have stabilized and slowly recovered from disruptions since the pandemic. Company satisfaction of the U.S. investment and business environment has rebounded, but the results vary in sectors. Energy, materials, financials, and IT companies indicated the highest level of satisfaction and expansion.
While companies continue to be optimistic about their opportunities in the U.S., that optimism is in decline due to sustained trade disruptions, an increasingly uncertain regulatory environment, difficulty attracting and retaining talent, and the U.S.-China relationship in a stalemate. More companies reported dimmed expectations of the future U.S.-China bilateral and economic relationship.
Peter Reisman, Co-Chair of the CGCC Government and Public Relations Committee, Chief Communications Officer & Managing Director at Bank of China U.S.A.
Emceed by Peter Reisman, Co-Chair of the CGCC Government and Public Relations Committee, Chief Communications Officer & Managing Director at Bank of China U.S.A., the launch event opened with remarks from CGCC Vice-Chair, Chair of the ICBC US Region Management Committee Jianyu ZHANG.
Jianyu ZHANG, CGCC Vice-Chair, Chair of the ICBC US Region Management Committee
“As the largest independent, non-partisan, non-governmental chamber of commerce connecting American and Chinese enterprises in the U.S., we hope this survey will continue to act as a valuable reference for both the business community and policymakers in the U.S. and China,” remarked Zhang.
Zhang’s remarks were followed by a presentation from Abby LI, Director of Corporate Communication and Research at CGCC where she shared highlights from the report and various key findings. “An already challenging situation continues to worsen for many Chinese companies here in the U.S. Most respondents to this survey had suffered some sort of impact from the recent tumultuous circumstances,” said Li.
Abby LI, Director of Corporate Communication and Research at CGCC
The 2022 survey also features insights into areas of Legal and Compliance and Brand and Trust. Results found that although most companies have a general compliance policy, some specific compliance programs are lacking at most firms. The complexity of U.S. laws and regulations and potential conflicts of rules between the U.S. and China are the top challenges for Chinese firms. As Chinese companies continue to invest in elevating their brands as part of a continuation of their U.S. operations, results found that companies are taking actions on societal issues to raise brand awareness and earn the trust of the market. However, the areas of focus are not entirely aligned with topics of concern to the U.S. public discourse.
“CGCC will continue to monitor sentiment from the U.S.-China business community closely and share insights with decision-makers to facilitate a fast recovery from the pandemic-driven health and economic crisis,” remarked Li.
Lu CAO, Managing Director in the Corporate and Investment Bank at J.P. Morgan; James SHIH, Head of Global Projects & Legal at SEMCORP Group; Paul Nash, Chief Compliance Officer at ICBC New York Branch and Former Senior Deputy Comptroller of the OCC; and Linhua GUAN, CEO of Surge Energy America
The launch event concluded with a panel discussion featuring Linhua GUAN, CEO of Surge Energy America, James SHIH, Head of Global Projects & Legal at SEMCORP Group, and Paul Nash, Chief Compliance Officer at ICBC New York Branch and Former Senior Deputy Comptroller of the OCC. Moderated by Lu CAO, Managing Director in the Corporate and Investment Bank at J.P. Morgan, the panel delved deeper into some of the survey’s key themes such as brand and trust and legal and compliance. In the context of these two themes, panelists shared their experiences in leading roles at Chinese companies in the U.S., including challenges faced, and advice for Chinese companies looking to expand in the U.S.
CLICK HERE to read the full survey report
CLICK HERE to view photos from the event
CLICK HERE to watch the event program
About CGCC
Founded in 2005, the China General Chamber of Commerce – U.S.A. (CGCC) has been recognized as the largest and most influential non-profit organization representing Chinese enterprises in the U.S. As an independent, non-partisan, non-governmental chamber of commerce, CGCC provides a broad range of programs, services, and resources to over a thousand multinational members across the U.S., with a mission to create value, generate economic growth, and enhance cooperation between the U.S. and Chinese business communities.
About CGCC Foundation
Established in 2014, CGCC Foundation is a 501(c)(3) tax-exempt organization. The mission of CGCC Foundation is to deepen mutual understanding and cooperation between the United States and China through research, public charity and engagement in economic, cultural and social exchanges.