British Business in China: Post-COVID Recovery Survey 2023 在华英国企业:2023年疫后复苏调查

2023, April 25
British Business in China: Post-COVID Recovery Survey 2023 在华英国企业:2023年疫后复苏调查 25th April 2023

British Business in China:

在华英国企业:

Post-COVID Recovery Survey 2023

2023年疫后复苏调查

 

The British Chamber of Commerce in China conducted a ‘Post-COVID Recovery Survey’ in order to pulse the impact of China’s shift away from dynamic zero-COVID controls has had on British businesses and their outlook of the China market. This survey, conducted between 4 April and 17 April 2023, received over 110 responses, from start-ups (6%) and SMEs (51%) to multinational corporations (43%), and represents the views of British businesses in China operating across the country and in a variety of different industries. It provides a clear picture of the shift in sentiment pre- and post reopening, as well as the impact that COVID-19 has had on revenue projections, attitudes, and investment plans for the coming years in China. 

中国英国商会的《疫后复苏调查》旨在评估中国调整疫情防控政策对英国企业的影响,以及企业对中国市场前景的展望所发生的变化。2023年4月4日至17日进行的《在华英国企业:疫后复苏调查》,收到了超过110份问卷,受访者来自初创公司(6%)、中小企业(51%)和跨国企业(43%),代表了来自各行各业的在华英国企业的观点。该项调查清晰地展现了中国市场重新开放前后企业商业信心的变化,以及新冠疫情对企业未来几年的在华营收预测、对中国市场的态度和投资计划的影响。 

Key takeaways 

关键信息 

  • Prior to reopening, 43% of businesses report having a pessimistic outlook for the 2023 financial year. The results show a significant shift in this following reopening, with 76% reporting being more optimistic in their outlook following China’s announcement of relaxation on restrictions. 
  • 在中国市场重新开放之前,43%的企业表示对2023财年的市场前景感到悲观。调查结果显示,中国市场重新开放后,企业的态度发生了明显变化,在中国宣布放宽限制后,有76%的企业表示对未来前景的乐观程度上升。 
  • Greater access to international and domestic travel is driving this optimism, alongside greater opportunities for client engagement in China. 
  • 国际和国内出行的进一步开放,以及与中国客户交流的机会增多,均提高了企业的乐观情绪。 
  • 84% of respondents reported that China remains an important part of their businesses’ long-term (5 years and beyond) strategy although, of those, 27% are unsure about their long-term outlook for their sector in the Chinese market. 
  • 84%的受访者表示,中国依旧是企业长期(5年及5年以上)经营策略的重要组成部分,尽管这当中有27%并不确定所在行业在中国市场的长期前景。 
  • The next biggest challenges that businesses expect to face post COVID:
  • 企业预计在疫后面临的最大挑战包括:
    • 1. Geopolitical issues (90% – ranging from US-China relations, UK-China relations, Taiwan / Strait relations, Russia-Ukraine war)
    • 1. 地缘政治问题(90% – 包括中美关系、中英关系、台海关系、俄乌冲突)
    • 2. Navigating regulatory uncertainty (67% – uncertainty and lack of transparency in China’s regulatory environment, compliance with local laws and regulations, navigating China’s data security regulations including on cross-border data transfers)
    • 2. 监管不确定性(67% – 中国的监管环境存在不确定和不透明性,在遵守地方法律法规,遵守中国的数据安全规定,例如跨境数据传输规定等方面尚存在不确定性)
    • 3. Economic prospects (63% – both China’s economic prospects, and global economic prospects)
    • 3. 经济前景(63% – 中国经济前景和全球经济前景)
  • Participants remain divided about the future of China’s economic outlook. 
  • 受访者对中国未来经济前景的看法依旧存在分歧。 

 

A more optimistic outlook

更乐观的前景

COVID-19 had significant impacts for foreign businesses operating in China. In our British Business in China: COVID-19 Impact Report, April 2022, 98% of businesses reported a negative impact to their operations: with 32% of respondents reporting very severe impacts, 42% reporting a large impact and 24% reporting a small impact. 

新冠疫情对在华外资企业产生了严重影响。2022年4月发布的《在华英国企业:新冠疫情的影响调查报告》显示,98%的受访者表示业务受到负面影响:32%的受访者表示受到非常严重的影响,42%表示受到严重影响,24%表示受到小幅影响。 

 

The results from our Post-COVID Recovery Survey indicate a significant shift of sentiment amongst foreign businesses operating in China. 43% of respondents reported they were pessimistic prior to China’s announcement of its reopening, with only 21% optimistic in their outlook. Post-reopening, 76% of respondents reported more optimism in their outlooks with 60% of businesses reporting being ‘somewhat more optimistic’ about the new business environment, and 16% ‘significantly more optimistic’. 

我们今年的《疫后复苏调查》结果显示,在华外资企业的情绪发生了显著变化。在中国宣布重新开放之前,有43%的受访者对未来前景持悲观态度,仅有21%的受访者持乐观态度。中国宣布重新开放之后,76%的受访者表示对未来前景更乐观,其中有60%的企业表示对新营商环境“一定程度上更乐观”,有16%的企业表示“明显更乐观”。 

 

This optimism is no doubt, in part, driven by reports of increasing revenue. Of those who were more optimistic, 26% reported that their revenue had already returned to pre-pandemic levels in 2022 and 24% expect for this to occur at some point within this fiscal year. The majority expect their revenue to return to pre-pandemic levels by the end of 2024 (28%).

毫无疑问,企业感到乐观的主要原因是营收增长。在对未来前景感到更乐观的企业中,有26%表示2022年的营收已经恢复到疫情之前的水平,有24%的企业表示其营收将在本财年某个时间点恢复到疫情之前的水平。大多数企业预计,企业营收将在2024年底恢复到疫情之前的水平(28%)。

 

Drivers of optimism 

令企业感到乐观的因素 

In April 2022, our COVID-19 Impact Report highlighted that travel restrictions were a primary concern for British businesses: 43% of businesses reported that essential staff were unable to travel within China and 69% reported that COVID-19 related travel restrictions had negatively impacted their ability to recruit foreign talent. It is therefore unsurprising that the primary driver for increasing optimism in 2023 stems from the government’s decision to relax restrictions on travel, with 59% of those reporting a more positive outlook attributing this to easier domestic and international travel. This is closely linked to the value that businesses’ place on the ability to establish new client relationships, reaffirmed by 51% of respondents from that same sample. 

2022年4月,中国英国商会发布的《新冠疫情的影响调查报告》强调,出行限制是英国企业最担心的问题之一:43%的企业表示重要员工在中国境内无法出行,有69%的企业表示,与疫情有关的出行限制对企业招募外籍人才造成了负面影响。因此,不出意外,在此次的调查报告中,企业表示,2023年政府放宽出行限制的决定成为了令他们感到更乐观的主要因素——在对未来前景感到更乐观的企业中,有59%将态度的变化归因于更便利的国内和国际出行。这与企业重视建立新客户关系的能力密切相关,有51%的受访者再次强调了该因素的重要性。 

The long-term outlook 

长期前景 

Positive sentiment amongst British businesses also appears to be extending into a largely optimistic long-term outlook, with 63% of participants reporting that they have an ‘optimistic long-term outlook’ for the future of their sector in China. This is higher amongst those respondents who report being more optimistic following reopening (75%), however 22% are unsure about the long-term.

英国企业的积极情绪似乎也延续到了对未来的长期乐观展望中,有63%的受访者表示对行业在中国市场的未来“长期前景持乐观态度”。在中国市场重新开放后感到更乐观的受访者看好长期前景的比例更高(75%),但有22%的受访者对长期前景持不确定态度。

An optimistic long-term outlook amongst British businesses in China is driven by a growing enthusiasm for China’s market potential (86%), ongoing market opening (54%) and increasing demand (42%). 

在华英国企业对长期前景感到乐观的主要原因包括日益看好中国市场的潜力(86%)、市场开放持续深化(54%)和需求增长(42%)。 

 

Optimism not translating into action

乐观的情绪尚未转化成行动

Despite shifting sentiment, optimism is not yet being translated into action. 

虽然企业的情绪有显著改善,但乐观的情绪尚未转化成实际决策中的变化。 

Only 29% of overall respondents report that they plan to increase investment in their Chinese mainland operations this year, with the majority (54%) reporting they will not be changing their investment plans. However, this does rise slightly to 35% for those who reported being more optimistic for the coming year following reopening. Nonetheless, this “wait-and-see” approach is in line with the results from our British Business in China: Sentiment Survey 2022-23 which indicated that 30% of businesses were planning on increasing investment in mainland China in the 2022-23 financial year. 

仅有29%的受访者表示计划今年对中国大陆业务增加投资,大多数(53%)受访者表示不会改变其投资计划。然而,在中国重新开放后对明年感到更乐观的企业,增加在华投资的比例小幅提高到35%。这种“观望”的态度,与《在华英国企业:2022-2023年度商业信心调查报告》的结果一致,该商业信心调查报告显示,30%的企业计划在2022-2023年增加在中国大陆的投资。 

 

Nonetheless, plans to increase investment have risen in stark contrast to last April, where in April 2022 only 2% of businesses reported plans to increase investments. However, businesses’ willingness to increase investment still remains far below pre-pandemic levels of investment, where 60% of businesses were planning to increase investment in their operations in mainland China in our British Business in China: Sentiment Survey 2019.  

然而,计划增加投资的受访者比例提高,与去年形成了鲜明对比,在2022年4月,仅有2%的企业表示计划增加投资。但企业选择增加投资的比例依旧远低于疫情之前的水平。《在华英国企业:2019年度商业信心调查报告》显示,有60%的企业计划增加对中国大陆业务的投资。 

 

Still a mixed picture 

喜忧参半 

Not all respondents reported an optimistic outlook towards the post-COVID-19 business environment, however, with 22% of industry participants indicating a neutral (14%) or even more pessimistic (8%) outlook for 2023 since China’s announcement of its reopening and relaxation of COVID-19 protocols. 

并非所有受访者均对疫后的营商环境持乐观态度。自从中国调整优化防控措施以来,有22%的受访者对2023年中国市场的经营前景持中立(14%)甚至更悲观(8%)的态度。 

Of those who indicated a neutral perspective towards the business environment in 2023, the results suggest that China’s uncertain economic outlook (60%) is a strong contributing factor, alongside geopolitical concerns (53%). This is a similar story for those who remain pessimistic, with 56% of those indicating a pessimistic outlook also expressing concerns about China’s economic outlook and 44% also reporting concerns regarding the state of geopolitics. 

调查结果显示,受访者对2023年的营商环境持中立态度的主要原因,是中国不确定的经济前景(60%),其次是地缘政治问题(53%)。这与受访者依旧持悲观态度的原因类似。在持悲观态度的受访者中,有56%对中国的经济前景感到担忧,还有44%表达了对地缘政治状况的担忧。 

 

China’s regulatory environment and policy goals

中国的监管环境和政策目标

Industry participants have reacted positively to the Chinese Government’s most recent relaxation of COVID-19 controls. However, the survey results also indicate a greater appetite amongst British businesses in China for more transparency in China’s regulatory environment, with a third of respondents (33%) who expressed a more pessimistic outlook of 2023 stating that a lack of transparency in China’s policy environment continued to drive this negative outlook. 

各行业的受访者对中国政府最近放宽疫情防控的决策反响积极。但调查结果也表明,在华英国企业希望中国的监管环境继续提高透明度,在对2023年的发展前景感到更悲观的受访者中,有三分之一(33%)表示,中国的政策环境不透明依旧是其态度消极的原因之一。 

 

Furthermore, more than a quarter (28%) of all businesses reported that uncertainty and a lack of transparency in China’s regulatory environment was one of the three greatest challenges they were facing post COVID. As such, the survey results suggest that greater clarity from the government on how it intends to shape the post COVID business environment spending would be greatly welcomed by British businesses. 

此外,在所有受访者中,有超过四分之一(28%)表示,中国不确定和不透明的监管环境是其在疫后面临的三大挑战之一。因此,调查结果建议政府进一步阐明将如何优化营商环境,这将受到英国企业的热烈欢迎。 

 

Lianghui laid the foundations for foreign businesses to play a greater role in the post COVID economy. Notably, the government endorsed foreign investment as a key contributor to growth, with Li Keqiang raising foreign investment from a #7 to  #4 priority for the Chinese Government. More coverage of Lianghui by BritCham can be found here.

 “两会”为外国企业在疫后经济中扮演更重要的角色奠定了基础。值得注意的是,中国政府将外商投资列为促增长的关键因素,李克强总理将外商投资在中国政府工作重点中的排名从第7位提高到第4位。点击这里查看中国英国商会对两会的更多报道。

 

However, the survey shows that British businesses are still awaiting how the government intends to “comprehensively improve the business environment”, with 70% of participants adopting a ‘wait and see’ approach in order to understand specific policy support for foreign businesses. 

然而,调查显示,英国企业仍在观望中国政府计划如何“全面改善营商环境”,有70%的受访者采取了“观望”立场,希望了解支持外资企业的具体政策。 

 

The next big challenge

未来的严峻挑战

The survey results show that concerns regarding the state of geopolitics were not restricted to those who maintained a pessimistic outlook on the post COVID business environment in China. Across the entire data sample of participants, geopolitical issues are reportedly the biggest challenge facing British businesses in China post-COVID, particularly China-US relations (37%) and UK-China relations (30%). The current trajectory of China-US relations was most concerning for businesses’, reflecting an increasingly strained bilateral relationship characterised by disputes over supply chains, global security concerns over the future of Taiwan, and contrasting viewpoints on the Russian-Ukraine war. 

调查结果显示,对地缘政治状况感到担忧的企业,并不局限于对疫后在华经营前景感到悲观的受访者。所有受访者均将地缘政治问题视为在华英国企业疫后面临的最大挑战,尤其是中美关系(37%)和中英关系(30%)。企业最担心的是目前中美关系的发展趋势,包括因中美经贸关系日益紧张而突显的供应链风险和台湾问题引发的未来的全球安全担忧,以及中美两国对俄乌冲突截然不同的立场等问题。 

 

This was closely followed by concerns regarding the state of UK-China relations, which have been spotlighted in recent weeks following publication of the Integrated Review (IR). The IR represents a cautious approach from the UK Government towards China, describing the state as an “epoch defining challenge” in “almost every aspect of national life and government policy”. However, it also indicates a willingness and desire to increase understanding of China to explore areas of collaboration. You can find more information about the British Government’s Integrated Review by following our coverage here

其次,中英关系的状态也备受关注。最近几周,随着英国政府《综合评估》报告的发布,中英关系成为企业关注的焦点。该报告体现了英国政府对中国的谨慎态度,报告认为中国在“英国国民生活和政府政策的几乎各个方面”带来了“划时代的挑战”。然而,报告中也表示愿意并且期待加深对中国的了解,探索两国合作的领域。点击这里可以查看与英国政府的《综合评估》报告有关的更多信息。 

 

Following challenges navigating geopolitical relations are concerns about the economy, with 26% of respondents citing concerns about the state of the overall global economy, and 37% citing concerns specific to China’s domestic economy. The global economy is still recovering from a multitude of shocks, from the COVID-19 crisis to the Russia-Ukraine war. In addition, the growth of developing nations has been further hindered by global inflation and the international energy crisis. China, like many other advanced and developing economies, is still navigating its post-COVID recovery path in an uncertain global economy.  

排在地缘政治关系问题之后的挑战是对经济状况的担忧,有26%的受访者提到了对全球总体经济状况的担忧,有37%的受访者对中国国内经济状况表示担忧。全球经济在遭遇从新冠危机到俄乌冲突等一系列冲击后,仍在恢复过程当中。此外,全球通胀和国际能源危机阻碍了发展中国家的经济增长。与其他许多发达国家和发展中经济体一样,中国仍在探索在不确定的全球经济环境下的疫后复苏途径。 

 

Concluding remarks

结论

 

The reopening of China’s economy has brought with it increasing optimism amongst British businesses operating in mainland China. Notably, this optimism has been driven by the easing of international and domestic travel restrictions, China’s economic outlook, and greater engagement with clients. This optimism also extends to the long-term, with British businesses expressing excitement at China’s market reopening, alongside the market potential and increased demand that it brings with it. Importantly, the survey indicates that this optimism is not yet translating into action, with the majority of participants expressing no changes to their investment plans. Indeed, plans for increased investment in mainland China operations remain well below pre-pandemic levels. 

中国经济重新开放使在华经营的英国企业变得更乐观。这种乐观情绪尤其受到放宽国际和国内出行限制、中国的经济前景和与客户的交流增多等因素的影响。这种乐观情绪还体现在企业的长期前景预期,英国企业表示对中国市场重新开放感到兴奋,并且看好中国的市场潜力和重新开放带来的需求增长。但重要的是,调查显示,这种乐观情绪尚未转化成行动,有多数受访者表示不会改变投资计划。事实上,计划对中国大陆业务增加投资的企业比例依旧远低于疫情之前的水平。 

 

The survey results continue to present a mixed picture, however with a portion of businesses remaining neutral (14%) or becoming more pessimistic (8%) in their outlook for the coming financial year. The main drivers of pessimism or neutrality are China’s economic outlook, geopolitical concerns and domestic demand. These concerns were also expressed by the wider sample of participants, with the vast majority (90%) reporting that geopolitical issues are set to be the next biggest challenge post-COVID.  

调查结果依旧喜忧参半,但有部分企业对下一财年的前景仍坚持中立(14%)或变得更悲观(8%)。企业保持悲观或中立的主要原因包括中国的经济前景、地缘政治问题和国内需求不足。这是受访者表达的主要担忧,有绝大多数受访者(90%)表示地缘政治问题将成为最大的“疫后挑战“。 

 

The survey demonstrates that British businesses are keen to engage with China’s post-COVID businesses environment. Nonetheless, greater transparency in China’s policy environment and clear communication of post COVID policy support for foreign businesses would aid in translating this optimism into investment. 

调查表明,英国企业渴望积极参与中国的疫后营商环境建设。但中国提高政策环境的透明度,清晰沟通疫后对外资企业的政策支持,将有助于将这种乐观情绪转化成实际投资。 

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