More than half of the US multinational companies in China have reduced their annual revenue projections, mostly due to a COVID-19 outbreak in Shanghai, a joint survey by the American Chambers of Commerce in Shanghai and Beijing showed yesterday.
Responses to the survey — conducted with 167 companies operating throughout China, including 76 in manufacturing — found that 82 percent of manufacturers reported slowed or reduced production due to a lack of employees, inability to obtain supplies or Chinese government-ordered lockdowns.
Fifty-four percent of the firms have cut this year’s revenue projections following the outbreak, although 38 percent said it was too