US companies see record-low profits in China amid geopolitical tensions and slow growth, report says

American companies in China are experiencing record-low profits and business confidence, according to a report from the American Chamber of Commerce in Shanghai. The report revealed only 66% of 306 polled companies were profitable in 2023, marking a record low.
Only 47% of respondents expressed optimism about their business outlook in China over the next five years, the lowest in over two decades. China is also struggling with its own economy, with lackluster demand, deflationary tendencies, and a dropping real estate market.