Page 13 - AmCham South China 2026 Special Report on the State of Business in South China
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?In 2025, capital deployment for reinvestment ? 没有任何一家企业选择完全撤出中国市场。在
remained concentrated at more modest scales, with 28%选择转移部分投资的受访企业中，79%仅撤离30%
a majority of companies (76%) directing under US$10 以下的投资项目到中国以外的市场。
million into their China operations. This closely
aligned with the proportion of firms (77%) that had
originally budgeted within this range. ?75%的受访企业计划在2026年对中国市场进行
再投资。
?Not a single company reported a complete
withdrawal from the Chinese market. Among 28%
of companies that chose to relocate a portion of ?绝大多数企业2026年在华再投资预算少于1000
their investments, 79% shifted less than 30% of their 万美元，占比达79%，同比上升2个百分点。与此同时，预
investment to countries outside of China. 算规模在5000万至2.5亿美元区间的企业比例同比增长
3个百分点，达到5%。值得注意的是，计划进行超过2.5
?75% of the companies studied indicated plans 亿美元大规模再投资的企业占比下降2个百分点，降至
to reinvest in China in 2026.
仅4%。
?The overwhelming majority of companies have
budgeted less than US$10 million for reinvestment ?会员企业未来三到五年在华利润再投资预算额
in China in 2026, representing 79% of firms?a 2pp 将下降5.47%，再投资额预计达137.9亿美元，以扩大现
increase year-on-year. Meanwhile, the proportion
allocating a mid-range budget of US$50 million to 有业务规模并获取更多市场份额。
US$250 million for the coming year grew by 3pp
to 5%. Notably, the share of companies planning ?绝大多数企业（59%）计划在未来三年内扩大其
large-scale reinvestments exceeding US$250 million
contracted by 2pp, declining to just 4%. 在华业务。
?It is estimated that member companies have
set aside a total of US$13.79 billion from profits in ?广州连续九年在本调查中位列中国首选投资目
China to reinvest over the next three to five years to 的地（占比38%）。深圳紧随其后，将其列为第二大投资
expand existing operations and capture additional 目的地的受访企业比例显著上升6个百分点，达29%，高
market share. This marks a decrease of 5.47% 于上海（10%）和北京（5%）。
compared to the previous reinvestment figure.
?A stable majority of companies (59%) plan to ?尽管中美贸易关系持续紧张，仍有高达95%的受
expand their operational footprint within China over 访企业明确表示将继续深耕中国市场。
the next three years.
?For the ninth consecutive year, Guangzhou has ?企业对中美关系前景的看法呈现显著改善。数据
been ranked the top investment destination in China, 显示，39%的受访企业对双边关系持乐观态度，该比例
selected by 38% of respondents. Following closely is 较2024年大幅提升14个百分点。
Shenzhen, which saw a notable gain of 6pp to reach
29%, ahead of Shanghai (10%) and Beijing (5%).
?2025年，美国及中国的关税政策对企业造成的负
?Nearly all participating companies?95%? 面影响显著扩大，受冲击企业比例已升至2018年有记录
report a firm commitment to maintaining their 以来的最高水平。美资企业受到两国贸易关税的负面影
presence in the Chinese market, despite ongoing US- 响最为突出。
China trade tensions.
?Sentiment regarding the future of US-
China relations has improved markedly across the
corporate landscape. Data reveals that 39% of all
studied companies now express a positive outlook?a
substantial increase of 14pp compared to 2024.
?The adverse effects of both US and Chinese
tariffs have intensified markedly in 2025, affecting
a record proportion of companies since tracking
began in 2018. American companies, in particular,
continued to bear the heaviest burden.
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