U.S. firms remain bullish on Chinese market: AmCham South China
U.S. firms remain bullish on the Chinese market, said Harley Seyedin, president of American Chamber of Commerce (AmCham) in southeast China on Saturday.
"U.S. companies in China continue to grow and tend to be profitable. We certainly don't want to fall behind because there's friction going on," said Seyedin in an interview with Xinhua when attending the China International Fair for Investment and Trade (CIFIT) in the coastal city of Xiamen, southeast China's Fujian Province.
"I personally feel we have every confidence in investing in China," he said.
One of the many projects signed during this year's CIFIT is 9 Rivers Distillery, a U.S.-led multinational joint venture that involves 150 million yuan (21 million U.S. dollars) of investment, according to Seyedin, who cited it as one proof of American firms' confidence in the Chinese market.
Once completed, it will be the first wholly foreign-owned distillery in China to craft spirits across all categories, including vodka, gin, rum, liqueurs and good old American whiskeys of many varieties.
According to a survey released earlier this year by the chamber, 46 percent of the 240 respondents consider China as the top spot in their global investment plans, while 24 percent consider China as second to third priority.
The reinvestment in China in 2019 is expected to rise by a whopping 37.9 percent, reaching 19.4 billion U.S. dollars among all AmCham South China membership enterprises as the consumer market evolves in China, he said.
It is the 17th consecutive year that AmCham South China attends CIFIT, which is to open on Sunday. The delegation is comprised of over 100 senior business leaders, including executives from Apple, Deloitte, Honeywell, Johnson & Johnson, KPMG, and Nike.