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E.U. losing faith in China’s economy
2014-06-10 source ownThe European Union Chamber of Commerce has released the results of their “Business Confidence Survey,” revealing that European companies have a lack of confidence in the business climate of China. Leading companies have indicated that it has become increasingly difficult to do business in China because of the increasing cost of human resources, and the recent slowdown in the Chinese economy. There has also been an increased level of competition from Chinese enterprises, who may be better equipped to compete in the Chinese market.
The survey states that only 57 percent of European companies, which participated in the survey, plan to continue or increase their investments in the Chinese market. Compared with results from 2013, this is a staggering drop of 29 percent.
There has been a fall in sales of European owned products and services in China, leading to a corresponding drop in investments. Only 59 percent of European companies experienced an increase in sales in 2013, down from 78 percent in 2010. On top of this, over 33 percent of companies also reported that their profitability was lower in China than their global average.
Western European enterprises are now turning their investment dollars towards Central European countries, in response to the declining Chinese economy.
