More than half of U.S. multinational companies in China have reduced their annual revenue projections, mostly due to the recent COVID-19 outbreak in Shanghai, according to a joint survey by the American Chambers of Commerce in Shanghai and Beijing published on Friday.
Responses to the survey, conducted with 167 companies operating throughout China including 76 in manufacturing, found 82% of manufacturers reported slowed or reduced production due to a lack of employees, inability to obtain supplies, or government-ordered lockdowns.
Eric Zheng, president of the American Chamber of Commerce in Shanghai, said that the such arrangements are acceptable for a few days but "not sustainable" long term. Authorities have implemented the lockdown in two phases, first targeting the eastern part of the city, followed by the west.
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