Most U.S. companies optimistic about doing business in China after Biden’s win, survey finds

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The flags of the U.S. and China.Holger Gogolin | iStock | Getty ImagesBEIJING – The outlook for U.S. businesses in China is improving, whether politically or revenue-wise, the American Chamber of Commerce in Shanghai said in a survey released Friday.Out of 124 company leaders surveyed from Nov. 11 to 15, only two said they are more pessimistic about doing business in China following President-elect Joe Biden’s win this month.Just over half, or 54.8%, said they are “more optimistic” and 8.1% are “much more optimistic” given the expected change from President Donald Trump’s administration, the survey found.”The majority of our respondents look at it as a positive,” Ker Gibbs, president of AmCham Shanghai, told CNBC in a phone interview. “The Biden administration would be a positive to the stability of the environment, the stability of the relationship.”Tensions between the U.S. and China escalated under the Trump administration, which took a tough approach to addressing longstanding complaints about unfair business practices in the Chinese state-dominated system. Both countries applied tariffs on billions of dollars’ worth of goods from the other. The White House subsequently put Chinese telecommunications giant Huawei and other companies on a blacklist that prevents them from buying parts from …

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