File photo: VCG

 

US firms in China seem to have welcomed Joe Biden's recent election victory, hoping the soon-to-be president can make efforts to improve business ties between the two economic giants. 

More than 60 percent of companies surveyed by the American Chamber of Commerce (AmCham) in Shanghai said that they are more optimistic about doing business in China, while only 1.6% of respondents are more pessimistic.
84.7 percent of respondents said that they do not believe there will be an increase in trade restrictions or tariffs.

The survey was made by AmCham Shanghai and PwC involving 124 companies, 50 of which declared global revenue in excess of $1 billion. 

The survey showed that US firms have confidence in China's business environment as 82.4 percent of those with production capacity in China do not plan on moving production offshore in the next three years, and more than half said they don't plan to change their investment strategies in light of the election result.

In fact, 28.2 percent of respondents now believe that US-China trade tensions will last one year or less, compared to 14.1 percent who thought so in July.

In a speech on Tuesday, Biden said that he would work with allies to "set the rules of the road" on global trade, following years in which Trump has picked fights with erstwhile partners from the European Union and Mexico to Japan and South Korea, according to SCMP.