The 2-month lockdown in Shanghai is revealing its economic impact as about one quarter of American companies have reduced their investment size, according to the American Chamber of Commerce (AmCham) in Shanghai.
An AmCham June survey shows that 25 percent of consumer and service companies have reduced their investment plans, as have 20 percent of manufacturing companies; and that only one respondent plans to expand its investment.
The survey, designed to assess the impact of the COVID lockdown in Shanghai on foreign companies, received feedback from 133 member companies, including 69 from the manufacturing sector and 64 from the consumer and service sectors.
Ninety-three percent of respondents have cut their revenue projections for the year, with 25 percent of respondents expecting revenues to be at least 20 percent lower than originally projected. This figure goes up to 36 percent for consumer and service companies….