A majority of British companies are taking a “wait and see approach” on new investments in China amid their pessimism hitting record levels, according to the British Chamber of Commerce in China, reports Reuters. Increasingly strained geopolitical relationships, a slowing global economy, growing talk of self-sufficiency, and shifting investor perceptions were the top challenges clouding the business outlook, the chamber’s annual position paper released on Tuesday said.
“British companies are willing and want to invest in China…there is, however, some uncertainty around that and that’s where the survey results we have give us a little cause for concern,” Julian MacCormac, chair of the British Chamber, told reporters in Beijing.
“Seventy percent of companies are saying it is too early to make these long term commitments to the China market,” he added. AstraZeneca, BP, Jaguar Land Rover and Shell are among the members of the chamber.