More Than Half U.S. Firms in China See Lockdowns Hitting Revenue

(Bloomberg) — China’s stringent “zero-Covid” strategy has damaged foreign businesses’ confidence, with U.S. enterprises in the country slashing investments and lowering revenue projections as lockdowns hit operations and supply chains.

More than half of the 121 companies surveyed between April 29 and May 5 by the American Chamber of Commerce in China have either reduced or delayed investment in the country, while nearly 60% of them lowered their income forecasts for this year following the latest outbreaks, according to a statement.