A view of the Lujiazui area in Shanghai, China. Photo: VCG

For the global business community, including US companies, no one wants to "decouple" from China, as cooperation remains the mainstream, and mutual benefit is the goal, Wang Linjie, spokesperson from China Council for the Promotion of International Trade (CCPIT) told a press conference on Sunday.

Wang's remarks were in response to recent restrictive measures taken by the US against China, including raising the Section 301 tariffs on certain Chinese goods and strengthening export restrictions on technologies such as quantum computing and semiconductor manufacturing.

Wang said that the US has continuously outstretched the concept of national security, violating the principles of the market economy by politicizing and weaponizing economic, trade, and technological issues.

The WTO has already ruled that the US Section 301 tariffs violate WTO rules. The US tariff measures are typical examples of unilateralism and protectionism. These actions have disrupted the stability and smooth functioning of global supply chains, including those in the semiconductor and other technology manufacturing industries, and have seriously harmed the legitimate rights and interests of relevant countries and enterprises, Wang noted.

During the recent third meeting of the APEC Business Advisory Council for 2024, representatives from the Chinese and the US business communities emphasized the importance of keeping supply chains open, cooperative, and non-discriminatory, while ensuring supply chain policies comply with WTO rules and avoid distorting trade and investment, according to Wang.

Recently, the US-China Business Council released a survey on China's 2024 business environment, with participation from 140 member companies. 77 percent of the companies have been operating in China for over 20 years, with 40 percent reporting revenues exceeding $1 billion in China in 2023.

The survey revealed that American companies in China have stabilized their revenues over the past year, with 80 percent of respondents achieving profitability. These companies plan to reinvest profits generated in China this year, indicating a continued commitment to the Chinese market. The general consensus among the surveyed US businesses is that the Chinese market is a crucial component of their global strategy, according to Wang.

"This reflects that for the global business community, including American companies, no one wants to 'decouple' from China, as cooperation remains the mainstream, and mutual benefit is the goal," Wang noted.