End of the golden era

On Tuesday, the European Chamber of Commerce released its latest Business Confidence Survey. The contents are revealing:

They are worried about what they see as an uneven playing field against domestic rivals – particularly as Beijing tightens controls on the internet and national security and seeks to boost home-grown technology – as well as the slow progress of reforms.

Some 55 per cent of firms polled thought the “golden age” for multinational companies in China had come to an end, up from 46 per cent when the chamber raised the question in 2014.

The volatility of the yuan ­replaced corruption as the fifth biggest concern for European businesses, the report said.

Progress on reform had been largely disappointing, with “symbolism trumping substance”. [Link]

This last point resonates very well with remarks made by Charlene Chu in an interview with Bloomberg:

Over the years, I have learned from watching the authorities respond to issues like WMPs that there is often a large divergence between official rhetoric and actual action. [Link]

That is the content of the next post.



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