Sean Stein
Forbes China
At the start of 2022, American companies on the ground in China were optimistic about the business outlook, surveys found. Confidence had rebounded to pre-2017 levels, based in part on the country’s long-term growth trajectory.
Then, Covid lockdowns hit Shanghai hard in the second quarter. Some 93% of respondents to an American Chamber of Commerce of Shanghai survey cut their revenue projections — more than a quarter lowered them by 20%. Covid dampened expectations for the year and sparked blunt criticism of the government by some normally diplomatic foreign business groups.
Though local governments in China have been helpful, pandemic fallout has also put into relief a larger trend: it is increasingly difficult for American companies to do business in the country, says Sean Stein, a Shanghai-based senior advisor at global law firm Covington. Prior to joining Covington last year,…
