Tourists enjoy the skyline view of Lujiazui area at the Bund in Shanghai, east China, Jan. 6, 2020. (Photo/Xinhua)

U.S. companies doing business in China have become more optimistic about the prospects in the country and its attractiveness as an investment destination, according to the latest survey by the American Chamber of Commerce (AmCham) in China.

Notably, around 50 percent of the surveyed companies identify China as a top three investment target, signifying a strategic shift in their investment priorities. This was a five percentage point improvement from the previous year's survey.

Meanwhile, the majority of AmCham members across sectors remained committed to the Chinese market, with no plans to move their manufacturing and sourcing out of the country.

The 2024 survey, which aims to capture trends in the China-U.S. business sphere annually, encompasses responses from 343 global corporations. It was conducted over a period from October 19 to November 10, 2023.

Survey: Almost all participants recognize importance of China-U.S. relations

Almost all surveyed companies, particularly in the technology and research and development industries, emphasized the vital role of China-U.S. relations to their businesses, with 30 percent expecting stronger ties in 2024. 

This reflects an optimism and growing interest in enhanced China-U.S. economic cooperation.

In the survey, participants expressed hope for the U.S. government to "moderate its rhetoric" and "pursue effective, high-level dialogues," while also hoping for more engagement with the Chinese government.

China vows to unleash market potential

Meanwhile, China recently detailed key initiatives undertaken by the Ministry of Commerce to bolster foreign investment. 

On January 27, Commerce Minister Wang Wentao announced measures including extended tax exemptions for foreign individuals and tax refunds for foreign research institutions buying Chinese-made equipment. 

Following the State Council's recommendations in last August, the ministry is actively implementing 59 policies aimed at creating a more welcoming environment for foreign investors.