European firms souring on China, lobby group warns [Reuters]
BASF SE S/ADR (BASFY)
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Source: Reuters
BEIJING, May 10(Reuters) - The proportion of European firms that rank China as a top investment destination has hit a record low, a European business lobby group said on Friday, warning that it could take years to restore confidence in the world's No.2 economy. The European Chamber of Commerce in China said in the latest edition of its Business Confidence Survey that the outlook for doing business in China was also at its lowest in the report's 20-year history, with over a quarter of respondents pessimistic about their current growth potential and 44% downbeat over future prospects. With China's economy and President Xi Jinping urging self-reliance and for officials to push on with a despite pushback from the West, foreign firms are feeling less welcome than before. EU Commission chief Ursula von der Leyen and French President Emmanuel Macron urged Xi on Monday to with Europe, but the Chinese leader showed little sign of being ready to offer major concessions while in Paris.
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