Trade war weighs on European firms in China: Poll

A survey by the European Union Chamber of Commerce in China showed that 45 per cent of the 585 European firms which responded were optimistic about growth in the next two years, compared to 62 per cent in 2018.
A survey by the European Union Chamber of Commerce in China showed that 45 per cent of the 585 European firms which responded were optimistic about growth in the next two years, compared to 62 per cent in 2018.PHOTO: NYTIMES

European businesses in China have grown more pessimistic in their growth outlook, as the effects of a protracted trade war begin to take their toll on both the Chinese and world economies, according to a survey released yesterday.

While some pundits had expected European firms to benefit from the clash between the United States and China, any gains have been far outweighed by the negative impact on global supply chains and added uncertainty in the business environment, said the European Union Chamber of Commerce in China.

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A version of this article appeared in the print edition of The Straits Times on May 21, 2019, with the headline 'Trade war weighs on European firms in China: Poll'. Print Edition | Subscribe