European companies in China on Thursday, said they increasingly viewed with concern, the new economic course being pursued by the Chinese leadership.
Joerg Wuttke, President of the European Union Chamber of Commerce, China, said this in publication of the chamber’s annual position paper.
The chamber represented the interests of 1,700 members.
He said many European multinationals had once again achieved record turnover and profit figures in 2020.
According to him, it is not likely to change in the near future.
He said in the short term, the outlook for European companies operating in China remained positive overall.
“There are worrying signs that China is increasingly turning inwards, this trend raises considerable doubts about the country’s future growth path.
“The chamber referred to the five-year plan adopted at the Beijing People’s Congress in March.
“Which clearly sets as its course, to reduce dependence on the rest of the world and eventually achieve a high degree of self-sufficiency
“In the process, China is likely to further reduce the role that foreign companies are currently playing in its economy, especially in the high-tech sectors,” he said.
Wuttke said the major concern for members of the European Union chamber of commerce was the extent to which they would be able to contribute to China’s future economic growth.
