As expected, Austrian companies suffered major setbacks in their China business in the first half of 2020 and had to adapt their market strategies accordingly. Nevertheless, as of late 2020 optimism prevails among the Austrian business community in China. The vast majority of our survey’s respondents expect a swift recovery from the “annus horribilis” of 2020 and are eager to expand their investment in China over the next years. Most Austrian subsidiaries in China managed to cope with the new business environment and were able to produce respectable key business figures, which were much better than originally anticipated at the beginning of the pandemic.
Furthermore, our survey’s data indicate that those companies who work in China for the Chinese market weathered the Covid-19 pandemic much better than companies producing their goods in China for foreign markets.
However, Austrian companies still see much room for improvement in China’s market environment; in particular, they expect more predictable economic, legal and foreign policies – a hint towards the deepening trade conflict with the US, which is increasingly taking its toll also on Austrian companies.
These are just a few findings of the Austrian Business Confidence Survey, which we conducted among subsidiaries of Austrian companies in China in October 2020. Its results feed into our assessment of confidence of Austrian businesses in the market and our understanding of their views, perceptions and motives. This in turn will help us tailoring our services to their needs.
Find out more details by downloading the survey below.
