The survey was conducted in October. Therefore, the latest developments of China scraping the 0-Covid policy and the opening-up to the rest of the world could not be considered, as there were no signs of that happening a few months earlier. Consequently, the general mood is damp, and the outlook is pessimistic to uncertain.
More than two thirds of the respondents complained about a decrease in turnover, demand, and supply chain bottlenecks. The Covid restrictions, including unexpected regional lockdowns and business closures, were the toughest challenge in the last year.
Calls for predictable economic policies, a stable political environment and legal certainty are as strong as ever. Simultaneously, the availability of raw materials, energy and labor are becoming increasingly pressing issues.
Given all the uncertainties of 2022, the majority (44%) of Austrian companies reported that they were not planning any bigger investments in the upcoming 2 years. This is the highest percentage over the last 10 years and since the start of our annual survey.
These are just a few findings of the Austrian Business Confidence Survey, which we conducted among subsidiaries of Austrian companies in China in October 2022. 76 respondents took part, representing a 17% increase to last year’s response rate.
The results coincide with the findings of recent surveys of the EUCCC (European Chamber of Commerce in China) or national European Chambers. They 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.
