MNI BRIEF: China Risks Losing European Firm Confidence

MNI (BEIJING) - Beijing risks losing the confidence of European firms operating in China unless more is done to boost domestic demand and address market access, Jens Eskelund, president of the European Union Chamber of Commerce in China, told reporters on Wednesday. 

“Although established firms were not leaving yet, some companies increasingly see the risk of investing in China outweighs the returns,” Eskelund noted while launching the chamber’s 2024 position paper.

Business sentiment has declined for three consecutive years, even after business conditions normalised after Covid, Eskelund said. 

China's crude oil refinery processing and crude imports will increase in the second half by 3.2% and 4.5% respectively over H1 levels as consumption rises, but both are set to fall during 2024 amid a weak economy and the switch to electric vehicles,  MNI reported recently. (See: MNI INTERVIEW: China Oil Imports To Fall Despite H2 Boost)