US firms in China focus on services, survey shows
US companies in China are shifting their focus to the service sector, and the world’s secondlargest economy continues to act as a key profit center for them, according to a survey.
For the first time, services accounted for more than half, or 52 percent, of US companies’ revenue in China in 2013, up 11 percent from the previous year, according to the annual China Business Report by the American Chamber of Commerce in Shanghai.
The growing importance of services contrasts sharply with manufacturing, which dropped by 10 percent to comprise 37 percent of companies’ revenues in 2013, according to the survey, which tracks performance and confidence of the largest US business community in China.
The survey said 74 percent of respondents reported profits in 2013.