An annual survey of business conditions in China conducted by the American Chamber of Commerce, or AmCham, found that 4 out of 5 companies feel less welcome in China than before

In a statement, AmCham chairman William Zarit said that while his company still supports China's active and constructive participation in the global economic system, it is, however, becoming apparent that the benefits of globalization are being taken for granted or even forgotten.

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 Chinese President Xi Jinping defended globalization at the World Economic Forum in Davos but was not enough to appease US companies, who no longer feel welcome in China, and have accused his government of not walking the talk.

"Pursuing protectionism is like locking oneself in a dark room in the hope of avoiding danger but, in doing so, cutting off all light and air," President Xi said.

Xi added that no one would emerge the victor in a trade war.

China and the United States consider business ties between the countries the bedrock of their relations, but as US President-elect Donald Trump prepares to move into the White House, business ties between both countries have become a source of friction

 The companies believe that as China's economic growth continues to slow, the country is turning more and more towards protectionism.

In a statement, AmCham chairman William Zarit said that while his company still steadfastly supports China's active and constructive participation in the global economic system, it is, however, becoming apparent that the benefits of globalization are being taken for granted or even forgotten.

The US companies concerns are reportedly shared by other Western countries. On Monday, German ambassador to China, Michael Clauss issued a statement which highlighted concerns among European countries that China is favoring purely domestic companies.

In the strongly worded statement, Claus said that while China repeatedly says that there is a level playing field between German and Chinese companies  "it often appears that somewhere down the line, political assurances of equal treatment give way to protectionism tendencies."

According to AmCham, most of the US companies surveyed said that revenue was still rising, but more said the investment environment was deteriorating rather than improving.

Tagschina, US, business news