Over 60% of US Firms in China Bullish on Biden Presidency

A business group survey released on Friday showed that more than 60% of US companies in China are more optimistic about doing business in China after the results of the US presidential election.

A survey by the American Chamber of Commerce in Shanghai consisting of 124 companies showed that about 75% of companies believe that China and the United States trade war will continue.

"Despite optimistic expectations for a better business environment between Washington and Beijing under US President-elect Joe Biden's presidency, the Chinese should provide assurances to U.S. companies in order to continue attracting investments," the chamber said in a statement.

Moreover, the survey also found that 33% of company heads are concerned about the personal safety of employees in China, mainly as a result of detention bans.

The survey, conducted between Nov. 11-15, did not anticipate any increase in trade barriers or tariffs, showing increased optimism from companies about expected revenue compared to early surveys.

Meanwhile, Biden said on Monday that the U.S. needs to negotiate with allies to create global trade bases to counter China's growing influence.

Its noteworthy that U.S. and China exchanged sanctions and insults during the Trump administration over a list of issues including trade, a new law imposed on Hong Kong, and US accusations of national security threats posed by Chinese tech giants Huawei and TikTok as well as virus clash.