“The overall revenue trend in 2023 continued the clear decline that began in 2022,” according to the report, which was launched on Monday. “This trend marks a notable shift from the strong rebound year seen in 2021.”

Conducted in April and May, the survey asked about 100 Chinese companies – financial institutions, industrial enterprises and consumer discretionary firms, among others – about their revenue from the US market in the past year as well as their future outlook.

The American congressional review found that shareholders in Chinese businesses faced risks including limited transparency and the danger they would undercut US national security by buying shares in dual-use civilian and military Chinese firms.

Such sentiments were echoed by Chinese firms in the CGCC survey.

More than 65 per cent of the respondents said “the complexity and vagueness of US regulatory and sanctions policies towards China” represented a main challenge in branding and marketing in the US market.

Another widely held view among the surveyed businesses was that there was a “pervasive anti-China sentiment in American public opinion”, at 59 per cent.

“These [results] highlight the intricate policy environment and the hostile public sentiment influenced by ongoing US-China trade tensions,” the report said.

Looking ahead at this year and the next, more than 90 per cent of respondents said they saw “stalemate in Sino-US bilateral relations political and cultural relations” as a challenge of doing business in America.

Meanwhile, 86 per cent harboured apprehensions about “frictions in Sino-US economic and trade relations”.

Compared to last year’s survey, more companies this year expressed concern about both challenges.

And although companies said they were more pessimistic on future bilateral and economic relations, many respondents voiced long-term optimism.

The report noted that in 2023 nearly 60 per cent said they aimed this year to maintain a stable level of investment, with 30 per cent planning to boost it. About one-seventh said they intended to reduce their investment.

“Chinese companies have demonstrated outstanding resilience” in adapting to the US market, Hu said, “regardless of prosperity or adversity”.