COVID-19’s Impact to Short-Term Business Strategy

Produced by:

AmCham China Flash Survey Report on the Impact of COVID-19

COVID-19's Impact to Short-Term Business Strategy, April 2020, percentage of respondents – More than half of AmCham China survey respondents adjusted financial budgets and costs due to COVID-19 situation, with 45% also prioritizing safety of employees


Summary:

  • Adjusting Budget and Costs – Over half of AmCham China member respondents had revised annual budgets as of April 2020 (up 12 percentage points from February), while those who cut costs increased to 50% (down from 33%)
  • Employee Safety First – 45% said they prioritized employee safety and well-being over performance of business as financial concerns rise, decreasing from 53%
  • Changing Strategy – 36% are considering adjusting their 2020 plan and long-term business strategy due to COVID-19, while just 6% said it had no impact
  • Increased IT Support – Three in ten invested in information technology (IT) to accommodate surge in remote working employees, up from 19% in February
  • Government Coordination – 16% looked for financial support from government and private institutions (up 6 percentage points), and 20% increased communications with government (down 9 percentage points)
  • Shortages in Labor and Supply – Only 4% dealt with labor shortages in April 2020, and 11% finding alternative sources of supply (from 13% in February)
Note: Data from AmCham China’s 144 member companies who participated in Flash Survey between April 13 and 17, 2020.

For more information, visit the AmCham China website.
Company: AmCham China

Original publication date: April 29, 2020

Date last updated: May 4, 2020