"American businesses in China bounced back quickly from the 2020 COVID-19-induced shutdown," said Jeffrey Lehman, chairman of AmCham Shanghai. The fact that many Chinese companies have localized supply chains is tamping down the negative impacts of bilateral tariff disputes and the COVID-19 pandemic, he added.

Global life sciences company Cytiva is investing $200 million in the Asia-Pacific region. This includes a tripling of the capacity for bioprocessing of single-use consumables in China, which is the company's Asia-Pacific headquarters and its second-largest single-country market after the US.

"Our continuous investment will serve as a powerful engine to boost Cytiva to provide Chinese customers with more diverse technical support, help China realize 'smart manufacturing', and contribute to China's local R&D and capacity-building," Yu Lihua, general manager of Cytiva China, told China Daily earlier this month.

Yuan, of PwC, said, "Having a China strategy is still a priority for many of the US companies in China that are optimistic about the future in China."

Lehman, the AmCham Shanghai chairman, said US companies, notably those in the agriculture, finance and chemical sectors, are finding that the intellectual property and regulatory environment is "significantly improving".

Other highlights of the survey findings include a priority on investing in digital technology-related areas and a doubling down on projects with an emphasis on environmental, social and corporate governance factors.