SHANGHAI — China is a crucial source of profits for U.S. businesses but product piracy, red-tape and other problems remain serious obstacles, the American Chamber of Commerce in Shanghai says in a report that coincides with Chinese President Hu Jintao's visit to Washington.
Data compiled for the report released Wednesday showed American companies profiting more than ever before in the fast-growing China market.
But companies surveyed said the country remains a very challenging place to do business.
As Hu visits the U.S. along with Chinese business leaders, the group appealed for help with addressing problems hindering growth and fair competition.
Nearly nine in 10 of the 346 companies responding said their revenues grew in 2010 and 80 percent said they were profitable, the highest figures since the survey began in 1999.
Some 80 percent of the companies surveyed intend to boost China investments to take advantage of the country’s fast growth.