Photo taken on Jan. 7, 2020 shows China-produced sedans at Tesla's gigafactory in Shanghai, east China. (Photo: Xinhua)

While there has been considerable talk about US companies moving production or supply chains out of China in response to geopolitical concerns, tariffs or supply chain weaknesses exposed by COVID-19, very few companies are moving much production.

According to a report released by the American Chamber of Commerce in Shanghai (AmCham Shanghai) on Wednesday, of over 200 respondents that own or outsource manufacturing operations in China, 70.6 percent did not intend to shift production out of China, 14 percent are moving some production to non-US locations. Only 3.7 percent are moving some production out of China to the U.S.

The report is based on the results of AmCham Shanghai's 2020 China Business Survey. This year 346 AmCham Shanghai members responded to the survey, which included questions about company performance, economic outlook, investment, operational challenges, hiring conditions and trade policy and tariffs.

According to the report, 78.2 percent of respondents reported profits in 2019, marginally ahead of recent years despite trade frictions. In addition, nearly half reported their 2019 China revenue growth were higher than in the rest of the world.

China is becoming a more important source of profits for companies. Those reporting China as a significant source of profits for their U.S. headquarters rose by 9.4 percentage points to 32.1 percent, said the report.

"COVID-19 hit the Chinese economy hard in early 2020, but the recovery was quick, especially in certain industries," said Ker Gibbs, president of the AmCham Shanghai. "American companies still see China's consumer market as a great opportunity."